Islamabad: In the federal budget of the next fiscal year, the government is likely to impose a minimum asset tax on the rich and maintain a super tax on people and companies with high incomes, including the withdrawal of funds from banks and the withholding tax on banking transactions. Is.
According to Federal Board of Revenue sources, other proposals are under consideration, including increasing the tax rate to narrow the loophole for non-filers and imposing a capital value asset tax on the real estate sector and a fixed tax scheme to bring retail vendors into the tax net.
According to the sources, the process of budgeting for the next financial year is going on and the budget proposals of stakeholders including Tax Revenue Mobilization Commission, Federation of Pakistan Chambers of Commerce and Industry, Chambers of Commerce and other business organizations are being reviewed.
Sources say that in the budget of the next financial year, the proposal of minimum asset tax on the rich and wealthy class is also under consideration, under which minimum asset tax will be applied to those who have assets worth more than 10 crore rupees. It is proposed to increase the tax rate on non-filers and reintroduce tax on bank withdrawals.
FBR sources said that the proposal to maintain super tax on high income individuals and companies is also under consideration in the budget of the next financial year. will remain
Sources said that 1% super tax will be charged on income of 15 crores, 2% on income of 20 crores and 3% super tax will be charged on those earning 25 crores.
According to FBR sources, in the new budget, 30 percent super tax will be maintained on car manufacturers, banking, steel, fertilizer sector, textile, petroleum, cement, pharmaceutical and sugar sectors will also receive super tax.
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