Pakistan Commits IMF to Slap Taxes on Salaried Class

APP

Islamabad: Under the now-resumed International Monetary Fund (IMF) programme, Pakistan has committed to draft Personal Income Tax (PIT) legislation by the end of the ongoing month (February 2022) for slapping approximately Rs160 billion tax on the salaried class by jacking up tax rates and reducing the number of slabs, media reported.

According to the media reports, this PIT will be announced in the budget for 2022-23 and will become effective from July 1, 2022.

Read More:https://thepenpk.com/optimistic-economic-outlook-despite-challenges/

According to a report released by the Fund on Friday, the government has committed with the IMF that parliamentary approval will be sought on new state-owned enterprises (SOEs) in line with staff recommendations by the end of June 2022.

The report further stated that Pakistani authorities are in the process of drafting PIT legislation by the end of February 2022 (new end-February 2022 structural benchmark) to ensure it will be ready to come into effect on July 1, 2022, along with the financial budget for the fiscal year 2022-23.