Islamabad: According to a news published on 03-10-2023, the Caretaker Govt plans to pledge a wealth tax on moveable property. This amended taxation system will be imposed on the assets of retail, agriculture, and real estate sectors.

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According to sources, government officials have confirmed they intend to impose a new taxation system on movable assets in retail, agriculture, and real estate sectors. Federal Board of Revenue (FBR) is aiming to collect a target of PKR 9.2 trillion through this newly imposed tax. They have also planned to increase the country’s GDP ratio up to 15% in Fiscal Year 2023. They have a strategy to collect PKR 13 trillion worth of tax within two years.

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Moreover, the Government will also maintain the Capital Gains Tax (CGT) on immovable property. The initiative is likely to raise the country’s tax-to-GDP ratio. Moreover, the FBR is also working on a comprehensive documentation law to empower tax compliance.  They will also broadcast an ordinance in consensus to facilitate this process.  FBR is also looking for methods to simplify the process of tax returns. These initiatives will help them withhold tax regimes to streamline the tax collection process.

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