ISLAMABAD: Pakistan has low capital gain tax net and at least 10,000 people are inducted to the capital gain tax, including 9,000 individual taxpayers, 100 Associations of Persons (AOPs) and 800 companies, it is learnt here.
According to details, the World Bank mission revealed these details while giving a presentation to FBR chairman Tariq Bajwa that taxes laws, especially capital gain tax-related laws are complicated and deviated in Pakistan.
Sources told to Customs Today that the World Bank proposed the FBR to make all withholding taxes adjustable and creditable.
Sources also told that the World Bank proposed the FBR to finish the categories of different types of properties and keep all types of properties in one category and collect capital gain tax on them.
Sources added that during the session of presentation, the FBR chairman directed that government rate for the property should be reviewed by World Bank to develop a state-of-the-art mechanism for it.
