FBR to devise strategy to reduce tax rates – Alfalah Securities Limited

Karachi, November 26, 2012 (PPI-OT): Federal Board of Revenue (FBR) has finalized a 3 year Strategic Plan in which the sales tax may be lowered from 16% to 10% and corporate income tax 35 to 30% while tax rate for Association of Persons(AOPs) and individuals would be brought down to a lower level however, the tax base would be broadened.

According to Alfalah Securities Limited, this plan would also be discussed with International Monetary Fund (IMF).

A Strategic Dialogue meeting is scheduled to be held on November 29 and 30 in Washington, wherein the issues related to IMF funding would be discussed. A new loan from IMF would ease of the burden of heavy payments that are likely to erode a significant chunk of Alfalah Securities Limited’s foreign exchange reserves in FY13.