ISLAMABAD: Prime Minister Shahid Khaqan Abbasi has announced a reduction in the income tax percentage.
Addressing a press conference after a meeting with the Economic Advisory Council earlier today, Abbasi introduced fresh tax amnesty scheme for nonpayers as a part of five-point amendments package on income tax.
However, politically exposed people and their families will not be able to take any benefit from the scheme.
The announcement of tax relief for non-filers came months before the government’s tenure is going to be ended.
The amnesty scheme is valid till June 30.
Income tax amendments package
According to the package, income up to Rs0.1million per month will not be taxed.
A ten percent tax will be levied on annual income between Rs2.4-4.8mn.
Annual income above Rs48million will be taxed at a 15-percent rate.
The package also allowed cash assets abroad be brought back by paying a two-percent penalty.
Prime Minister Abbasi also announced that the Computerized National Identity Card (CNIC) number will be used as the income tax number in the future.
