Islamabad, Pakistan: The government plans to collect up to Rs300 billion from agriculture income tax with the cooperation of the provinces.
The Federal Board of Revenue (FBR) has urged provinces to adopt the federal schedule of income tax for collecting agricultural income tax. The FBR believes that this will help maximize revenue collection.
The provincial governments will need to amend their Agricultural Income Tax (AIT) regimes to align with the federal regimes and start taxing agricultural income from January 1, 2025.
Additionally, provinces will transition the services GST from a positive list to a negative list approach to combat tax evasion. Business Recorder
The government aims to increase revenue collection through corporate tax, GST on services, and property taxation. The National Tax Council will expand its terms of reference to include the design of relevant tax measures and the necessary legal and administrative changes.
The government’s efforts to increase revenue from the agriculture sector are expected to contribute to the overall economic growth of the country.
