The salaried class would be subject to higher taxes as a result of the budgetary changes Ishaq Dar, the finance minister, announced on Saturday.
According to a newspaper report, the proposed ideas would impose an additional 2.5% tax on individuals earning Rs. 200,000 each month.
Income tax obligations for persons making Rs. 200,000 or more per month will now increase to 22.5 percent from the current 20 percent.
Increased in Taxes For Salaried Class
“The current income tax rate for the slabs starting from 20 percent and onwards for the salaried and non-salaried business classes have been proposed to be increased by 2.5 percent,” the report said quoting Federal Board of Revenue (FBR) officials.
Similar to this, it is suggested to raise taxes for business classes starting at 20 percent by 2.5 percent.
According to the article, which cited a government official, both salaried and non-salaried people will be subject to new taxes totaling Rs. 30 billion in the upcoming fiscal year.
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