{"id":65317,"date":"2020-05-11T13:10:02","date_gmt":"2020-05-11T08:10:02","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=65317"},"modified":"2020-05-11T13:10:03","modified_gmt":"2020-05-11T08:10:03","slug":"imf-consultations-on-tax-free-budget-2020-21-expected-after-eid-ul-fitr","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/imf-consultations-on-tax-free-budget-2020-21-expected-after-eid-ul-fitr.html","title":{"rendered":"IMF consultations on &#8216;tax-free&#8217; Budget 2020-21 expected after Eid-ul-Fitr"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR) has finalised the tax proposals draft for Budget 2020-21 geared towards the \u2018simplification of laws and removing tax anomalies\u2019, according to news sources. The government is reported to be mulling a \u2018tax-free budget\u2019; with the final decision on this pending consultation with the International Monetary Fund (IMF) after Eid-ul-Fitr.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-retailers-show-sales-tax-separately-price-tags-menu-cards.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR directs retailers to show sales tax separately on price tags, menu cards<\/a><\/p>\n\n\n\n<p>The approval of the budget will be subjected to IMF\u2019s consideration to a lower tax target for the tax year 2020-21. Previously, the IMF had proposed a tax target of PKR 501 trillion for the same year, which is 30% higher than the target for the tax year 2019-20.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-considering-proposal-raise-cnic-requirements-goods-purchase.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR considers proposal to ease CNIC requirement for goods purchase<\/a><\/p>\n\n\n\n<p>However, owing to the economic impact of the COVID-19 pandemic, the IMF had lowered the FBR\u2019s tax target to PKR 3.9 trillion from PKR 4.8 trillion \u2013 the achievement of which still depends on the revival of business activities before Eid-ul-Fitr.<\/p>\n\n\n\n<p>Meanwhile, the FBR is reaching out to all stakeholders to identify and redress their problems in taxations. Sources report that the FBR is mulling tax incentives to help revive certain sectors. The board has even worked out the <a href=\"https:\/\/www.zameen.com\/news\/fbr-announces-revenue-collection-target-fy2020-21.html\" target=\"_blank\" rel=\"noreferrer noopener\">revenue collection estimates<\/a> amid the ongoing lockdown and resulting halt in the economic progress.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has finalised the tax proposals draft for Budget 2020-21 geared towards the \u2018simplification of laws and removing tax anomalies\u2019, according to news sources. The government is reported to be mulling a \u2018tax-free budget\u2019; with the final decision on this pending consultation with the International Monetary Fund (IMF) after Eid-ul-Fitr. Read: FBR directs retailers to show sales tax separately on price tags, menu cards The approval of the budget will be subjected to IMF\u2019s consideration to a lower tax target for the tax year 2020-21. Previously, the IMF had proposed a tax target of PKR 501 trillion for the same year, which is 30% higher than the target for the tax year 2019-20. Read: FBR considers proposal to ease CNIC requirement for goods purchase However, owing to the economic impact of the COVID-19 pandemic, the IMF had lowered the FBR\u2019s tax target to PKR 3.9 trillion from PKR 4.8 trillion \u2013 the achievement of which still depends on the revival of business activities before Eid-ul-Fitr. Meanwhile, the FBR is reaching out to all stakeholders to identify and redress their problems in taxations. Sources report that the FBR is mulling tax incentives to help revive&hellip;<\/p>\n","protected":false},"author":75,"featured_media":59990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[28356,19230,21797,28767],"persona":[],"class_list":{"0":"post-65317","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-budget-2020-21","9":"tag-federal-board-of-revenue-fbr","10":"tag-international-monetary-fund-imf","11":"tag-tax-year-21","12":"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>IMF consultations on &#039;tax-free&#039; Budget 2020-21 expected after Eid-ul-Fitr - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has finalised the tax proposals draft for Budget 2020-21 geared towards the \u2018simplification of laws and\" \/>\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\/imf-consultations-on-tax-free-budget-2020-21-expected-after-eid-ul-fitr.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF consultations on &#039;tax-free&#039; Budget 2020-21 expected after Eid-ul-Fitr - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has finalised the tax proposals draft for Budget 2020-21 geared towards the \u2018simplification of laws and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/imf-consultations-on-tax-free-budget-2020-21-expected-after-eid-ul-fitr.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=\"2020-05-11T08:10:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-11T08:10:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/FBR.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Hazafa Hasan\" \/>\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=\"Hazafa Hasan\" \/>\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":"IMF consultations on 'tax-free' Budget 2020-21 expected after Eid-ul-Fitr - Zameen News","description":"Islamabad: The Federal Board of Revenue (FBR) has finalised the tax proposals draft for Budget 2020-21 geared towards the \u2018simplification of laws and","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\/imf-consultations-on-tax-free-budget-2020-21-expected-after-eid-ul-fitr.html","og_locale":"en_US","og_type":"article","og_title":"IMF consultations on 'tax-free' Budget 2020-21 expected after Eid-ul-Fitr - Zameen News","og_description":"Islamabad: The Federal Board of Revenue (FBR) has finalised the tax proposals draft for Budget 2020-21 geared towards the \u2018simplification of laws and","og_url":"https:\/\/www.zameen.com\/news\/imf-consultations-on-tax-free-budget-2020-21-expected-after-eid-ul-fitr.html","og_site_name":"Pakistan Real Estate News &amp; 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