Government approves Rs100bn property tax collection

MG News | June 25, 2023 at 05:09 PM GMT+05:00

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June 25, 2023 (MLN): The Finance Division of Pakistan has approved tax collection worth Rs100 billion on the purchase and sale of properties.

This recent development is subject to the agreement made by the country to International Monetary Fund (IMF) regarding an increase in taxes by Rs215bn.

Moreover, Rs85bn tax collection is expected from the fertilizer sector.

Initially, Rs35bn is being imposed from July 1, 2023, by 5% excise duty on all fertilizers.

Later, a 5% Government Sales Tax (GST) will be applied on imported and locally manufactured fertilizers.

GST will be raised 12-15% depending on the Federal Board of Revenue (FBR) target in the tax year 2023-24.

As per the approval of the finance division, tax collection of Rs10bn is expected from the seeds and pesticides sector.

Furthermore, salaried individuals will be taxed an additional 2.5% on a monthly income of Rs200,000 or more.

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