KARACHI: The government has reportedly decided to reverse the decision of levying taxes on individuals earning Rs1.2 million annual income and impose tax on Rs0.4 million annual salary.
The ruling party has failed to implement upon the proposal made by its newly-elected Finance Minister Miftah Ismail on behalf of the prime minister while announcing budget 2018-19 in the National Assembly of levying tax on Rs1.2 mn salary a year.
According to the budget document, “Tax rates for individuals, as reduced in tax reforms package, has further been amended. Rs1,000 and Rs2,000 tax has been proposed to be introdced for incomes slabs Rs400,001 to Rs800,000 and from Rs800,001 to Rs1,200,000, respectively.”
Sources said about 1.2 million people were registered in the tax net all over the country and exemption in the taxes would mean exclusion of 44 percent tax-payers. Therefore, tax has been levied back on individuals having lower income to contain 0.52 mn people in the tax net.
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