Pakistan Govt Exempts Income Tax on Salaries Below Rs1.2m
The Pakistan government has exempted income tax on salaried individuals earning less than Rs1.2 million annually. This move comes after the Pakistan Peoples Party's demands were accepted, including reducing sales tax on solar panels and limiting arrest powers of the Federal Board of Revenue.
The salaried class paid a record Rs437 billion in taxes till April, 52% more than last year. Chairperson of the Pakistan Peoples Party Bilawal Bhutto Zardari announced that the government exempted income tax on salaries below Rs100,000 and reduced sales tax on solar panels as per PPP demands. Income tax on annual income of Rs1.2 million has been exempted. The government agreed to limit arrest powers to sales tax forgery and make tax fraud a bailable offense.
PPP initially refused to vote on the bill due to arrest powers proposal, but later withdrew objections after Deputy Prime Minister Ishaq Dar added new safeguards to address concerns. The government also increased the BISP budget by 20% to Rs716 billion for the next fiscal year.
According to the source: The Express Tribune.
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