Pakistan Muslim League-N government is expected to introduce wealth tax in budget 2013-14, which is likely to be presented in the Parliament by the second week of June. Sources said the Prime Minister Nawaz Sharif had reportedly decided to appoint Senator Ishaq Dar as Finance Minister with a task to finalise the budget. They said that the next budget would be business-friendly with less powers to tax authorities while emphasis would be more on presumptive tax regime.

The Federal Board of Revenue has proposed enhanced and separate withholding tax rates for corporate and non-corporate sectors dealing in supplies, imports, exports, contracts, services sector and cash withdrawal from banks in Budget (2013-14). Sources told Business Recorder here on Friday that the budget planners have worked out enhanced withholding tax rates for corporate and non-corporate sectors for the next fiscal year.

Pakistan is set to re-negotiate and upgrade the treaty on Avoidance of Double Taxation with Switzerland to tax around $200 billion undeclared money of Pakistani nationals lying in the Swiss banks'' accounts. Sources told Business Recorder here on Friday that FBR Chairman Ansar Javed has promptly approved the file and summary would now be moved to the Federal Cabinet seeking approval for re-negotiating the Avoidance of Double Taxation convention with Switzerland.