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.
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will be brought back to the salaried class while the tax on the provident fund income of government employees has been withdrawn.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Tax on milk and other dairy products, which was earlier announced to be expanded to 17%, has been withdrawn as well, added the finance minister.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%.
On the topic of oil refineries, he said incentives will be given.
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However, Tarin said the tax on mobile internet usage and SMS withdrawn.