HomeBusinessThe IMF demanded that Pakistan impose a 45 percent tax on agricultural...

The IMF demanded that Pakistan impose a 45 percent tax on agricultural income

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Except translation, this story has not been edited by pipanews staff and is published from a syndicated feed.

The International Monetary Fund (IMF) is in talks with the government on a new rescue package, while the global lender has proposed a 45 percent tax on agricultural income governments in the country have been asked to modify its laws and impose a tax rate of 45 percent on agricultural income, it should be clear that, despite the agricultural sector, it contributes to 24 percent of the economy. the federal government is prohibited from taxing agricultural incomes that are under the jurisdiction of provincial authorities. But the IMF suggested a way around this constitutional obstacle by asking the provinces to adopt the 45 percent tax rate applicable to non-salaried entrepreneurs In a report, the World Bank estimated that Pakistan could gain up to 1.22 trillion Rs in tax revenue from the agricultural sector percent of the country’s gross domestic product Sources said that under the condition of the IMF, the four provinces have to modify their system of agricultural income tax, which in the case of agricultural tax, will be applicable.

The IMF also stipulated that provincial governments end the income tax exemption available on livestock income at the end of October.


(Except translation, this story has not been edited by pipanews staff and is published from a syndicated feed.)
source link https://www.nawaiwaqt.com.pk/11-Jul-2024/1807227

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