Govt decides to slap Rs140b taxes from July
Cabinet approves proposal to introduce a new budget to meet IMF condition
ATL 2021 has replaced ATL 2020 that carried names of 3.12 million individuals and companies. A comparison of both lists showed that over 932,000 names were missing from the new list.. PHOTO: FILE
ISLAMABAD:
The federal cabinet has approved introducing a new budget to slap taxes amounting to Rs140 billion to meet a condition of the International Monetary Fund (IMF), as the cost of tax exemptions swelled by another one-fifth to nearly Rs1.4 trillion in the current fiscal year.
The cabinet meeting, chaired by Prime Minister Imran Khan, approved the Income Tax Second Amendment Act 2021 after resisting the IMF demand for over a year.
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