ISLAMABAD: The federal government has approved the imposition of Rs 40 billion new taxes, it has learnt.
According to details, Prime Minister Nawaz Sharif has approved the imposition of taxes to overcome the shortfall of tax revenue worth Rs 40 billion. Sources added that International Monitory Fund (IMF) has asked the government that next tranche of $50 million will be approved only if government will be able to overcome the revenue shortfall of Rs 40 billion.
Sources also added that Federal Board of Revenue (FBR) will impose new taxes from December 5 to achieve the revenue shortfall. While on the other hand, the FBR has also decided to introduce Amnesty Scheme for the traders which will be announced on November 30, 2015.
Sources added that the Finance Minister has constituted a committee for resolving the issue of withholding tax with traders and in the next meeting of the committee the amnesty scheme will be finalized as the traders and FBR agreed with the scheme.
