Islamabad: A news article released today states that, as part of the “Pakistan Raises Revenues” campaign, the Federal Board of Revenue (FBR) has signed agreements with all provinces, with an emphasis on the value of immovable assets. To support tax collection operations, updated valuation tables will be put into effect starting in the fiscal year 2024–2025.
The tax apparatus has calculated that the FBR will determine about 85% of the rates notified for immovable properties in cooperation with the provinces. July 1, 2024, is when the updated valuation tables are supposed to go into effect.
Read More: FBR to Issue New Property Rates With Higher Tax From July 2024
In addition, modifications have been made to the schedule and Disbursement Linked Indicators (DLI) for a $400 million loan that the World Bank (WB) arranged in order to support Pakistan’s efforts to generate income.
Prominent changes include increasing the tax-to-GDP ratio from 8.5 percent to 8.8 percent and implementing measures for digital data exchange across all provinces.
In order to facilitate the creation of a single taxpayer database, the loan terms require the FBR to draft Memorandums of Understanding (MoUs) for automated data sharing with every province. To attain a tax collection of 8.8 percent of GDP in FY25, the WB’s “Pakistan Raises Revenues” project has been extended until June 2025.
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