{"id":89995,"date":"2022-11-14T14:30:08","date_gmt":"2022-11-14T09:30:08","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=89995"},"modified":"2022-11-14T14:30:13","modified_gmt":"2022-11-14T09:30:13","slug":"fbr-increase-direct-tax-wealthy","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-increase-direct-tax-wealthy.html","title":{"rendered":"FBR introduces provisions to increase direct tax on wealthy"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR) has adopted a new policy to decrease withholding tax provisions while implementing measures that directly target wealthy individuals, news sources reported on November 13.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/tax-gdp-ratio-fbr-finance-act-2022.html\" data-type=\"post\" data-id=\"89954\" target=\"_blank\" rel=\"noreferrer noopener\">Tax-to-GDP ratio: FBR to enforce Finance Act 2022<\/a><\/p>\n\n\n\n<p>The policy will result in the collection of an additional PKR 250 billion in direct taxes, resulting in better management of resources. As per the details, the FBR and the federal government have activated the tax provisions introduced in the current year&#8217;s budget (2022-23) to target the super-rich. These amendments aimed to tax the affluent and wealthy classes by incorporating measures such as the super tax, the CVT on overseas assets, presumed rental income on the wealthy&#8217;s assets, and higher rates for high-profit enterprises such as banks. <\/p>\n\n\n\n<p>According to the FBR, the government is taking steps to lower the percentage of <a href=\"https:\/\/www.zameen.com\/news\/fbr-abolish-withholding-taxes-phase-wise-manner.html\" data-type=\"post\" data-id=\"68969\" target=\"_blank\" rel=\"noreferrer noopener\">withholding tax in the tax regime.<\/a> The percentage contribution of withholding taxes and indirect taxes was lowered to 65.8% in the first four months of the existing tax year, down from 67.15% in the same period the previous year.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-income-tax-filing-deadline.html\" data-type=\"post\" data-id=\"89743\" target=\"_blank\" rel=\"noreferrer noopener\">FBR extends income tax filing deadline once again<\/a><\/p>\n\n\n\n<p>It is vital to note that Pakistan has the lowest tax-to-GDP ratio in Asia, and the majority of taxes are collected through indirect taxes such as GST and withholding tax, which is not class-based. The FBR has begun revising the tax structure on the advice of the International Monetary Fund (IMF), which has recommended that the government transform the current tax structure into a more sustainable one.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has adopted a new policy to decrease withholding tax provisions while implementing measures that directly target wealthy individuals, news sources reported on November 13. Read: Tax-to-GDP ratio: FBR to enforce Finance Act 2022 The policy will result in the collection of an additional PKR 250 billion in direct taxes, resulting in better management of resources. As per the details, the FBR and the federal government have activated the tax provisions introduced in the current year&#8217;s budget (2022-23) to target the super-rich. These amendments aimed to tax the affluent and wealthy classes by incorporating measures such as the super tax, the CVT on overseas assets, presumed rental income on the wealthy&#8217;s assets, and higher rates for high-profit enterprises such as banks. According to the FBR, the government is taking steps to lower the percentage of withholding tax in the tax regime. The percentage contribution of withholding taxes and indirect taxes was lowered to 65.8% in the first four months of the existing tax year, down from 67.15% in the same period the previous year. Read: FBR extends income tax filing deadline once again It is vital to note that Pakistan has the lowest tax-to-GDP&hellip;<\/p>\n","protected":false},"author":84,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[54904,54906,54905,3822],"persona":[],"class_list":{"0":"post-89995","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-fbr-introduces-provisions-to-increase-direct-tax-on-wealthy","9":"tag-fbr-tax-structure","10":"tag-fbr-witholding-tax-regime","11":"tag-withholding-tax","12":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR introduces provisions to increase direct tax on wealthy- Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has adopted a new policy to decrease withholding tax provisions while implementing measures that directly\" \/>\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\/fbr-increase-direct-tax-wealthy.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR introduces provisions to increase direct tax on wealthy- Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has adopted a new policy to decrease withholding tax provisions while implementing measures that directly\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-increase-direct-tax-wealthy.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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