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The National Board of Revenue (NBR) wants to bring down different tax exemptions to a reasonable rate within June in 2027.
The board has set the target through the formulation of 10-year-long medium-term and long-term plans, according to local news portals.
As per the plan, some tax exemptions are to remain in place as per law after the second quarter of 2027. But long-time tax exemptions through issuing notification won’t exist after that time.
The initiative was taken in the perspective of the International Monetary Fund’s condition of reducing tax exemptions for disbursements of a $4.7 billion loan.
Along with keeping the withdrawal of tax exemptions, the board wants to get the tax-GDP ratio at 10 per cent by 2035.