The govt. has planned to get additional revenues of PKR 480Bn in upcoming budget FY22 through abolishing Income Tax and Sales Tax exemptions and improved administrative measures in order to materialize the FBR’s desired target of PKR 5,800Bn. There will be slight adjustments in major taxes with the purpose to streamline the taxation system as the number of salaries slabs would be brought down, rental income would be adjusted, two dozen withholding taxes would be abolished, POS machine would be installed at 85,000 branded chains in urban centers with 12% for textile and 14% GST for other sectors and discretionary powers of tax officials would be curtailed to restore confidence of taxpayers.
3/6/2021