The caretaker government is planning to impose taxes on the agriculture,real estate, and construction sectors in order to meet the tax target of 92trillion rupees set by the FBR.
Additionally, they are considering introducing a wealth tax on non-movableassets. Government sources have revealed that in the next two years, thetax-to-GDP ratio will be increased to 15 percent. They are also working onrationalizing the capital gains tax on immovable properties to encourageeconomic growth.
Furthermore, the government is undertaking a digitization project called”Digitalization” to bring the economy into the track and trace system.Selected sectors, including tobacco, sugar, fertilizer, cement, and others,will be monitored to prevent tax evasion. The implementation of Point ofSales, Single Window, and Digital Invoicing will be fully enforced from nowon.
The FBR is working on giving a legislative shape to the FBR Act so that itcan be subjected to wider consensus before being implemented through anordinance. They are also simplifying the process of filing tax returns andmaking reforms in the dividend withholding tax system.
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Moreover, if the pending cases in the courts are resolved, an additional 3billion rupees can be generated. It is essential to expedite the appealprocess and create an alternative dispute resolution system to resolveconflicts.