Friday, 19 August 2022
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BUDGET

Tax benefit extended to cars up to 1,000cc

Finance Minister Shaukat Tarin has said the government will now extend the tax relief earlier to cars up to 850cc will now be expanded to vehicles up to 1,000cc as well.

READ ALSO: Auto Sector wins Tax Relief in Budget 2021-2022

Tax on Salary Income & Provident Fund of Government Employees

On Friday, Shaukat Tarin added while talking at the session of the National Assembly, that income tax exemption on medical expenses will be brought back to the salaried class while the tax on the provident fund income of government employees has been withdrawn.

Tax on milk and other dairy products

Tax on milk and other dairy products, which was earlier announced to be expanded to 17%, has been withdrawn as well, added the finance minister.

Real Estate Investment Trusts (REIT)

Stressing on Real Estate Investment Trusts (REIT), Tarin said. On the recommendation of stakeholders, tax turned back from 25% to 15%.

Oil Refineries

On the topic of oil refineries, he said incentives will be given.

Growth Rate

The National Assembly session chaired by Deputy Speaker Qasim Suri. It comes after the budget announced earlier this month. Where Pakistan announced that it will target a growth of 4.8% in the coming fiscal year.

Tax on Mobile Internet and SMS

However, Tarin said the tax on mobile internet usage and SMS withdrawn.

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A d v e r t i s e m e n t

Tax Relief on Cars | Budget Session | Budget Speech | Shaukat Tarin | Tax Reliefs | FBR | Federal Board of Revenue | IRS | Inland Revenue Service | Income Tax Returns

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