Prime Minister Shehbaz Sharif has assigned this task to the economic team
Lahore: In a bid to provide relief to masses, the government has decided to review the income tax rate on salaried individuals.
According to sources, the 2.5 percent tax on monthly salaries up to one lakh rupees is likely to be partially or completely withdrawn. Prime Minister Shehbaz Sharif has assigned this task to the economic team.
The tax relief is expected to reduce the burden on salaried individuals by 4 trillion rupees. Funding for this relief will be sourced from the development budget.
Additionally, various proposals are under consideration to provide relief in electricity bills for consumers using between 300 and 400 units of electricity. However, a final decision on this matter will be made after obtaining approval from the International Monetary Fund (IMF).
It is worth noting that for the current fiscal year, the government has set the income tax rate at 5% for those earning between 600,000 and 1,200,000 rupees annually. The income tax on monthly incomes up to one lakh rupees has been set at 5%. The monthly income tax has been increased from 1,250 to 2,500 rupees.
WB promises $20bn for Pakistan
- 31 minutes ago
The unusually strong force behind the apocalyptic fires in Los Angeles
- 3 hours ago
Eight died from suspected Marburg virus in Tanzania
- 8 minutes ago
VLC player demos real-time AI subtitling for videos
- 5 hours ago
Up close with the Nvidia GeForce RTX 5090 FE, an incredibly compact flagship video card
- 5 hours ago
Why does Trump hate this tiny fish so much?
- 3 hours ago
Elon Musk and Donald Trump spread disinformation as wildfires rage in the LA area
- 5 hours ago
Duke defensive stopper Brown out several weeks
- 4 hours ago
Live updates: Wildfires spread across Los Angeles
- 3 hours ago
Amazon’s latest Blu-ray promo nets you three movies for just $33
- 5 hours ago
NYC’s congestion pricing is unpopular — for now
- 3 hours ago
Investigators arrest South Korean impeached President Yoon
- 23 minutes ago