Islamabad (Lord Media): The government has significantly reduced the tax on international debit and credit card transactions from 5 percent to 0.5 percent, as announced in the new fiscal year’s budget.
The finance minister stated that the removal of the capital value tax on foreign assets will encourage Pakistanis to declare their overseas financial assets.
According to the budget documents, the federal budget for the upcoming fiscal year is set at 18,771 billion Pakistani rupees, with the Federal Board of Revenue’s annual tax target at 15,264 billion Pakistani rupees.
Provinces will receive 8,848 billion Pakistani rupees in the next fiscal year, while the federal government’s net income is estimated at 11,751 billion Pakistani rupees.
The documents outline allocations of 3,000 billion Pakistani rupees for defense and 1,000 billion Pakistani rupees for development projects in the upcoming fiscal year, with 8,054 billion Pakistani rupees earmarked for interest payments on loans.
