“Unprecedented Shock: Income Tax Imposed on Agricultural Income for the First Time in 77 Years”

Agricultural income tax in Pakistan:

The federal and provincial governments have approved an agricultural income tax in Pakistan for the first time in the country’s 77-year history.

Sources claim that in response to a request from the International Monetary Fund (IMF), the federal and provincial administrations have chosen to tax agricultural revenue for the first time in the nation’s history.

Pakistan has decided to levy an income tax on agriculture in response to demands made by the IMF.

The ruling states that if an agricultural income exceeds $600,000 annually, an income tax rate will be applied. According to sources, the provinces have requested two days to prepare a plan for imposing the tax on agricultural revenue.

Following separate virtual meetings between IMF experts and the provincial administrations, a decision was made to submit proposals by July 12 for all four provinces.