{"id":95091,"date":"2023-10-05T11:23:20","date_gmt":"2023-10-05T06:23:20","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=95091"},"modified":"2023-10-05T11:23:21","modified_gmt":"2023-10-05T06:23:21","slug":"wb-increase-taxes-property-sectors","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/wb-increase-taxes-property-sectors.html","title":{"rendered":"WB recommends increasing taxes on property, agriculture sectors"},"content":{"rendered":"\n<p>Islamabad: The World Bank (WB) has urged Pakistan to enhance its taxation efforts, particularly increasing taxes on property and agriculture, according to news published in the leading newspaper on October 4.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-record-tax-collection-sets-new-deadlines.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR surpasses first quarter tax collection target, grants filing extension<\/a><\/p>\n\n\n\n<p>The WB in its report, &#8216;Pakistan Development Update: Restoring Fiscal Responsibility.&#8217;, suggested reforms in taxes on property and agriculture to bolster the country&#8217;s fiscal stability and improve property tax collection.<\/p>\n\n\n\n<p>Regarding agricultural tax reforms, WB has proposed adjustments to the existing 12 1\/2 acre tax exemption threshold. This change aims to encompass a larger portion of agricultural land within the tax framework. <\/p>\n\n\n\n<p>Furthermore, the bank suggested the implementation of appropriate land categorization criteria for tax rates, factoring in aspects such as size, location, and irrigation status. It was mentioned that this approach has the potential to generate additional provincial revenues equal to approximately 1% of the GDP. Additionally, the bank emphasizes the need to rectify the taxation of agricultural land being used for non-agricultural purposes, which currently exploits tax arbitrage.<\/p>\n\n\n\n<p>In a bid to strengthen property tax collection, the WB has recommended several measures:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Increasing taxes on property to align with those observed in comparable economies. For example, in Punjab, where the Urban Immovable Property Tax (UIPT) rate stands at 5% of the annual rental value, it corresponds to a capital value-based tax rate of only 0.07%, significantly lower than the 0.5% seen in many low-income countries.<\/li>\n\n\n\n<li>Harmonizing the valuation systems currently in use for various land-related taxes. The goal is to establish tax rates based on capital values that accurately reflect prevailing market prices.<\/li>\n<\/ul>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-hike-property-rates.html\" target=\"_blank\" rel=\"noreferrer noopener\">Property valuation rates soaring high after WB\u2019s loan condition<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ensuring the maintenance of accurate records of land ownership linked to individuals&#8217; Computerized National Identity Cards (CNICs) and National Tax Numbers to enhance tax enforcement.<\/li>\n\n\n\n<li>Enhancing the policy and legal framework to encompass sizable peri-urban settlements outside existing municipal boundaries within the ambit of appropriate land taxation.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The World Bank (WB) has urged Pakistan to enhance its taxation efforts, particularly increasing taxes on property and agriculture, according to news published in the leading newspaper on October 4. Read: FBR surpasses first quarter tax collection target, grants filing extension The WB in its report, &#8216;Pakistan Development Update: Restoring Fiscal Responsibility.&#8217;, suggested reforms in taxes on property and agriculture to bolster the country&#8217;s fiscal stability and improve property tax collection. Regarding agricultural tax reforms, WB has proposed adjustments to the existing 12 1\/2 acre tax exemption threshold. This change aims to encompass a larger portion of agricultural land within the tax framework. Furthermore, the bank suggested the implementation of appropriate land categorization criteria for tax rates, factoring in aspects such as size, location, and irrigation status. It was mentioned that this approach has the potential to generate additional provincial revenues equal to approximately 1% of the GDP. Additionally, the bank emphasizes the need to rectify the taxation of agricultural land being used for non-agricultural purposes, which currently exploits tax arbitrage. In a bid to strengthen property tax collection, the WB has recommended several measures: Read: Property valuation rates soaring high after WB\u2019s loan condition<\/p>\n","protected":false},"author":83,"featured_media":61439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[3056,57480,21890],"persona":[],"class_list":{"0":"post-95091","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-property-taxes","9":"tag-wb-recommends-increasing-taxes-on-property-agriculture-sectors","10":"tag-world-bank-wb","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>WB Asks to Increase Taxes on Property Sector- Zameen News<\/title>\n<meta name=\"description\" content=\"The World Bank (WB) has urged Pakistan to enhance its taxation efforts, particularly increasing the taxes on property\" \/>\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\/wb-increase-taxes-property-sectors.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WB Asks to Increase Taxes on Property Sector- Zameen News\" \/>\n<meta property=\"og:description\" content=\"The World Bank (WB) has urged Pakistan to enhance its taxation efforts, particularly increasing the taxes on property\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/wb-increase-taxes-property-sectors.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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