{"id":95063,"date":"2023-10-02T16:18:39","date_gmt":"2023-10-02T11:18:39","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=95063"},"modified":"2023-10-02T16:23:43","modified_gmt":"2023-10-02T11:23:43","slug":"new-tax-on-moveable-assets-is-under-planning","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/new-tax-on-moveable-assets-is-under-planning.html","title":{"rendered":"Govt plans imposing wealth tax on moveable assets"},"content":{"rendered":"\n<p>Islamabad: The government is considering imposing a wealth tax on moveable assets along with amendments to the taxation systems governing the retail, agriculture, and real estate sectors, a news source reported on October 1.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/support-desks-overseas-pakistanis-launched.html\" target=\"_blank\" rel=\"noreferrer noopener\">CDA inaugurates Support Desks for Overseas Pakistanis<\/a><\/p>\n\n\n\n<p>According to the details, officials have confirmed the government\u2019s intention to materialize the Federal Board of Revenue\u2019s (FBR) ambitious tax collection target of PKR 9.2 trillion, while also aiming to elevate the tax-to-GDP ratio to 15%, equivalent to PKR 13 trillion, within the next two years.<\/p>\n\n\n\n<p>Additionally, the government is considering the rationalization of the Capital Gains Tax (CGT) on immovable property, indicating a likely increase in its rate as part of a broader strategy to boost the country\u2019s tax-to-GDP ratio.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/world-tourism-day-marked-exciting-news.html\" target=\"_blank\" rel=\"noreferrer noopener\">World Tourism Day: Govt to launch \u2018Tourism App\u2019 soon<\/a><\/p>\n\n\n\n<p>The FBR, in its endeavour to strengthen tax compliance, is working on a comprehensive documentation law. If a consensus is achieved, an ordinance might be promulgated to facilitate this process. Furthermore, the FBR is exploring the simplification of tax returns and withholding tax regimes to streamline the tax collection process.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The government is considering imposing a wealth tax on moveable assets along with amendments to the taxation systems governing the retail, agriculture, and real estate sectors, a news source reported on October 1. Read: CDA inaugurates Support Desks for Overseas Pakistanis According to the details, officials have confirmed the government\u2019s intention to materialize the Federal Board of Revenue\u2019s (FBR) ambitious tax collection target of PKR 9.2 trillion, while also aiming to elevate the tax-to-GDP ratio to 15%, equivalent to PKR 13 trillion, within the next two years. Additionally, the government is considering the rationalization of the Capital Gains Tax (CGT) on immovable property, indicating a likely increase in its rate as part of a broader strategy to boost the country\u2019s tax-to-GDP ratio. Read: World Tourism Day: Govt to launch \u2018Tourism App\u2019 soon The FBR, in its endeavour to strengthen tax compliance, is working on a comprehensive documentation law. If a consensus is achieved, an ordinance might be promulgated to facilitate this process. Furthermore, the FBR is exploring the simplification of tax returns and withholding tax regimes to streamline the tax collection process.<\/p>\n","protected":false},"author":88,"featured_media":64102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[8328,18313,31733],"persona":[],"class_list":{"0":"post-95063","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-government-of-pakistan","9":"tag-new-taxes","10":"tag-tax-on-immovable-properties","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>New Tax on Moveable Assets is Under Planning - Zameen News<\/title>\n<meta name=\"description\" content=\"The government contemplates implementing a wealth tax on movable assets and revising taxation frameworks. Read for further information.\" \/>\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\/new-tax-on-moveable-assets-is-under-planning.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Tax on Moveable Assets is Under Planning - Zameen News\" \/>\n<meta property=\"og:description\" content=\"The government contemplates implementing a wealth tax on movable assets and revising taxation frameworks. Read for further information.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/new-tax-on-moveable-assets-is-under-planning.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=\"2023-10-02T11:18:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-02T11:23:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/04\/GoP.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1170\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Muhammad Zohaib Nasir\" \/>\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=\"Muhammad Zohaib Nasir\" \/>\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":"New Tax on Moveable Assets is Under Planning - Zameen News","description":"The government contemplates implementing a wealth tax on movable assets and revising taxation frameworks. 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