The International Monetary Fund (IMF) has proposed a 45% tax on agricultural income as part of Pakistan’s negotiations for a new bailout package, sources revealed.
The IMF has set a structural benchmark requiring provincial governments to amend their laws to impose a standard individual income tax rate of up to 45% on agricultural income. Finance Minister Muhammad Aurangzeb emphasized the need for taxing agriculture and property sectors to sustain the tax system.
Currently, the agriculture sector contributes only 0.1% to Pakistan’s total tax collection despite accounting for 24% of the economy. The IMF aims to reduce this disparity by urging provinces to adopt the tax rate applicable to non-salaried business individuals.
A deadline of October 2024 has been set for the implementation of this change. Additionally, the IMF has requested the removal of existing income tax exemptions for the livestock sector by October this year.
Imagine this: You walk out of your local grocery store, your reusable tote bag comfortably…
We all love a great deal on trendy clothes, but have you ever stopped to…
The environmental impact of our daily habits is something we often overlook, but even small…
Federal Minister for Energy, Sardar Awais Ahmed Khan Leghari, has urged all chief ministers, the…
The Pakistan Navy has successfully intercepted a major consignment of drugs during an anti-narcotics operation…
Cold wave has tightened its grip across the country, with freezing conditions severely affecting northern…
This website uses cookies.
