The federal government has agreed with the International Monetary Fund (IMF) to take new seven taxation measures during 2024-25 in case the revenue collection falls short of the projected target by 1 percent during the current fiscal year.
The IMF report, “Extended Arrangement under the Extended Fund Facility (EFF)” revealed contingent revenue measures agreed by the government of Pakistan for 2024-25.
The report said that should the 3-month rolling average revenue collection fall short of the projected target by 1 percent, in consultation with IMF staff, we will evaluate the adoption of one or more of the following contingency measures:
- increase advance income tax on import of machinery by 1 percentage point, expected collection of Rs. 2 billion per month;
- increase advance income tax on import of raw materials by industrial undertakings by 1 percentage point, expected collection of Rs. 3.5 billion per month;
- increase advance income tax on import of raw materials by commercial importers by 1 percentage point, expected collection of Rs. 1 billion per month;
- increase withholding tax on supplies by 1 percentage, expected collection of Rs. 1 billion per month;
- increase withholding tax on services by 1 percentage point, expected collection of Rs. 0.5 billion per month;
- increase withholding tax on contracts by 1 percentage point, expected collection of Rs. 0.5 billion per month; and
- increase FED on aerated and sugary drinks by 5 percentage points, expected collection Rs. 2.3 billion per month.
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Taxation without representation
That’s how countries are lost .
The amount of effort govt gives to begging imf , if they put half of it on public safety . We d never be in debt
fbr hasnt set contingency plan for failure of the 7 taxes.
Fbr should increase fed on tobacco for generate revenue as well to minimize the consumption of cigarettes too.
Buearocrats, Judiciary, MNAs, MPAs, President, Prime Minister, Governors, Chief Ministers should reduce their expenditures.
No Cars, Security, free Electricity, Gas, Cell Phs, News Papers, etc. for Muffat Khooorz, etc.
Look after common citizen and take care of them
These Corrupt and Criminals Govt. Do Not impose 2% Large Agricultural Land Holders Elites present in Parliament and Senate.Also Do Not Reduce Non-Development Budgetary Expenditures of Govt. Ministries and Divisions. The last Big Khaki Generals Fuaji Foundations BUSINESSES??**.