Islamabad: According to the most recent information, the Federal Board of Revenue (FBR) has announced that the tax exemption for income up to Rs. 50,000 per month will continue. There are rumors that the FBR and the International Monetary Fund (IMF) are now debating the introduction of new taxes. The board has stated that low-income individuals will continue to receive tax relief and will not be included in the new tax base. It will help those who earn less money.
The FBR clarified that the IMF would not levy additional taxes on anyone making Rs. 50,000 per month or Rs. 600,000 per year, nor would it repeal existing levies. Additionally, they emphasized that no plans have been made to withdraw the tax break and that the World Bank has not offered any suggestions for lowering the Rs. 600,000 threshold.
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Additionally, FBR representatives claimed that they had no control over the provincial government, which has the right to impose new levies on the agriculture industry. The State Bank of Pakistan SBP announced that the key policy rate would remain at 22% during the most recent Monetary Policy Committee MPC meeting. This decision was motivated by an IMF analysis and several fiscal factors.
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In a separate statement, the SBP said that the MPC acknowledged the headline inflation rate increased in September as expected. Nonetheless, for the remainder of the fiscal year and for the month of October, the Central Bank projects a decline in the inflation rate.
The FBR increased the tax collection target set by the IMF for the first three months of the current fiscal year, according to information revealed by acting Finance Minister Shamshad Akhtar.
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