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PM announces reduction in income tax percentage
April 05, 2018
Islamabad April 05 (INP): Prime Minister Shahid Khaqan Abbasi on Thursday announced a reduction in the income tax percentage. Addressing a press conference in the federal capital after a meeting of the Economic Advisory Council (EAC) ended earlier Thursday, he said a decision had been taken to introduce a five-point amendments package on income tax. He announced a tax amnesty scheme for nonpayers, however, clarified that politically exposed persons (PEPs) and their families were not eligible to benefit from the scheme. The amnesty scheme is valid till June 30.
"The amnesty scheme has been introduced to bring citizens in the tax net,"said the prime minister.
Computerized National Identity Card (CNIC) number will be used as the National Tax Number (NTN)
The prime minister said that moving forward, the Computerized National Identity Card (CNIC) number will be used as the National Tax Number (NTN). Discussing the tax percentages on different income tiers, Abbasi said that income up to Rs0.1million per month will not be taxed. A ten percent tax will be levied on annual income between Rs2.4-4.8 mn. And annual income above Rs48 million will be taxed at a 15-percent rate. The premier added that cash assets abroad could be brought back by paying a two-percent penalty, adding that off-shore company is an asset and it must be declared. Shahid Khaqan Abbasi said that he will hold another joint press conference with Federal Adviser on Finance, Revenue and Economic Affairs Miftah Ismail and present statistics in the coming days.Related Articles
