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Govt decides to slap Rs140b taxes from July
Cabinet approves proposal to introduce a new budget to meet IMF condition
ATL 2021 has replaced ATL 2020 that carried names of 3.12 million individuals and companies. A comparison of both lists showed that over 932,000 names were missing from the new list.. PHOTO: FILE
ISLAMABAD:
The federal cabinet has approved introducing a new budget to slap taxes amounting to Rs140 billion to meet a condition of the International Monetary Fund (IMF), as the cost of tax exemptions swelled by another one-fifth to nearly Rs1.4 trillion in the current fiscal year.
The cabinet meeting, chaired by Prime Minister Imran Khan, approved the Income Tax Second Amendment Act 2021 after resisting the IMF demand for over a year.
PM approves withdrawal of 80 income tax exemptions
Govt set to introduce Income Tax Amendment Bill in NA next week to meet IMF conditions
ATL 2021 has replaced ATL 2020 that carried names of 3.12 million individuals and companies. A comparison of both lists showed that over 932,000 names were missing from the new list.. PHOTO: FILE
ISLAMABAD:
Prime Minister Imran Khan on Friday approved the introduction of Money Bill in the National Assembly next week to withdraw around 80 income tax exemptions and reform the tax laws to meet a prior action for the revival of $6 billion International Monetary Fund (IMF) programme.
The IMF has asked Pakistan to withdraw income tax exemptions worth Rs140 billion through a new legislation but the exact quantum can only be determined once the government officially lays the bill in the National Assembly.