The federal government has announced an immediate review of taxes onmovable assets, along with rates for retail, agriculture, and real estatetaxes, as part of the economic recovery plan.
The Ministry of Finance has included income growth measures in importantinitiatives for economic recovery, according to monthly economic updatesissued by the department and the September 2023 outlook. This includes taxrevisions in sectors like food, agriculture, and real estate, along withwealth tax on movable assets.
According to the report, taxes worth billions will remain limited toessential sectors such as food and medicines, while subsidies and grantswill also be reviewed along with cost-saving measures to make governmentspending reasonable.
The Ministry of Finance states that the government will also evaluatedevelopmental projects and emphasize public-private partnerships (PPP)projects. In addition, there will be a focus on achieving quarterly budgetgoals and fulfilling IMF commitments, including tax collection and debtobligations.
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Furthermore, under approved projects, the government will prioritize 5E-FrameWorks, including income, equity, discretionary, environmental, andenergy, to address social and economic challenges.
