The federal government has imposed an income tax of up to Rs 2 lakh on the sale of new vehicles within three months after delivery, which is aimed at discouraging the “wool money” culture of the vehicles. 50 thousand on vehicles, one lakh on 1000 to 2000 cc, two lakh on vehicles larger than 2000 cc.
Under the new presidential ordinance, incentives on investment by Pakistanis abroad have also been announced. The collection of 4% supertax from banks in the name of “War on Terror” has been extended indefinitely. ۔
Under Operation Zarb-e-Azb, launched in 2015 to combat terrorism, the collection of super tax from banks was started for one year, the duration of which was continuously extended and now it has been extended indefinitely. has been given.
On the other hand, in order to increase foreign exchange reserves, various incentives have been announced by Pakistanis abroad to invest in property and New Pakistan certificates. The tax rate on return on investment through Foreign Currency Value Account has been reduced from 15% to 10%. The measures announced by the government will take effect on February 12.
The present government has launched “New Pakistan Certificates” through Roshan Digital Account in which 46 460 million has been deposited so far. On investment in dollars on these certificates, the government will give a return of 5% for a period of three months and 7% for a period of 5 years. The interest rate on investments in Rupees has been kept at 9.5 to 11%.
Taxes on purchases of property by local or overseas Pakistanis through digital accounts have also been reduced. The tax rate on current purchase and sale of property is one to four per cent, capital gain is two and a half to 15 per cent. Has made 2% of the value of the property.
Leading businessman Ashfaq Tola has interpreted these laws as discriminatory against locals in the property business. People will try to launder black money in the name of fake capital gains, as was the case with the fixed tax. The government has also exempted Pakistanis abroad from filing income tax returns. They do not even have to have ectotex peers to benefit from the tax breaks. They will also get all kinds of tax exemptions on bank transactions.
The government has reduced the holding tax rate on registered fertilizer dealers from 0.7 to 0.25 per cent. So far, all loans taken on foreign currency accounts, whether from any individual, institution or company, including local and foreign individuals, institutions, All included were exempt from all forms of income tax, but under the new rules, only overseas Pakistanis, institutions or companies will now be able to benefit from this exemption.
Ashfaq Tola has also termed the law as discriminatory. He says that at present Pakistanis have سات 7 billion in foreign exchange in banks which the government counts in its foreign exchange reserves and continues to make payments from them. The government has also exempted taxpayers from investing in power transmission lines projects inside Pakistan since July 2015 for the next ten years.
The maximum tax on the profits of cotton ginners has also been increased to one per cent from July 1, 2019. This includes cottonseed oil and flaxseed. The tax on cotton ginning and oil mills will be final. Import sales tax and customs duty on electric vehicles and their parts have been reduced.