Government Imposes Rs 440 Billion New Taxes.

Government Imposes Rs 440 Billion New Taxes.

| 22-Jul-2023

Pakistan's New Taxes for FY23

The Pakistani government has proposed a number of new taxes in the budget for the fiscal year 2022-23. The taxes are aimed at raising revenue and addressing the country's economic challenges.

One of the most significant new taxes is a 5% tax on non-productive immovable property. This includes unutilized residential, commercial, and industrial plots, as well as farmhouses. The government is hoping to raise Rs30 billion from this tax.

Another major new tax is an increase in the capital gains tax on immovable property from 15% to 20%. This tax will be applied to the sale of property that has been held for more than four years. The government expects to raise Rs40 billion from this tax.

The government has also proposed a number of new taxes on luxury goods, such as cars and mobile phones. For example, there will be a new levy of up to Rs16,000 on the import of mobile phone handsets. The government hopes to raise Rs10 billion from these taxes.

In addition to the new taxes, the government has also proposed a number of changes to existing taxes. For example, the income tax slabs will be reduced from 12 to 7. This will mean that more people will be paying income tax, but the tax rates will be lower for most people. The government expects to raise Rs355 billion from all of these tax measures.

The new taxes have been met with mixed reactions. Some people believe that they are necessary to address the country's economic challenges. Others believe that they are too burdensome and will hurt the economy.

The government will need to carefully monitor the impact of the new taxes before making any further changes.

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