{"id":96653,"date":"2024-03-15T12:23:09","date_gmt":"2024-03-15T07:23:09","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=96653"},"modified":"2024-03-15T12:23:11","modified_gmt":"2024-03-15T07:23:11","slug":"imf-advises-fbr-discard-construction-taxes","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/imf-advises-fbr-discard-construction-taxes.html","title":{"rendered":"FBR told to fold special tax for construction: IMF"},"content":{"rendered":"\n<p>Islamabad: The International Monetary Fund (IMF) has advised the Federal Board of Revenue (FBR) to eliminate the special tax regime for the construction sector and integrate it into the standard income tax framework, as claimed in a news source on March 15.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-new-tax-shakes-automobile-industry.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR raises sales tax for high-value cars<\/a><\/p>\n\n\n\n<p>According to the details, this recommendation came during discussions between the IMF team and FBR officials regarding the second review of the Stand-by Arrangement (SBA). The IMF also proposed abolishing the FBR&#8217;s discretionary power to grant tax incentives and suggested that any future incentives be time-bound and subject to cost-benefit analysis. <\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-urges-quick-sales-tax-refunds.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR directs timely sales tax refunds post billion rupees disbursement<\/a><\/p>\n\n\n\n<p>Additionally, the IMF recommended reviewing and potentially adjusting eligibility criteria for tax credits related to charitable donations and certain individuals. It also urged the expansion of the National Tax Council&#8217;s role to include the harmonisation of tax rates and the enforcement of provincial tax laws. Furthermore, the IMF suggested the establishment of a Tax Policy Unit within the Ministry of Finance, Revenue, and Economic Affairs, along with protocols for data exchange between the FBR and other agencies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The International Monetary Fund (IMF) has advised the Federal Board of Revenue (FBR) to eliminate the special tax regime for the construction sector and integrate it into the standard income tax framework, as claimed in a news source on March 15. Read: FBR raises sales tax for high-value cars According to the details, this recommendation came during discussions between the IMF team and FBR officials regarding the second review of the Stand-by Arrangement (SBA). The IMF also proposed abolishing the FBR&#8217;s discretionary power to grant tax incentives and suggested that any future incentives be time-bound and subject to cost-benefit analysis. Read: FBR directs timely sales tax refunds post billion rupees disbursement Additionally, the IMF recommended reviewing and potentially adjusting eligibility criteria for tax credits related to charitable donations and certain individuals. It also urged the expansion of the National Tax Council&#8217;s role to include the harmonisation of tax rates and the enforcement of provincial tax laws. Furthermore, the IMF suggested the establishment of a Tax Policy Unit within the Ministry of Finance, Revenue, and Economic Affairs, along with protocols for data exchange between the FBR and other agencies.<\/p>\n","protected":false},"author":88,"featured_media":87304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[54453,19230,58007,21797],"persona":[],"class_list":{"0":"post-96653","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-fbr-news-and-updates","9":"tag-federal-board-of-revenue-fbr","10":"tag-imf-news-and-updates","11":"tag-international-monetary-fund-imf","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>IMF Advises FBR to Discard Construction Taxes - Zameen News<\/title>\n<meta name=\"description\" content=\"IMF recommends integrating construction sector into standard tax framework, advises FBR. Get details from March 15 news.\" \/>\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-advises-fbr-discard-construction-taxes.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF Advises FBR to Discard Construction Taxes - Zameen News\" \/>\n<meta property=\"og:description\" content=\"IMF recommends integrating construction sector into standard tax framework, advises FBR. Get details from March 15 news.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/imf-advises-fbr-discard-construction-taxes.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=\"2024-03-15T07:23:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-15T07:23:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2022\/07\/IMF-Pak.jpg\" \/>\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\/jpeg\" \/>\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":"IMF Advises FBR to Discard Construction Taxes - Zameen News","description":"IMF recommends integrating construction sector into standard tax framework, advises FBR. 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