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Home Tag on June 23

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ISLAMABAD: The World Bank has asked Pakistan to equalize the tax thresholds of salaried and non-salaried classes to make personal income tax progressive and bring agricultural income and property into the tax net. The World Bank estimates that taxes on agricultural income and property, if properly implemented, can generate close to three percent of GDP on an annual basis and more than 30 trillion rupees annually. The World Bank is also expecting $350 million for Pakistan from Rise Two, but the date of the Executive Board meeting to approve it is yet to be confirmed. The tax threshold for the top salaried class is Rs 6 lakh per annum and above this the tax is levied on the salary, while for the non-salaried class the income threshold is Rs 4 lakh per annum. World Bank's Chief Economist in Pakistan, Tobias Haque, while talking to a few selected journalists, said on Monday, "We are recommending taxing the rich and protecting the poor while protecting the poor." were also present. He said that the World Bank is certainly not recommending a reduction in the current minimum threshold, we are recommending that Pakistan should simplify its income tax structure and set up a single tax system for the salaried and non-salaried classes and promote progressivism. Make sure. A previous analysis of public expenditure revision data for 2019 suggests that a reformed income tax structure could include a minimum exemption limit for the salaried class, but this analysis is based on recent inflation and labor market developments. The changes should also be taken into account so that the lower income groups are not affected. The recommendations in Pakistan's development update are clear, however, when asked if the World Bank is recommending a single income tax structure for salaried and non-salaried individuals, he said yes.

Order to pay salaries to government employees tomorrow

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PESHAWAR: The Khyber Pakhtunkhwa government has ordered the release of salaries to all government employees of the province on June ...

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