Good News for the salaried class from government
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The World Bank has retracted its advice on implementing taxes for individuals earning a monthly income of Rs50,000 or less. This change in stance is due to the outdated data from 2019, which needs revision to account for recent inflation and market conditions.
A spokesperson from the World Bank clarified that they no longer support the idea of taxing incomes below Rs50,000 per month and emphasized the need to update their recommendations in light of current economic circumstances.
They also stated that the World Bank is not endorsing any specific new income tax exemption threshold and proposed a new survey to determine the appropriate level of exemption.
The initial recommendation, made on October 4, had the potential to significantly impact the country's tax policies and was part of the Pakistan Development Outlook report aimed at bolstering Islamabad's fiscal stability, including expanding the tax base to cover previously untaxed sectors.
