QUETTA: The Balochistan Assembly also passed Tax on Land and Agricultural Income Amendment Bill after Punjab, Khyber Pakhtunkhwa and Sindh.
In Balochistan, the path to tax implementation on agricultural income was paved. Balochistan Assembly passed the law of Balochistan Tax on Land and Agricultural Income Amendment Bill.
According to the draft law, the income tax on agricultural income will increase by 45 percent.
According to the law documents of the Balochistan Tax on Land and Agricultural Income, presented in the Balochistan Assembly, no tax will be imposed on agricultural income of 600,000 annually, but 15 percent tax will be imposed on income from 600,000 to 1.2 million.
According to the draft law documents, the income of Rs 1.2 million to Rs 1.6 million will be imposed on 90,000 fixed tax and a 20 percent tax on the total income of Rs 1.2 million .
Similarly, 170,000 fixed taxes have been proposed on 1.6 million to 3.2 million income while 30 percent agricultural tax has been proposed on income above 1.6 million.
The draft will have to pay Rs 650,000 tax on income from Rs 3.2 million to 5.6 million while 40 percent agricultural tax will have to be paid on income above 3.2 million.
According to the draft, the income of Rs 5.6 million will be taxed at Rs 1.6 million and 45 percent agricultural tax will have to be paid on additional income if there is more than 5.6 million revenue.
Finance Minister Mohammad Aurangzeb welcomed the approval of a tax bill on agricultural income from all four provincial assemblies and said, “We will now be in a good position in the International Monetary Fund’s half -year review.”
He said that the tax burden cannot be restricted to salaries and manufacturing sectors only.
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