IMF Needs Government to Eliminate Sales Tax Concessions
According to the International Monetary Fund (IMF), Pakistan’s Federal Budget (2021–2022) will eliminate all sales tax concessionary rates and sales tax exemptions, with the exception of a small subset of items (basic food, medicines, live animals for human consumption, educational materials, and health-related items), and will subject all other items to the standard rate of 17 percent sales tax.
According to the research, the government would implement the GST and the PIT reform with the budget for 2021–22, with a potential revenue of 1.1 percent of GDP.
The expansion of the tax base, a major strategic budgetary goal, the reduction of informality, and the simplification and modernization of the tax system all depend on this. High-quality tax policies will support the changes in accordance with IMF staff recommendations.
Moreover, the government is working with the World Bank to synchronize the service sales tax throughout all provincial authorities. This project is anticipated to be finished by the end of June 2021.
The government’s main fiscal goals continue to be expanding the revenue base, lowering informality, and streamlining and modernizing the tax code.
The General Sales Tax (GST) Reform will unify the systems of the federal and provincial governments by extending the GST revenue base.
Please check out the Al Sadat Marketing website to find out what’s going on.
You can also invest in other famous and most in demand housing societies, such as , Blue World City, Rudn Enclave, 7 Wonders City Peshawar, Taj Residencia, Kingdom Valley, New Metro City Gujar Khan, Forest Town Rawalpindi, University Town Rawalpindi, ICHS Town, Park View City Islamabad, Multi Gardens B17 Islamabad and Nova City Islamabad.
Few more real estate housing schemes which are trending now a days in Islamabad by including: Faisal Town Phase 2, Prism Town Gujar Khan, New City Paradise, Eighteen Islamabad, 7 Wonders City Islamabad, Capital Smart City, Silver City Islamabad, The Life Residencia, Faisal Town Islamabad, Islamabad Golf City, Islamabad Model Town and Marble Arch Enclave.
Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.
Book Your Plot Now: +92 331 111 0005