The International Monetary Fund (IMF) has directed Pakistan to increase advance tax on the purchase of immovable properties in the upcoming budget.
Sources told ProPakistani that the IMF has directed the high-ups of the Federal Board of Revenue (FBR) to increase advance tax on non-filers for the purchase of immovable property.
The FBR had imposed a 3 percent tax on filers and a 10.5 percent tax on nob filers during the current fiscal year, and it collected Rs. 80 billion during this year. Now, the IMF has directed to increase advance tax on non-filers for the purchase of property.
Sources said that the IMF proposed a 3 percent tax on filers and a 6 to 7 percent tax on non-filers for the purchase of property up to Rs. 50 million.
Similarly, the lender also proposed a 4 percent tax on filers and a 12 percent tax on non-filers for the purchase of property worth Rs. 50 million to Rs. 100 million.
Furthermore, IMF also proposed a 5 percent tax on filers and a 15 percent tax on non-filers for the purchase of property worth over Rs. 100 million.
Sources said that the IMF informed the Pakistani authorities that it can collect over Rs. 100 billion if parliament approves the proposed plan for the next fiscal year.
Ain’t gonna work . These non filers will start buying properties abroad
Why doesn’t the IMF order government to reduce it’s expenses. There will be no need to increase taxes. The IMF wants strife and dissidence in the country to keep it weak
Govt. should decrease bureaucratic facilities and expenses as no output there by bureaucrats. Secondly, strict laws should be there to control corruption. Thirdly, no compromise on public service in govt. offices. This will make a change in country.
This all costs nothing to implement.
” IMF orders Pakistan ”
تو نے دی ہمیں آزادی تیرا احسان ہے احسان
ہم زندہ قوم ہیں، پائندہ قوم ہیں
Let’s not live on a unique planet in an unknown galaxy. Impose tax rates that match with other regional countries. Presently, all monies are in banks receiving 22% profit. Thnxs to IMF, business activities including property development is zero. Use your brains instead of ankles while working out tax rates