Govt likely to announce tax rates in advance

The National Board of Revenue (NBR) is planning to introduce a new ‘prospective tax system’ from the next fiscal year 2024-25. Under this system, the NBR will announce income tax rates for individuals and companies in advance, allowing them to make better investment and tax plans. Experts and business leaders have welcomed the move, stating it will boost investor confidence and encourage domestic and foreign investment. The new system is expected to replace the existing ‘retrospective tax system’.