Govt Ready to Deny Salaried Employees of Tax Relief in Mini-Budget – Research Snipers

Govt Ready to Deny Salaried Employees of Tax Relief in Mini-Budget

Income Tax Ordinance

The government is to introduce a mini-budget in which the prices of many commodities are expected to increase.

The decision was taken that significant changes would be made to the finance bill in an attempt for increasing the profit generation.

The summary of the mini-budget has been drafted and is all set to be shown during the federal cabinet meeting.

Once the summary gets approved, the mini-budget would be shared in the National Assembly on the 14th of September.

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Additionally, the government would be reducing the yearly income tax exemption slab for rupees 1.2 million to rupees 0.8 million. The move taken would be a major setback for the salaried employees.

It is also expected that the prices of mobile phones would also be increasing with regulatory duties all ready to be hiked by five per cent.

A five per cent duty should also be applied on the export of flour with the federal government development schemes costing rupees three hundred and eighty billion rupees which is still to be approved, is possibly to be sparred too.

As per sources many measures introduced by the last government would also be taken back. They also said that the Federal Board of Revenue (FBR) has drafted a summary for the amendments to the ordinance of income tax.

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