All army-owned enterprises taxed: Miftah

In a key policy statement, Federal Finance Minister Miftah Ismail said on Friday that all companies belonging to the country's powerful military are taxed as he suggested the government intends to change the way small merchants are taxed.


In a set of messages posted on the social media network microblogging Twitter on Friday, Miftah replied to questions on the imposition of small traders, real estate used as parking for significant amounts of financial capital, and exemptions granted to the army-owned businesses.

In his response, the federal minister of finance pointed out that army-owned companies in this country pay taxes.

“All Army-owned businesses are taxes (sic).”

Miftah even took another step and said that these enterprises are taxed at the same rate as certain organizations that are either wholly or semi-owned by the government and the private sector.

“For example, Askari Bank pays the tax at the same rate as the National Bank of Pakistan (NBP) and Habib Bank Limited (HBL).”

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“Similarly Fauji Fertilizer pays tax at the same rate as Engro or Fatima Fertilizer.”

Tax for small retailers.

With respect to the taxation of small merchants, the minister of finance has indicated that they are indeed being taxed.

“The fixed tax from small traders will be removed,” he said.

Miftah also stated that he had made mistakes in the tax structure that required corrective changes.

“We will now be collecting taxes on an ad valorem (according to value) basis and collect Rs27 billion compared to only Rs6 billion last year. So a 350% increase.”

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