Islamabad: The Federal Board of Revenue (FBR) officials have denied any amendments to the income tax exemption on a monthly income of PKR 50,000.
The FBR has committed to continuing these exemptions and reaffirmed that there is no intention to introduce new taxes or revise the existing tax structures. This is particularly important in the wake of the FBR’s ongoing negotiations with the International Monetary Fund (IMF). They have made it clear that any alterations in the tax regime for low-income earners are not on the table.
The FBR authorities have also mentioned that the tax exemption for individuals earning a monthly income of PKR 50,000 remains the same. Moreover, the exemption for those earning PKR 600,000 annually will also remain unchanged.
It’s also important to note that the imposition of taxes on income derived from the agricultural sector is under the consideration of provincial governments and doesn’t fall under the scope of the FBR’s jurisdiction.