(MENAFN- Khaleej Times) The finance bill is expected to include rs535 billion in additional taxes and other administrative measures.
finance minister ishaq dar is all set to present the second budget by the pakistan muslim league-nawaz government in the national assembly on tuesday.
the finance bill is expected to include rs535 billion in additional taxes and other administrative measures.
the ambitious new tax measures revolve around three pillars — documenting and taxing the rich raising the existing withholding tax rates for non-compliant taxpayers and increasing the income tax share in overall revenue collection.
officials privy to the budget-making process say these proposals are aimed at offering industrialists a better environment through the lowering of customs duties. but this will not provide any relief to salaried individuals or the common man.
daily dawn quoted a well-placed source in the finance ministry as saying that the federal board of revenue has obtained approval from the prime minister for the new taxes.
the government has projected an ambitious revenue collection target of rs2810 billion for fy2014-15.
but tax officials say this target is too high and predict that fbr may be able to collect not more than rs2700 billion.
any change in the sales tax rates will directly affect the weaker sections of society and have an impact on inflation. prime minister nawaz sharif has agreed in principle to bring down the existing rate to single digit.
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