income tax update 2018

Income Tax Update: Good News PM announces tax amnesty scheme for non-payers

 

Today a good news ahead that Prime Minister Shahid Khaqan Abbasi has announced a special tax amnesty scheme for the Pakistanis who are non-payers.

Prime Minister Shahid Khaqan Abbasi addressing a press conference after Economic Advisory Council here Thursday, the Premier said only 700,000 people across the country pay tax. Government is introducing this tax amnesty scheme to bring more people in tax net.

Income Tax Update 2018

The PM said the amnesty scheme will be valid till June 30, however, he clarified that political persons and their families could not benefit from this scheme.

Announcing reduction in the percentage of the income tax, he said the citizen having Rs100,000 per month income is exempted from the tax.

He said there would be 5 percent income tax on income falling between Rs 1.2 to 2.4 million annually.

Shahid Khaqan Abbasi said the rate of income tax for the income bracket of Rs 2.4 to 4.8 million would be 10 percent and 15 percent on more than Rs 4.8 million.

PM Abbasi said in future the Computerized National Identity Card (CNIC) number will be used as the income tax number.