Carrying out of the central governing body's newly announced finance has begun, bringing revised income levy and super levy measures for
An illustrative image related to: Finance levy changes come into force, highlighting key aspects of the story. | Image source: The Express Tribune
Finance levy changes come into force
Carrying out of the central governing body's newly announced finance has begun, bringing revised income levy and super levy measures for individuals and companies into effect.
Under the new levy regime, the existing income levy rate is retained for individuals earning up to Rs183,000 per month, or Rs2.2 million annually.
The province also abolished the super levy on individuals and companies with annual income below Rs500 million. Previously, a super levy ranging from 1% to 7.5% applied to annual income up to Rs500 million.
Under the revised directive structure, individuals and companies earning more than Rs500 million annually will now be subject to an 8% super levy, reduced from the previous rate of 10%. However, a 10% super levy is retained for certain individuals and companies with annual income exceeding Rs1.5 billion.
The province also maintained a 10% super levy on banking companies, oil and gas exploration companies and entities earning income from the sale of fertilisers.
The revised levy measures came into force with the carrying out of the new federal finance.
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