The International Monetary Fund (IMF) has called on Pakistan to introduce new monthly taxes amounting to Rs. 10.3 billion due to a tax shortfall observed from July to September. The IMF has provided several recommendations for these new taxes:
- A 1% advance income tax on machinery imports, expected to generate Rs. 2 billion monthly.
- A 1% advance income tax on industrial raw materials, expected to bring in Rs. 3.5 billion monthly.
- A 1% advance income tax on commercial raw materials, anticipated to yield Rs. 1 billion monthly.
- A 1% withholding tax on the supply of imported goods, expected to generate Rs. 1 billion monthly.
- A 1% withholding tax on services, which could result in Rs. 500 million monthly.
- A 1% withholding tax on various contracts, expected to bring in Rs. 500 million monthly.
- A 5% increase in excise duty on sugar used in beverages, projected to bring in Rs. 2.3 billion monthly.
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