ISLAMABAD: While masses are hard pressed after the national budget prepared on the dictates of the IMF imposed back breaking taxes, the federal and provincial governments have succumbed to the pressure of the international lender to do more and more.
Though the rulers are not in a mood to cut their expenditures on taxpayers money, they have assured the IMF that the income tax on agriculture would be increased and formalized.
The representatives of the provinces at a virtual meeting with IMF officials promised to submit their plan by July 13.
Officials said that agriculture income tax would be levied on production worth Rs0.6 million and above per year. In this regard, formal plans would be submitted to the IMF in two days. The tax rate would be equal to the normal income tax ratio.
The budget has been prepared and imposed on the dictates of the IMF, cutting all subsidies on essential supplies and imposing exorbitant taxes on each and every items besides jacking up tariffs of electricity and gas.
As a result, a flood of inflation has hit the poor masses while the salaried class has been pushed to the wall with limited income and burdened with taxes.
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