ISLAMABAD: The Federal Finance Minister Muhammad Aurangzeb has announced that federal government will impose tax on agricultural income from July 2025.
Speaking to the media in Parliament, Finance Minister Muhammad Aurangzeb said that the tax legislation on the agricultural sector will be made in January 2025 and progress is being made on the National Finance Pact with the provinces.
He said that the re-profiling of debt of China–Pakistan Economic Corridor(CEPC) power projects is going on positively and it is hoped that the re-profiling agreement of CPEC power projects will be done soon.
He said that he is a supporter of complete independence of State Bank of Pakistan.
It should be noted that there is no tax on agricultural income in the country, if the tax is imposed, it will be for the first time after the independence of Pakistan.
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Earlier, Chairman Federal Board of Revenue (FBR) Rashid Mahmood Langrial has warned that action against non-filers will start from November 1.
Talking to the media in Islamabad, Rashid Langrial said that the number of income tax returns has exceeded 4 million and the number of income tax returns has doubled since last year.
He said that the last date for submission of income tax returns will not be extended.
