Unnecessary duty, tax exemptions to end in next budget
Govt has also decided to add few sectors to tax net, which currently enjoy zero tax rates
Representational image. PHOTO: REUTERS
ISLAMABAD:
The federal government has decided to introduce special measures to end unnecessary exemptions in duty and taxes in budget for the next fiscal year 2020-21.
It has also decided to add a few sectors to the tax net, which currently enjoy zero tax rates.
In this regard, the government has decided to forward recommendations to the Budget Wing of the Ministry of Finance till February 11, 2020.
In addition to this, it has also decided to introduce comprehensive tax reforms to enhance tax net as well as the tax-to-GDP ratio.
The finance ministry has requested proposals from all the ministries and divisions by next week to finalise the federal budget for fiscal year 2020-21 along with a three-year budget strategy paper.
According to documents available with the Daily Express, the budget wing of finance ministry has dispatched letters to all ministries and divisions in this regard.
The letter is accompanied with a brief for the Budget Strategy Paper 2020-21-2022-23.
The documents revealed that in the light of the brief sent by the Budget Wing, material and proposals regarding the three-year strategy paper were invited so that its draft could be finalised and sent to the federal Cabinet for approval.
The letter sent to the ministries requested recommendations regarding quantitative macroeconomic and financial projections for the budget strategy paper for the next three years.
Published in The Express Tribune, February 9th, 2020.
The federal government has decided to introduce special measures to end unnecessary exemptions in duty and taxes in budget for the next fiscal year 2020-21.
It has also decided to add a few sectors to the tax net, which currently enjoy zero tax rates.
In this regard, the government has decided to forward recommendations to the Budget Wing of the Ministry of Finance till February 11, 2020.
In addition to this, it has also decided to introduce comprehensive tax reforms to enhance tax net as well as the tax-to-GDP ratio.
The finance ministry has requested proposals from all the ministries and divisions by next week to finalise the federal budget for fiscal year 2020-21 along with a three-year budget strategy paper.
According to documents available with the Daily Express, the budget wing of finance ministry has dispatched letters to all ministries and divisions in this regard.
The letter is accompanied with a brief for the Budget Strategy Paper 2020-21-2022-23.
The documents revealed that in the light of the brief sent by the Budget Wing, material and proposals regarding the three-year strategy paper were invited so that its draft could be finalised and sent to the federal Cabinet for approval.
The letter sent to the ministries requested recommendations regarding quantitative macroeconomic and financial projections for the budget strategy paper for the next three years.
Published in The Express Tribune, February 9th, 2020.