Tax Reform Commission asks government to tax middle class more

Shares
Tax Reform Commission asks government to tax middle class more
ISLAMABAD: Tax Reforms Commission has recommended the government to reduce the tax on high income companies and individuals rather to charge additional tax of Rs. 500 per annum from low income group individuals.

 

As per details, Tax Reforms Commission recommended government to cut tax slab from 12 to 7 and simultaneously reduce tax rate on high income companies and individuals.

 

Tax Reforms Committee stated that 12.40 lakhs should be charged instead of 14.22 lakhs from those who have 70 lakhs income per annum.

 

On the other hand, Tax Reforms Commission decided to maintain exemption from tax for those who earn 4 lakhs income per annum however TCR proposed government to receive Rs. 500 additional tax from those who earn 5 to 7 lakhs per annum.