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Budget 2012-13 Hot News
Budget 2012 Income tax slab likely to be reduced to six from 10- Income Tax Exemption Limit Raised by Rs.50,000
- PSDP of Rs.873 Billion Proposed
- Rs2.96trn Election Budget Presented Amid Ruckus
- Rs 545 billion allocated for Defence
- BUDGET AT A GLANCE
- Budget Speech 2012-13
- Income tax slab likely to be reduced to six from 10
- Salaries increase 40% Revised Pay Scales 2012
ISLAMABAD: The revenue target of the FBR for the forthcoming financial year is likely to be set at Rs2338 billion. The tax-to-GDP ratio will be increased by 11 percent to achieve the target.
The FBR has prepared a proposal for the revision of income tax slab in the new budget. The number income tax slab is proposed to be reduced to six from the existing 10. According to sources, the tax from the taxpayers, having annual income of Rs1.8 to 2 million, is proposed to be reduced by 50%.
Salaries and pensions of government employees are expected to be raised by 15 to 25%. Special measures are being proposed in the budget to curb corruption. Strict fines and imprisonment for many years are suggested for power and gas thieves. The rates for corporate tax will be 35% and individual tax rate will also be reduced.
No new tax will be levied in the forthcoming budget nor are the tax rates being increased. However a foolproof system will be announced for the recovery of tax from large income group according to real income instead of nominal tax. The FBR has already obtained documentary or computerised proof of incomes pertaining to moveable or immovable assets and sources of real income of markets, factories and individuals.
Information source: thenews.com.pk