Islamabad, Pakistan:Finance Minister Muhammad Aurangzeb has announced that the government plans to introduce legislation for the imposition of tax on the agriculture sector by January 2025. The tax will become effective from July 1, 2025.
Aurangzeb also stated that discussions are ongoing with China regarding the re-profiling of energy sector debt. He expressed optimism that a formal memorandum of understanding (MOU) will be signed soon.
The Chairman of the Federal Board of Revenue (FBR) reiterated that the deadline for filing income tax returns will not be extended and announced plans to take action against non-filers starting next month. Business Recorder
The Senate Standing Committee on Finance approved the Government Bill titled “The Banking Companies (Amendment) Bill, 2024” with certain amendments. The bill seeks to allow commercial banks to set up subsidiaries for microfinance banks and provide indemnity to SBP officials.
The committee also addressed an issue regarding an illegal demand for payment by a commercial bank and received briefings from the Karakoram Initiative and the Asian Development Bank (ADB) on their respective initiatives in Pakistan.
The FBR’s announcement of the agriculture tax and the government’s ongoing efforts to address economic challenges demonstrate their commitment to improving the country’s financial situation.
