Tax on Salary below Rs 50,000, Federal government announced important decision
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Islamabad: The Federal Board of Revenue (FBR) officials expressed reservations about ending the income tax exemption on a monthly income of 50,000 rupees, stating that the tax exemption will continue.
According to details, negotiations with the International Monetary Fund (IMF) are underway at the Federal Board of Revenue (FBR). Officials clarified that there will be no discussion of imposing new taxes with the IMF, and the matter of taxing the low-income group will not be considered.
The FBR officials mentioned that the income tax exemption for those earning a monthly income of 50,000 rupees will remain, and the tax exemption will not be discontinued for those earning an annual income of 600,000 rupees.
Officials have stated that there is no policy or recommendation under consideration regarding the reversal of tax exemptions, and the World Bank has not suggested any reduction in the current threshold of 600,000.
According to officials, the implementation of taxes on income derived from the agriculture sector is also a provincial matter.
