Miftah Ismail pledges to bring real estate brokers, car dealerships and restaurants into the tax net
Islamabad: Federal Finance and Revenue Minister Miftah Ismail vowed on Saturday to bring real estate brokers, builders, housing company developers, car dealerships, restaurants and salons into the tax net soon .
The Minister of Finance, in a tweet, said that in a few months the mentioned industries would be put in the tax net with consultation, and nothing would be “forced”, just like the government did in the case of small traders and jewelers – after consultation and agreement with their associations.
Musadaq sahib I can only fight so many battles. We are (smoothly) bringing millions of stores into the tax net, I have introduced jewelers into the net, and rest assured that I will be bringing all of the professionals you mentioned into the net over the next few months. 1/2 https://t.co/4POwL92w2l
— Miftah Ismail (@MiftahIsmail) June 25, 2022
After the tweet, Salman Sufi, the head of the Prime Minister’s strategic reforms team, also confirmed in a tweet that the said reforms were on Prime Minister Shehbaz’s to-do list to widen the tax net.
The continuation in MP @CMShehbaz expanding the tax net agenda
1. Real Estate
3. Housing company developers
Gradually and in consultation with their representatives @MiftahIsmail https://t.co/AwmxKefclN
— Salman Sufi (@SalmanSufi7) June 25, 2022
New tax reforms
It should be mentioned that on Friday, Prime Minister Shehbaz Sharif announced a massive 10% “super tax” on 13 major industries, including sugar, cement, steel, textiles, tobacco, fertilizers, banking , oil and gas, beverages, automotive. , chemicals, airlines and LNG terminals.
Read: A 10% super tax on major industries announced by Prime Minister Shehbaz
Following this, the Pakistan Stock Exchange collapsed, losing more than 2000 points in a few minutes, leading to the suspension of trading.
Read: Pakistan Stock Exchange drops over 2,000 points after Prime Minister Shehbaz announces super tax on big industries
Apart from the super tax on large industries, the government has also announced an increase in tax rates for the salaried class, lowering the tax exemption ceiling from Rs 50,000 to Rs 100,000.
Read: Tax rates have risen for the working class