June 6, 2023

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Those earning 1 lakh rupees a month in Pakistan have to pay 100 rupees a year in taxes

  • Tanveer Malik and Muhammad Suhaib
  • BBC Urdu

Image source, Getty Images

The federal government in Pakistan has tabled a budget for fiscal 2022-23, the most talked about news item in this regard is the tax cut for the salaried class.

In his budget speech, Finance Minister Mifta Ismail said that those currently earning Rs 1 lakh a month, or Rs 12 lakh a year, are exempt from filing income tax.

However, according to the Finance Bill, the annual income will be Rs. Individuals with Rs 6 lakh are still fully exempted, while Rs. Those with an annual income of up to Rs 12 lakh can earn up to Rs. 100 to pay nominal tax.

The Finance Minister did not elaborate on the tax brackets in his speech. However, according to the Finance Bill passed by the Cabinet, the number of income tax brackets has been reduced from 12 to 7.

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