Islamabad:
The International Finance Fund (IMF) has accepted the government’s proposal to make electricity cheaper, which is expected next month.
According to sources, the basic electricity prices are likely to decline by Rs 1 to 2 per unit.
The IMF has expressed concern over the delay in the privatization of discos, saying that the power sector is not possible without improving the performance of the discos.
The IMF has rejected the Ministry of Energy’s plan to amend the NEPRA Act.
There will be important talks on the circular loan of the power sector today, while talks on FBR Revenue, Agriculture Tax and Property Tax are also underway.
The arrival of a new IMF delegation is expected to negotiate on governance after Eid.
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Policy -level talks between Pakistan and the IMF review mission are underway, Pakistan has informed the IMF’s mission on the implementation of the strict condition.
Agricultural Income Tax reports on historical legislation, the income tax rate on agricultural income was made equivalent to the corporate sector.
All four provinces completed legislation on agricultural income tax and agricultural income tax rate was also fixed in all four provinces. According to the legislation, the IMF was also informed about the tax rate.
No tax will be imposed on the agricultural sector for income of Rs 6 lakh annually, while agricultural income will be imposed on agricultural income from 6 to 12 lakh annually.
Agricultural income from Rs 12 to 16 lakhs will be imposed on 90 thousand fixed tax, Rs 12 lakh will be taxed at Rs 12 lakh annually, Rs 20 % tax will be levied, Rs 1 lakh 70 thousand fixed tax will be imposed on 16 to 32 lakh annual income and Rs 16 lakh from Rs 16 lakh annually.
Similarly, the income of Rs 32 lakh will be imposed on a fixed tax of Rs 6 lakh 50 thousand annually, while the annual Rs 32 to 56 lakh slabs will be taxed 40 % on income. An annual tax of Rs 56 lakh will be imposed on agricultural income of Rs 16 lakh 10 thousand and the annual 56 lakh slabs will be taxed more than 56 lakh revenue 45 % tax.
