ISLAMABAD: The government has reversed reduction in tax rates announced by Prime Minister Shahid Khaqan Abbasi and introduced fixed tax of slabs exceeding annual income of Rs400,000.
According to income tax rates for individuals introduced through Finance Bill 2018, where the taxable income does not exceed Rs4, 00,000, there will be zero tax. Where the taxable income exceeds Rs4,00,000 but does not exceed Rs8, 00,000, there will be fixed tax rate of Rs1000. Where the taxable income exceeds Rs8,00,000 but does not exceed Rs12,00,000, there will fixed tax rate of Rs2000.
Where the taxable income exceeds Rs12,00,000 but does not exceed Rs24,00,000, there will be tax rate of 5 percent of the amount exceeding Rs12,00,000. Where the taxable income exceeds Rs24,00,000 but does not exceed Rs48,00,000, there will be fixed Rs60,000 + 10% of the amount exceeding Rs24,00,000. Where the taxable income exceeds Rs48,00,000, there will be fixed tax rate of Rs300,000 + 15% of the amount exceeding Rs48,00,000.
IHC registrar declined to comment on confidential matters
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