202021 Nov
Govt plans new tax legislation
General News

The government was considering either introducing a finance bill in the National Assembly or promulgating a presidential ordinance next month to satisfy the IMF’s demand for additional tax measures, said sources in the Federal Board of Revenue (FBR). “We are working on tax reforms, however, any change in the taxation structure will be enforced only after the economy recovers from the adverse effects of the coronavirus,” said Kamran Afzal, Special Secretary and spokesman for the Ministry of Finance. Shaikh had once again declared economic victory while citing improvement in many indicators, which gave rise to speculation that the government was preparing the ground for meeting IMF conditions. These include increase in electricity tariff, additional taxation measures to achieve the Rs4.963 trillion annual target, passage of Nepra Act and submission of SBP Amendment Bill 2020 in parliament. The Express Tribune sent questions to the IMF resident representative for her views on the government’s proposal to introduce legislation now but enforce it from next fiscal year.

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