• About Us
  • Cookie Policy
  • Privacy Policy
  • Disclaimer
  • Contact Us
Tuesday, August 5, 2025
  • Login
No Result
View All Result
Time Line News
  • Home
  • Latest News
  • Pakistan
  • World
  • Business
  • Sports
  • Entertainment
    Indian Actress and Former MP Divya Spandana Receives Death and Rape Threats: Two Arrested in Bengaluru

    Indian Actress and Former MP Divya Spandana Receives Death and Rape Threats: Two Arrested in Bengaluru

    Bangladeshi YouTuber and Actress Shanta Pal Arrested in India for Possession of Fake Documents

    Bangladeshi YouTuber and Actress Shanta Pal Arrested in India for Possession of Fake Documents

    Saba Qamar Rushed to ICU After Sudden Health Decline During Drama Shoot: Full Story, Reaction, and Recovery

    Saba Qamar Rushed to ICU After Sudden Health Decline During Drama Shoot: Full Story, Reaction, and Recovery

    The Triumph of Love: How "Saiyaara" Became a Global Box Office Sensation

    The Triumph of Love: How “Saiyaara” Became a Global Box Office Sensation

    Hira Mani Reveals the True Secret to Happiness: It's Not Expensive Clothes or Luxury Cars

    Hira Mani Reveals the True Secret to Happiness: It’s Not Expensive Clothes or Luxury Cars

    Shocking Revelations in Humaira Asghar Case: Chemical Report Raises Suspicion in Actress's Mysterious Death

    Shocking Revelations in Humaira Asghar Case: Chemical Report Raises Suspicion in Actress’s Mysterious Death

    Rajab Butt’s Married Life in Crisis: Social Media Clashes and Family Tensions Unfold

    Rajab Butt’s Married Life in Crisis: Social Media Clashes and Family Tensions Unfold

    Why Bushra Ansari Divorced Her Husband After 38 Years: The Actress Shares Her Story

    Why Bushra Ansari Divorced Her Husband After 38 Years: The Actress Shares Her Story

    Zara Noor Abbas Sparks Vital Conversation on Joint Family System: Fans Applaud Her Heartfelt Tribute to Tradition

    Zara Noor Abbas Sparks Vital Conversation on Joint Family System: Fans Applaud Her Heartfelt Tribute to Tradition

  • Technology
    WhatsApp Introduces Voice Chat Support with Meta AI: A New Era of Conversational AI Integration

    WhatsApp Introduces Voice Chat Support with Meta AI: A New Era of Conversational AI Integration

    Samsung Gears Up to Launch Three New Tablets: Galaxy Tab S11, S11 Ultra, and S10 Lite

    Samsung Gears Up to Launch Three New Tablets: Galaxy Tab S11, S11 Ultra, and S10 Lite

    Global Renewable Energy Generation Set to Grow by Just 2%: A Wake-Up Call for Climate Commitments

    Global Renewable Energy Generation Set to Grow by Just 2%: A Wake-Up Call for Climate Commitments

    WhatsApp’s New Offline Competitor: Jack Dorsey Launches Decentralized Bluetooth Messaging App

    WhatsApp’s New Offline Competitor: Jack Dorsey Launches Decentralized Bluetooth Messaging App

    How Do Black Boxes in Airplanes Survive Even the Most Devastating Accidents?

    How Do Black Boxes in Airplanes Survive Even the Most Devastating Accidents?

    Samsung Galaxy S25 FE: Key Specs, Storage Options, and Color Leaks Surface Ahead of Official Launch

    Samsung Galaxy S25 FE: Key Specs, Storage Options, and Color Leaks Surface Ahead of Official Launch

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Health
  • Editorial
    • Blog
    • Opinion
  • E-Paper
  • Home
  • Latest News
  • Pakistan
  • World
  • Business
  • Sports
  • Entertainment
    Indian Actress and Former MP Divya Spandana Receives Death and Rape Threats: Two Arrested in Bengaluru

    Indian Actress and Former MP Divya Spandana Receives Death and Rape Threats: Two Arrested in Bengaluru

    Bangladeshi YouTuber and Actress Shanta Pal Arrested in India for Possession of Fake Documents

    Bangladeshi YouTuber and Actress Shanta Pal Arrested in India for Possession of Fake Documents

    Saba Qamar Rushed to ICU After Sudden Health Decline During Drama Shoot: Full Story, Reaction, and Recovery

    Saba Qamar Rushed to ICU After Sudden Health Decline During Drama Shoot: Full Story, Reaction, and Recovery

    The Triumph of Love: How "Saiyaara" Became a Global Box Office Sensation

    The Triumph of Love: How “Saiyaara” Became a Global Box Office Sensation

    Hira Mani Reveals the True Secret to Happiness: It's Not Expensive Clothes or Luxury Cars

    Hira Mani Reveals the True Secret to Happiness: It’s Not Expensive Clothes or Luxury Cars

    Shocking Revelations in Humaira Asghar Case: Chemical Report Raises Suspicion in Actress's Mysterious Death

    Shocking Revelations in Humaira Asghar Case: Chemical Report Raises Suspicion in Actress’s Mysterious Death

    Rajab Butt’s Married Life in Crisis: Social Media Clashes and Family Tensions Unfold

    Rajab Butt’s Married Life in Crisis: Social Media Clashes and Family Tensions Unfold

    Why Bushra Ansari Divorced Her Husband After 38 Years: The Actress Shares Her Story

    Why Bushra Ansari Divorced Her Husband After 38 Years: The Actress Shares Her Story

    Zara Noor Abbas Sparks Vital Conversation on Joint Family System: Fans Applaud Her Heartfelt Tribute to Tradition

    Zara Noor Abbas Sparks Vital Conversation on Joint Family System: Fans Applaud Her Heartfelt Tribute to Tradition

  • Technology
    WhatsApp Introduces Voice Chat Support with Meta AI: A New Era of Conversational AI Integration

    WhatsApp Introduces Voice Chat Support with Meta AI: A New Era of Conversational AI Integration

    Samsung Gears Up to Launch Three New Tablets: Galaxy Tab S11, S11 Ultra, and S10 Lite

    Samsung Gears Up to Launch Three New Tablets: Galaxy Tab S11, S11 Ultra, and S10 Lite

    Global Renewable Energy Generation Set to Grow by Just 2%: A Wake-Up Call for Climate Commitments

    Global Renewable Energy Generation Set to Grow by Just 2%: A Wake-Up Call for Climate Commitments

    WhatsApp’s New Offline Competitor: Jack Dorsey Launches Decentralized Bluetooth Messaging App

    WhatsApp’s New Offline Competitor: Jack Dorsey Launches Decentralized Bluetooth Messaging App

    How Do Black Boxes in Airplanes Survive Even the Most Devastating Accidents?

    How Do Black Boxes in Airplanes Survive Even the Most Devastating Accidents?

    Samsung Galaxy S25 FE: Key Specs, Storage Options, and Color Leaks Surface Ahead of Official Launch

    Samsung Galaxy S25 FE: Key Specs, Storage Options, and Color Leaks Surface Ahead of Official Launch

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Health
  • Editorial
    • Blog
    • Opinion
  • E-Paper
No Result
View All Result
Time Line News
No Result
View All Result
Home Top Stories

IMF concerned over lack of clarity on effective collection of agricultural income tax from provinces

by Web Desk
March 13, 2025
in Top Stories
IMF concerned over lack of clarity on effective collection of agricultural income tax from provinces
Share on FacebookShare on Twitter

Despite the legislation passed by all four provincial assemblies on Agricultural Income Tax (AIT), the ongoing review talks with the International Monetary Fund (IMF) have yet to yield a final clarity on the effective collection mechanism, which is scheduled to be implemented from July 1, 2025.

Read more:https://timelinenews.com.pk/reko-diq-project-expected-to-produce-gold-and-copper-by-2028-ogdcl-spokesperson/

The IMF review mission, led by Nathan Porter, spent about 2 days interacting individually with all the provinces and held a joint technical workshop to find a way to collect effective and uniform AIT.

Sources revealed that despite promises to increase data sharing, the federal and provincial governments have yet to exchange negative and positive lists for the General Sales Tax (GST), which is a concern for the IMF, as AIT is the focus of the $7 billion Extended Fund Facility (EFF).

Sources said Punjab has made initial progress in implementing the potential AIT, largely due to digitized land records, but the province has decoupled the tax rate from the AIT law passed last year.

Meanwhile, Sindh told the IMF mission that its assembly passed the AIT law despite political challenges, but the province is not yet ready for implementation. Sindh has sought guidance from the IMF to move forward, after which talks can be held with other provinces for uniformity.

Currently, Punjab and Sindh have exempted agricultural land of less than 12.5 acres and 25 acres, respectively, from AIT. Both provinces will have to align their exemption thresholds with IMF involvement and support from the Federal Board of Revenue (FBR), but there is still uncertainty about the extent to which the FBR can assist provincial tax authorities.

Representatives from Khyber Pakhtunkhwa said that 75 to 80 percent of agriculture in the province is outside the coverage of AIT due to small landholdings, few landowners meet the 12.5 acre threshold set by Punjab, moreover, agricultural income below Rs. 6 lakh will remain exempt from tax.

Similarly, Balochistan pointed out that there is no taxable agricultural income in the province.

Overall, all four provinces highlighted their limited technical capacity to effectively implement AIT, given that the FBR itself is struggling to ensure full tax compliance in the relatively well-documented urban sectors, provincial tax agencies are still in their infancy, and effective implementation in remote rural areas is unlikely.

The discussions resulted in the IMF needing to provide a broad policy framework with the support of the FBR.

However, sources say that the IMF’s basic stance is that AIT should be aligned with taxes on other sources of income. The working paper proposed AIT exemption for annual income up to Rs 600,000 and 15% tax on income between Rs 600,000 and Rs 120,000.

A fixed tax of Rs 90,000 will be imposed on annual income between Rs 120,000 and 160,000 and a fixed tax of 20% on income above Rs 120,000. Income between Rs 160,000 and 320,000 will be taxed at Rs 170,000 and 30% on income above Rs 160,000, Rs 650,000 on income between Rs 320,000 and 560,000 and 40% on income above Rs 320,000.

Under the $7 billion EFF agreed in July last year, Pakistan had committed to improving the exchange of information between the FBR and provincial revenue authorities on a weekly basis.

Provincial tax reforms include harmonizing the AIT system with federal personal and corporate income taxes by October 2024, with implementation set for January 1, 2025, and collection to begin from July 2025. Additionally, GST on services is set to shift from the positive list to the negative list.

The FBR is expected to ensure that all requested information, including details of AIT and GST service credit claims, are provided in a timely manner under the Memoranda of Understanding (MoUs) with provincial revenue authorities.

The provinces agreed to shift the Services GST from the positive list to the negative list, effective from the beginning of FY26. The strategic change aims to enhance transparency and minimize loopholes, ensuring that all services are taxable unless explicitly exempted.

Tags: commissiongovernmentinternationalNationalsocial mediatime line news
Web Desk

Web Desk

Related Posts

Pakistan Enters a New Era Under Field Marshal Asim Munir’s Leadership: Global Recognition and Strategic Shifts

Pakistan Enters a New Era Under Field Marshal Asim Munir’s Leadership: Global Recognition and Strategic Shifts

by Web Desk
August 4, 2025
0

Introduction: The Dawn of a New Strategic Chapter for Pakistan Pakistan is entering a transformative era under the dynamic leadership...

Pakistan Army Will Maintain Decisive Superiority Amid Changing Warfare Dynamics, Says Field Marshal Syed Asim Munir

Pakistan Army Will Maintain Decisive Superiority Amid Changing Warfare Dynamics, Says Field Marshal Syed Asim Munir

by Web Desk
August 2, 2025
0

Introduction: Army Chief Reaffirms Commitment to Strategic Military Excellence Amid evolving global military dynamics and increasing hybrid threats, Chief of...

Global US Tariffs Begin: Pakistan Gains Concessions Over India in Major Diplomatic Win

Global US Tariffs Begin: Pakistan Gains Concessions Over India in Major Diplomatic Win

by Web Desk
August 1, 2025
0

Washington, D.C. – In a pivotal move with far-reaching economic consequences, the United States has officially begun implementing its revised...

Pakistan-US Trade Agreement: A New Chapter in Bilateral Economic Relations

Pakistan-US Trade Agreement: A New Chapter in Bilateral Economic Relations

by Web Desk
July 31, 2025
0

Islamabad/Washington – In a significant development poised to reshape Pakistan's international trade landscape, the Ministry of Finance has confirmed the...

Trump Opposes Recognition of Palestine, Calls It a “Reward to Hamas”

Trump Opposes Recognition of Palestine, Calls It a “Reward to Hamas”

by Web Desk
July 30, 2025
0

Washington, D.C. – Former U.S. President Donald J. Trump has voiced strong opposition to the recognition of a Palestinian state,...

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Vikrant Massey shows off son Vardhan's face to the world on his first birthday

Vikrant Massey shows off son Vardhan’s face to the world on his first birthday

6 months ago
National Assembly: Prime Minister takes notice of federal ministers’ absence from the House

National Assembly: Legal Aid and Justice Authority Amendment Bill approved

10 months ago

Category

  • Home
  • Top Stories
  • Latest News
  • Pakistan
  • World
  • Business
  • Sports
  • Entertainment
  • Technology
  • Health
  • Lifestyle
  • Editorial
  • Blog
  • Opinion
  • E-Paper

Social Media

Facebook Instagram Twitter LinkedIn

About us

“Time Line News” is where knowledge meets enlightenment.

With a commitment to providing accurate, fair updates, we aim to be your go-to source for information on local and global events.

  • About Us
  • Cookie Policy
  • Privacy Policy
  • Disclaimer
  • Contact Us

Time Line News © 2024. All Rights Reserved. Website Designed & Developed by AK Web Solutions

No Result
View All Result
  • Home
  • Top Stories
  • Latest News
  • Pakistan
  • World
  • Business
  • Sports
  • Entertainment
  • Technology
  • Health
  • Lifestyle
  • Editorial
  • Blog
  • Opinion
  • E-Paper

Time Line News © 2024. All Rights Reserved. Website Designed & Developed by AK Web Solutions

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In