The federal government has announced an immediate review of taxes on movable assets, along with rates for retail, agriculture, and real estate taxes, as part of the economic recovery plan.
The Ministry of Finance has included income growth measures in important initiatives for economic recovery, according to monthly economic updates issued by the department and the September 2023 outlook. This includes tax revisions in sectors like food, agriculture, and real estate, along with wealth tax on movable assets.
According to the report, taxes worth billions will remain limited to essential sectors such as food and medicines, while subsidies and grants will also be reviewed along with cost-saving measures to make government spending reasonable.
The Ministry of Finance states that the government will also evaluate developmental projects and emphasize public-private partnerships (PPP) projects. In addition, there will be a focus on achieving quarterly budget goals and fulfilling IMF commitments, including tax collection and debt obligations.
Furthermore, under approved projects, the government will prioritize 5 E-FrameWorks, including income, equity, discretionary, environmental, and energy, to address social and economic challenges.