Tax-free RS.1500 billion additional income suggestion to govt by PBC
Pakistan Business Council suggested to government that it can collect an additional Rs.1.5 trillion from low-tax sectors. According to PBC, there is a capacity of 116 billion rupees for property tax, while collection is only 20 billion rupees.
Pakistan Business Council (PBC) has advised government to potentially generate more than one and a half trillion rupees in revenue from low-tax sectors.
The Pakistan Business Council (PBC) has suggested to the government that the government can collect an additional Rs.1.5 trillion from low-tax sectors.
According to the Business Council, the provinces can get an additional 288 billion rupees from agriculture and property tax, while the federal government can also get one decimal 23 trillion rupees.
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PBC advised the federal government and said that 1230 billion rupees can be collected by bringing wholesale, retail and real estate under effective supervision.
Potential from under-taxed sectors exceeds Rs. 1.5 trillion. Provinces can get Rs 288 Bn additional from agriculture and property tax. The federation, Rs 1.23 trillion from wholesale, retail, real estate and by curbing under-invoicing. See attached. @FinMinistryPak @imf_pakistan pic.twitter.com/QTVggJSqSX
— The Pakistan Business Council (@ThePBC_Official) February 1, 2023
According to PBC, despite the capacity of 116 billion rupees, only 20 billion rupees are collected from property tax, while under-invoicing causes a loss of 1385 rupees.
Pakistan Business Council says that the government collects only 107 billion rupees from real estate, while there is a capacity of 234 billion rupees in this sector.
The Pakistan Business Council said that an income of 195 rupees is possible from agriculture, but despite this, the provinces are receiving only 3 billion rupees in this regard.
