ISLAMABAD: The Federal Board of Revenue (FBR) aims to get Rs50 billion closer to its overambitious revenue collection target by squeezing the pockets of the inflation-stricken salaried and non-salaried class further as it has proposed taxes on earnings exceeding taxable income ceiling of Rs600,000 and Rs400,000 respectively.
The FBR has proposed tax rate of 5 to 35 percent on twelve different slabs of salaried class through Finance Bill 2019-20. The Pakistan Tehreek-e-Insaf- (PTI) led government has withdrawn increased limit of taxable ceiling to Rs0.6 million from Rs1.2 million per annum.
In the case of salaried individuals deriving income exceeding Rs.600,000, eleven taxable slabs with progressive tax rates ranging from 5 percent to 35 percent are being introduced as under:-
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