{"id":70498,"date":"2020-09-15T16:18:29","date_gmt":"2020-09-15T11:18:29","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=70498"},"modified":"2020-09-15T16:18:32","modified_gmt":"2020-09-15T11:18:32","slug":"govt-review-proposals-equitable-taxation-income-assets","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/govt-review-proposals-equitable-taxation-income-assets.html","title":{"rendered":"Govt to review proposals for equitable taxation on income, assets"},"content":{"rendered":"\n<p>Islamabad: Prime Minister Imran Khan on Monday constituted a committee to review proposals regarding the introduction of equitable taxation on income and assets \u2014 a news source reported. These proposals include the implementation of new asset taxes and a reduction in tax rates for the corporate sector and salaried persons.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/fbr-promises-resolve-key-taxation-issues-promote-growth.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR promises to resolve key taxation issues to promote growth<\/a><\/p>\n\n\n\n<p>A number of proposals were presented before the government\u2019s economic team by former finance minister Dr Hafiz Pasha \u2014 with the plans having been formulated by some of the country\u2019s top economists. PM Khan had previously directed Minister for Industries Hammad Azhar, Finance Adviser Dr Abdul Hafeez Shaikh, and Commerce Adviser Abdul Razak Dawood to review these proposals in detail so that they could eventually be implemented in the country.<\/p>\n\n\n\n<p>Reportedly, the proposals include a plan for reducing the corporate income tax rate from 29% to 20%. As a counter-balance, it was further suggested that the government should impose a Capital Value Tax (CVT) at the rate of 1.5% on all assets, except property. The government has additionally been recommended to impose the CVT in cases were tax exemptions have been provided to some sectors of the economy, as taxes on assets are more progressive.<\/p>\n\n\n\n<p>Mr. Pasha also informed the government that the richest 20% in the country were earning five times more than the poorest 20% and that this difference was even more stark in terms of assets, as the richest 20% owned 12 times more assets than the country\u2019s poorest 20%.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/budget-2020-21-govt-to-couple-relief-measures-with-appropriate-taxation.html\" target=\"_blank\" rel=\"noreferrer noopener\">Budget 2020-21: Govt to couple relief measures with appropriate taxation<\/a><\/p>\n\n\n\n<p>Another proposal presented before the committee was to abolish the income slabs and introduce even more progressive tax rates. The introduction of a uniform rate of taxation for different sectors was also discussed. Pasha further proposed that instead of completely exempting the Capital Gains Tax on property after 4 years, the rate should be lowered depending on the length of the holding period.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Prime Minister Imran Khan on Monday constituted a committee to review proposals regarding the introduction of equitable taxation on income and assets \u2014 a news source reported. These proposals include the implementation of new asset taxes and a reduction in tax rates for the corporate sector and salaried persons. Read: FBR promises to resolve key taxation issues to promote growth A number of proposals were presented before the government\u2019s economic team by former finance minister Dr Hafiz Pasha \u2014 with the plans having been formulated by some of the country\u2019s top economists. PM Khan had previously directed Minister for Industries Hammad Azhar, Finance Adviser Dr Abdul Hafeez Shaikh, and Commerce Adviser Abdul Razak Dawood to review these proposals in detail so that they could eventually be implemented in the country. Reportedly, the proposals include a plan for reducing the corporate income tax rate from 29% to 20%. As a counter-balance, it was further suggested that the government should impose a Capital Value Tax (CVT) at the rate of 1.5% on all assets, except property. The government has additionally been recommended to impose the CVT in cases were tax exemptions have been provided to some sectors of the economy, as&hellip;<\/p>\n","protected":false},"author":57,"featured_media":63188,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[39507,39509,39508],"persona":[],"class_list":{"0":"post-70498","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-equitable-taxation","9":"tag-taxes-on-assets","10":"tag-taxes-on-income","11":"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 to review proposals for taxation on income, assets - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: Prime Minister Imran Khan on Monday constituted a committee to review proposals regarding the introduction of equitable taxation on income and assets \u2014 a news source reported.\" \/>\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-review-proposals-equitable-taxation-income-assets.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt to review proposals for taxation on income, assets - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: Prime Minister Imran Khan on Monday constituted a committee to review proposals regarding the introduction of equitable taxation on income and assets \u2014 a news source reported.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/govt-review-proposals-equitable-taxation-income-assets.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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