The KP government has presented a PKR 900 billion budget for the fiscal year 2019-20
According to the provincial Finance Bill 2019, Income tax on KPK individuals making a monthly income of over 20,000 PKR a month and on government employees of grade seven and above will be imposed from July 1st, 2019.
“All persons engaged in any profession, trade or employment, whose income is higher than 20,000 PKR per month but less than 30,000 PKR, would be liable to pay 1,000 PKR,” the documents read.
“People earning over 30,000 PKR per month but less than 50,000 PKR would pay 1,200 PKR in tax and people earning in the bracket of 50,000-100,000 PKR would pay 1,500 PKR in tax.”
- Individuals whose earnings fall in the 100,000-200,000 PKR bracket would be required to pay 2,000 PKR in tax.
- Those earning in the range of 200,000-500,000 PKR would be liable to pay 3,000 PKR in tax.
- And those earning over 500,000 PKR per month would be required to pay 5,000 PKR in tax, the bill said.
- Moreover, Federal and provincial government employees of grade 7-22 will be required to pay provincial income tax in the range of 1,000-3,000 in six different slabs.
The new income taxes have been imposed by the provincial government with the aim to increase the number of taxpayers and enhance tax collection by 54% to 53.4 billion PKR in the fiscal year 2019-20.
Do you think this strategy will help the KP government achieve their target?
Let us know in the comments!
Stay tuned to Brandsynario for more news and updates.