Miftah Ismail vows to bring real estate brokers, car dealers, restaurants into tax net

Pakistan trade deficit

Islamabad: Federal Minister for Finance and Revenue Miftah Ismail on Saturday vowed to bring real estate brokers, builders, housing society developers, car dealers, restaurants, and salons into the tax net soon.

The finance minister, in a tweet, said that in a few months, the mentioned industries would be brought into the tax net with consultation, and nothing would be “forced”, just as the government did in the case of small shopkeepers and jewellers – after consulting and reaching on agreements with their associations.

After this tweet, Salman Sufi, the head of the Prime Minister’s strategic reforms team, also confirmed in a tweet that the said reforms were on the to-do list of PM Shehbaz to broaden the tax net.

New Tax reforms

It needs to be mentioned that on Friday, Prime Minister Shehbaz Sharif announced a massive 10 per cent “super tax” on 13 big industries that include sugar, cement, steel, textile, tobacco, fertiliser, bank, oil and gas, beverages, automobile, chemical, airlines and LNG terminals.

Read: 10% super tax on big industries announced by PM Shehbaz

Following this, the Pakistan Stock Exchange crashed, losing more than 2000 points within a few minutes, resulting in the suspension of trading.

Read: Pakistan Stock Exchange loses over 2000 points after PM Shehbaz announced super tax on big industries

Apart from the super tax on big industries, the government also announced to increase in tax rates for the salaried class, lowering the tax exemption limit to Rs 50,000 from Rs 100,000.

Read: Tax rates increased for salaried class

Previous article‘Pakistan’s economic future hinges on success of CPEC with Gwadar port its major component’, PM Shehbaz
Next articlePakistan to be made drug-free country