Govt decides to take big steps for tax reforms
The government has decided to take big steps as part of tax reforms, reported 24NewsHD TV channel on Friday.
Quoting sources, the channel reported that these reforms such as reduction in tax slab, withdrawal of tax exemptions granted to some sectors and reduction in withholding tax levied on various transactions, would be implemented in the next three financial years (FYs).
So far, Withholding Tax on nine different transactions has been abolished.
Sources disclosed the government was contemplating withdrawing exemption granted to some sectors in the payment of sales tax.
However, they added, the government had decided that the exemption granted to the food items manufacturing units and health and education sectors will continue to remain in place.
Sources told 24News that it had been decided to introduce amendments in Income Tax policy in order to facilitate businesses.
Similarly, the government has decided to continue consultations with provinces for property’s valuation.
Reporter: Ashraf Khan