TAXES AND JOBS HELPLINE

INCOME TAX RATES FOR INDIVIDUALS TO BE REDUCED THIS YEAR: MIFTAH ISMAIL

The government has decided to reduce tax rates for individuals including salary persons from this year. This was announced by Miftah Ismail, Adviser to Prime Minister for Finance, Revenue and Economic Affairs at an event organized by Association of Builder and Developers (ABAD) here on Saturday.

The adviser said that the government has decided to provide major relief through reducing personal income tax. He, however, said reducing corporate tax rate was not under consideration.

The adviser also said the government was focusing on broadening of tax base in order to bring all taxable income under tax net.

He said that former Prime Minister Mian Muhammad Nawaz Sharif in a recent meeting directed him to pay entire rebate to exporters. “Therefore, all pending refunds and rebates will be paid by February 15, 2018,” he said.

He hoped that revenue collection target of Rs.4,013 would be achieved. Ismail said although financial position of the country was under pressure due to election year but the present government would try to maintain budget deficit at 5 percent.

He said the GDP growth rate would be 6 percent for the current fiscal year.

Regards,

Nadeem Butt - (FCA), FPFA

Chartered Accountant

20+ Years experience as Professional Author and Teacher of Taxation

Financial Adviser of DAWAT-E-ISLAMI

Chairman LTBA - Tax Academy (2017-18)

Member Publications Committee of ICAP (2017-18)

Member Practice Support Committee of NRC of ICAP (2017-18)

Member Finance,Taxation & Sales Tax Committee of LCCI (2017-18)

Vice Chairman LTBA - Tax Academy (2016-17)

Member (Special Invitees) Taxation Committee of LCCI (2012-13)

Audit and Tax adviser of all Pakistan Cottage Industry & Small Traders Association 

Principal of Institute of Taxation and Finance

Ph: 042-35408638

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