TAXATION OF JEWELLERY [GOLD, SILVER etc] IN PAKISTAN| HOW TO TREAT DOWRY GOLD? | RATE OF TAX ON GOLD

Pakistan on Friday introduced a fixed tax regime for jewelers and decided to impose the fixed tax on gold shops measures a certain area.

Finance Minister Miftah Ismail while addressing on the floor of the house, stated that only twenty two gold shops out of thirty thousand are registered.

“A fixed tax will be levied on the gold shops measuring up to three hundred square feet whilst sales tax on big jewellery shops has been reduced from seventeen to three percent,” the finance minister said.

He further said withholding tax on sale of jewellery has been reduced to one percent from the current four percent.

Ismail said a fixed tax will also be imposed on car dealers, restaurants and those constructing houses. He said the tax has been imposed on income and not consumption. Therefore, these measures will not cause inflation.

The minister said that the government has decided to levy super tax on the affluent class to reduce budget deficit in order to end reliance on foreign assistance and take the country towards economic sovereignty.

Winding up discussion on the budget for the next fiscal year, he said individuals and companies earning 150 million rupees will have to pay one percent additional tax, two percent additional tax on 200 million rupees income, three percent on 250 million rupees income and four percent additional tax on 300 million rupees income. He said this tax will be for a period of one year.

The Minister for Finance said that thirteen high earning sectors including oil and gas, cigarettes, cement, LNG terminals have also been identified for imposition of ten percent super tax on income of three hundred million rupees. He clarified that this will be one time tax.

Miftah Ismail said that there are nine million retail shops and it has been decided to bring 2.5 million of them to the tax net.

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