{"id":53403,"date":"2019-07-09T17:49:06","date_gmt":"2019-07-09T12:49:06","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=53403"},"modified":"2019-07-09T17:49:06","modified_gmt":"2019-07-09T12:49:06","slug":"separate-tax-body-set-up-imf-given-guarantee-by-govt","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/separate-tax-body-set-up-imf-given-guarantee-by-govt.html","title":{"rendered":"Separate tax body to be set up, IMF given guarantee by govt"},"content":{"rendered":"<p>Islamabad: The Federal government reassured the International Monetary Fund (IMF) that a semi-independent tax authority would be set up in the country for the ease of bringing income sources under administrative tax reforms, as per news reports. They have also committed to not providing any further tax exemptions on Monday.<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/pakistan-receive-first-instalment-imf-loan-2.html\" target=\"_blank\" rel=\"noopener noreferrer\">Pakistan to receive first instalment of IMF loan soon<\/a><\/p>\n<p>The new tax policy aims to raise the overall tax revenue by maintaining a low rate of taxation but increasing the number of people who pay those taxes. The plan is to simplify the process of tax collection. This will be done by coordinating the collection of the general sales tax (GST) on a provincial level while simultaneously removing all GST exemptions and preferential rates, apart from those on basic foods and medication. Overtime, this is will strengthen the tax collection method and turn it into a fairer system based on equal taxation for all income sources.<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/imf-package-to-lead-to-inflows-worth-usd-38-bn-from-other-lenders.html\" target=\"_blank\" rel=\"noopener noreferrer\">IMF package to lead to inflows worth USD 38 bn from other lenders<\/a><\/p>\n<p><a href=\"https:\/\/www.zameen.com\/news\/imf-suggests-policy-amendments-before-releasing-usd-6-bn-loan.html\" target=\"_blank\" rel=\"noopener noreferrer\">Reforms <\/a>in tax administration are, therefore, necessary to enable proper functionality of such a broad system to be run smoothly and fairly. All these efforts are being made to increase the percentage of tax revenue in the GDP, which is currently lower than 13 percent.<\/p>\n<p>Additionally, the government is going to be increasing the penalty for non-compliance of tax, implementing a risk-based audit framework and allotting licenses for the track-and-trace system for excise on cigarettes. The entire system is expected to be implemented by the end of March of next year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal government reassured the International Monetary Fund (IMF) that a semi-independent tax authority would be set up in the country for the ease of bringing income sources under administrative tax reforms, as per news reports. They have also committed to not providing any further tax exemptions on Monday. Read:\u00a0Pakistan to receive first instalment of IMF loan soon The new tax policy aims to raise the overall tax revenue by maintaining a low rate of taxation but increasing the number of people who pay those taxes. The plan is to simplify the process of tax collection. This will be done by coordinating the collection of the general sales tax (GST) on a provincial level while simultaneously removing all GST exemptions and preferential rates, apart from those on basic foods and medication. Overtime, this is will strengthen the tax collection method and turn it into a fairer system based on equal taxation for all income sources. Read:\u00a0IMF package to lead to inflows worth USD 38 bn from other lenders Reforms in tax administration are, therefore, necessary to enable proper functionality of such a broad system to be run smoothly and fairly. All these efforts are being made to increase the&hellip;<\/p>\n","protected":false},"author":18,"featured_media":51181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[12174],"persona":[],"class_list":["post-53403","post","type-post","status-publish","format-standard","has-post-thumbnail","tag-details-on-separate-tax-body-to-be-set-up-imf-given-guarantee-by-govt"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Separate tax body to be set up, IMF given guarantee by govt - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal government reassured the International Monetary Fund (IMF) that a semi-independent tax authority would be set up in the country for\" \/>\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\/separate-tax-body-set-up-imf-given-guarantee-by-govt.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Separate tax body to be set up, IMF given guarantee by govt - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Federal government reassured the International Monetary Fund (IMF) that a semi-independent tax authority would be set up in the country for\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/separate-tax-body-set-up-imf-given-guarantee-by-govt.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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