{"id":51335,"date":"2019-04-13T10:00:14","date_gmt":"2019-04-13T10:00:14","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=51335"},"modified":"2020-01-29T12:42:30","modified_gmt":"2020-01-29T12:42:30","slug":"govt-plans-increase-tax-rate-remove-exemptions","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/govt-plans-increase-tax-rate-remove-exemptions.html","title":{"rendered":"Govt plans to increase tax rate, remove exemptions"},"content":{"rendered":"<p>Islamabad: The government may increase tax rates and removing expectations planned for the budget 2019-20, a news source reported. It may take this step in order to reach a staff-level agreement with the International Monetary Fund (IMF).<\/p>\n<p>Read:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/govt-introduce-reforms-avoiding-imf-funding.html\" target=\"_blank\" rel=\"noopener noreferrer\">Govt to introduce reforms for avoiding IMF funding<\/a><\/p>\n<p>The government is considering options of increasing the general sales tax (GST), remove exemptions, and cut down expenditures when formulating the budget. It is also relying on the amnesty scheme to generate up to PKR 150 billion additional tax collection in order to close the huge gap of revenue for the current fiscal year.<\/p>\n<p>According to sources, IMF stresses on value added tax (VAT), so it is expected that the authority will ask the government to at least devise a uniform collection mechanism of GST on goods and services. The aim of this step is to build a harmonized system.<\/p>\n<p>Read:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/imf-presses-for-more-revenue-collection.html\" target=\"_blank\" rel=\"noopener noreferrer\">IMF presses for more revenue collection<\/a><\/p>\n<p>Former finance minister and renowned economist Dr Hafiz Pasha has suggested against only cutting down development expenditures. He says this will only result in damaging the ongoing economic activities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The government may increase tax rates and removing expectations planned for the budget 2019-20, a news source reported. It may take this step in order to reach a staff-level agreement with the International Monetary Fund (IMF). Read:\u00a0Govt to introduce reforms for avoiding IMF funding The government is considering options of increasing the general sales tax (GST), remove exemptions, and cut down expenditures when formulating the budget. It is also relying on the amnesty scheme to generate up to PKR 150 billion additional tax collection in order to close the huge gap of revenue for the current fiscal year. According to sources, IMF stresses on value added tax (VAT), so it is expected that the authority will ask the government to at least devise a uniform collection mechanism of GST on goods and services. The aim of this step is to build a harmonized system. Read:\u00a0IMF presses for more revenue collection Former finance minister and renowned economist Dr Hafiz Pasha has suggested against only cutting down development expenditures. He says this will only result in damaging the ongoing economic activities.<\/p>\n","protected":false},"author":68,"featured_media":34938,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[11305],"persona":[],"class_list":{"0":"post-51335","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-details-on-govt-plans-to-increase-tax-rate-remove-exemptions","9":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Govt plans to increase tax rate, remove exemptions - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The government may increase tax rates and removing expectations planned for the budget 2019-20, a news source reported. It may take this step\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/govt-plans-increase-tax-rate-remove-exemptions.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt plans to increase tax rate, remove exemptions - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The government may increase tax rates and removing expectations planned for the budget 2019-20, a news source reported. 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