{"id":51593,"date":"2019-04-22T18:03:17","date_gmt":"2019-04-22T18:03:17","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=51593"},"modified":"2020-01-29T12:48:15","modified_gmt":"2020-01-29T12:48:15","slug":"govt-imf-agree-single-value-added-tax-regime","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/govt-imf-agree-single-value-added-tax-regime.html","title":{"rendered":"Govt &#038; IMF agree upon single value-added tax regime"},"content":{"rendered":"<p>Islamabad: The federal government and the International Monetary Fund (IMF) have reached an understanding to introduce a single value-added tax (VAT) regime in the country, a news source reported. Both sides have agreed to this measure as part of the overall medium-term macroeconomic framework which is expected to play host to of PKR 1.25 trillion incremental federal and provincial revenue sums.<\/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>Over a period of three years, this IMF programme will produce an additional revenue of about 2.6% of GDP. The federal taxes will increase by 2.3%, beginning at 1.1% of GDP in fiscal year 2019-20 (FY20). 0.9% and 0.3% will follow in FY21 and FY22 respectively.<\/p>\n<p>The provincial taxes will be raised by 0.1% of GDP each year. This is expected to help in achieving the 1.6% tax to GDP ratio \u2013 currently 1.3% \u2013 during FY22. Other tax measures for meeting the required targets include significant reduction in tax expenditures, executed through removal of exemptions and excessive tax credits from income and sales taxes, and federal excise duty law. Additionally, the country will be moved to a single sales tax (VAT) regime by cutting special procedures and reduced rate taxation.<\/p>\n<p>Read:<a href=\"https:\/\/www.zameen.com\/news\/imf-presses-for-more-revenue-collection.html\" target=\"_blank\" rel=\"noopener noreferrer\">\u00a0IMF presses for more revenue collection<\/a><\/p>\n<p>Under this IMF programme, the government will also reduce the number of withholding taxes. The government has also told IMF that the country will move to a single tax collection agency with single return and single auditing authority in three years\u2019 time. It expects to reduce the compliance costs with this measure.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The federal government and the International Monetary Fund (IMF) have reached an understanding to introduce a single value-added tax (VAT) regime in the country, a news source reported. Both sides have agreed to this measure as part of the overall medium-term macroeconomic framework which is expected to play host to of PKR 1.25 trillion incremental federal and provincial revenue sums. Read:\u00a0Govt to introduce reforms for avoiding IMF funding Over a period of three years, this IMF programme will produce an additional revenue of about 2.6% of GDP. The federal taxes will increase by 2.3%, beginning at 1.1% of GDP in fiscal year 2019-20 (FY20). 0.9% and 0.3% will follow in FY21 and FY22 respectively. The provincial taxes will be raised by 0.1% of GDP each year. This is expected to help in achieving the 1.6% tax to GDP ratio \u2013 currently 1.3% \u2013 during FY22. Other tax measures for meeting the required targets include significant reduction in tax expenditures, executed through removal of exemptions and excessive tax credits from income and sales taxes, and federal excise duty law. Additionally, the country will be moved to a single sales tax (VAT) regime by cutting special procedures and reduced rate taxation.&hellip;<\/p>\n","protected":false},"author":68,"featured_media":51181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[11409],"persona":[],"class_list":{"0":"post-51593","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-details-on-govt-imf-agree-upon-single-value-added-tax-regime","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 &amp; IMF agree upon single value-added tax regime - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The federal government and the International Monetary Fund (IMF) have reached an understanding to introduce a single value-added tax (VAT)\" \/>\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-imf-agree-single-value-added-tax-regime.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt &amp; IMF agree upon single value-added tax regime - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The federal government and the International Monetary Fund (IMF) have reached an understanding to introduce a single value-added tax (VAT)\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/govt-imf-agree-single-value-added-tax-regime.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZameenPK\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-22T18:03:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-29T12:48:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2019\/04\/IMF.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Safina Sultan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:site\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Safina Sultan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Govt & IMF agree upon single value-added tax regime - Zameen News","description":"Islamabad: The federal government and the International Monetary Fund (IMF) have reached an understanding to introduce a single value-added tax (VAT)","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zameen.com\/news\/govt-imf-agree-single-value-added-tax-regime.html","og_locale":"en_US","og_type":"article","og_title":"Govt & IMF agree upon single value-added tax regime - Zameen News","og_description":"Islamabad: The federal government and the International Monetary Fund (IMF) have reached an understanding to introduce a single value-added tax (VAT)","og_url":"https:\/\/www.zameen.com\/news\/govt-imf-agree-single-value-added-tax-regime.html","og_site_name":"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News","article_publisher":"https:\/\/www.facebook.com\/ZameenPK","article_published_time":"2019-04-22T18:03:17+00:00","article_modified_time":"2020-01-29T12:48:15+00:00","og_image":[{"width":600,"height":350,"url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2019\/04\/IMF.jpg","type":"image\/jpeg"}],"author":"Safina Sultan","twitter_card":"summary_large_image","twitter_creator":"@ZameenProperty","twitter_site":"@ZameenProperty","twitter_misc":{"Written by":"Safina Sultan","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.zameen.com\/news\/govt-imf-agree-single-value-added-tax-regime.html#article","isPartOf":{"@id":"https:\/\/www.zameen.com\/news\/govt-imf-agree-single-value-added-tax-regime.html"},"author":{"name":"Safina Sultan","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/person\/0f7ad58ef43a9c16d70bfd31d586f512"},"headline":"Govt &#038; IMF agree upon single value-added tax regime","datePublished":"2019-04-22T18:03:17+00:00","dateModified":"2020-01-29T12:48:15+00:00","mainEntityOfPage":{"@id":"https:\/\/www.zameen.com\/news\/govt-imf-agree-single-value-added-tax-regime.html"},"wordCount":257,"commentCount":0,"publisher":{"@id":"https:\/\/www.zameen.com\/news\/#organization"},"image":{"@id":"https:\/\/www.zameen.com\/news\/govt-imf-agree-single-value-added-tax-regime.html#primaryimage"},"thumbnailUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2019\/04\/IMF.jpg","keywords":["details on Govt &amp; 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