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Articles for tag: agreement, high taxes, IMF, International Monetary Fund, mercenary class, talks

June 9, 2024

News Desk

Talks with the IMF end without an agreement

Islamabad: Another round of talks between Pakistan and the International Monetary Fund (IMF) ended inconclusively over disagreement over new income tax rates for salaried and non-salaried workers and the imposition of a standard 18% sales tax on agriculture and health goods. Discussions revolve around whether a new lumpy income tax of 45% will be levied on salaried and non-salaried individuals with a monthly income of just over Rs 467,000, sources said. Currently, the maximum rate of 35% applies to monthly income above Rs 500,000. However, both sides are converging on the issue of increasing the tax burden on exporters in

March 11, 2024

News Desk

Tax problems of the salaried class

KARACHI: “In this world, nothing can be said to be certain but death and taxes,” a famous quote by Benjamin Franklin. This quote is clearly applicable to the registered taxpayers of Pakistan, especially the salaried ones. If you are in the tax net and pay your taxes on time, then your life will remain miserable not only because of harassment during enforcement but also because of levying further taxes to meet revenue targets. Meanwhile, those outside the tax net will continue to live as they please. Exorbitant cost of goods, high inflation, reduced purchasing power and imposition of huge taxes

January 7, 2024

News Desk

The salaried class has a high tax share

Islamabad: Pakistan’s inflation-burdened salaried class remained the fourth-largest income tax contributor in the first half of this fiscal year, paying Rs158 billion in taxes — an amount now 243% higher than the tax contribution of the richest subsidized exporters. There was a 38% increase in income tax collection by the salaried class during the July-December period of the current financial year compared to a year ago, according to data compiled by the Federal Board of Revenue. The wage tax levy rose significantly amid a month-long recommendation by an International Monetary Fund technical mission to further increase the tax burden on

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