Business Report :
The National Board of Revenue (NBR) is going to introduce a ‘prospective tax system to enable taxpayers, including firms, to know the rate of taxes on their income in advance instead of waiting until the end of the income year.
Under the measure proposed in the parliament today by the finance minister, the NBR will retain 2024-25’s tax rate for this year and the next year.
The government said the prospective tax will facilitate the expansion of trade, improve investor confidence in the country’s tax system, and encourage local and foreign investment.