- The tax exemption on monthly income will continue.
- Tax exemption for Rs 600,000 is not being abolished.
- Imposing taxes on low-income group will not consider.
ISLAMABAD: The Federal Board of Revenue (FBR) officials denied ending the income tax exemption on monthly income of Rs 50,000 and said that the tax exemption will continue.
The Federal Board of Revenue (FBR) is in the process of negotiating with the International Monetary Fund (IMF). Officials said that there will be no discussions with the IMF on imposing new taxes and the issue of imposing taxes on the low-income group will not be considered.
FBR officials said that the income tax exemption for those earning Rs 50,000 per month will continue and tax exemption for those earning Rs 600,000 per year is not being abolished.
Officials have said that there is no policy or proposal under consideration to withdraw the tax exemption and the World Bank has not suggested reducing the existing limit of Rs 600,000.
According to officials, the implementation of a tax on income from the agricultural sector is also a provincial matter.
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