FBR Eyes Over Rs 1.3 Trillion in New Taxes to Meet Budget Goals

FBR Unveils Tax Proposals for FY 2024-25

  • Federal Board of Revenue (FBR) has proposed new tax measures to generate Rs 1.2-1.3 trillion.
  • This aims to achieve the government’s revenue collection target of Rs 11.6-11.7 trillion for the upcoming fiscal year.
  • The proposals include a combination of additional taxes, reduced exemptions, and broadening the tax net to new sectors like real estate and retail.

Meeting Budgetary Needs and IMF Requirements

  • These proposals are part of the initial budget discussions with the International Monetary Fund (IMF).
  • The final figures and specific tax measures will be finalized in the coming days and require approval by the Finance Minister.

Potential Tax Changes on the Horizon

  • Pakistanis may see new taxes, reduced exemptions on existing taxes, and potentially an expansion of taxable goods and services.
  • Sectors like real estate and retail may face increased tax scrutiny and potential new levies.

Uncertainties Remain

  • The specific details of the tax proposals are still under discussion and await final approval.
  • The impact on businesses and individuals will depend on the final tax structure implemented.

Following Developments

  • Stay tuned for further updates as the details of these tax proposals are finalized and announced by the Pakistani government.

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