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.
Musadaq sahib I can fight only so many battles. We are bringing in (gently) millions of shops into the tax net, I have brought jewellers into the net, and rest assured I will bring in all the professionals you mentioned in the net over the next few months. 1/2 https://t.co/4POwL92w2l
— Miftah Ismail (@MiftahIsmail) June 25, 2022
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.
Next in PM @CMShehbaz broadening the tax net agenda
1. Real estate
3. Housing Society Developers
— Salman Sufi (@SalmanSufi7) June 25, 2022
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.
Following this, the Pakistan Stock Exchange crashed, losing more than 2000 points within a few minutes, resulting in the suspension of trading.
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.