Summary The government has been recommended to cut tax slabs from 12 to seven
ISLAMABAD (Dunya News) – Tax Reforms Commission (TRC) has recommended the government to charge additional Rs 500 per annum to the people making Rs 5 lac to Rs 7.5 lac/year while companies and people with high income should be given relief, Dunya News reported Wednesday.
The government has been recommended to cut tax slabs from 12 to seven while tax ratio of companies with good revenues and people with high income should be decreased.
A report presented in this regard stated that Rs 1.82 lac should be cut from total tax recovery of Rs 14.22 lac over every Rs 70 lac income bearing person. Rs 19,000 less tax recovery should be made from those earning Rs 25 lac per annum.
Tax Reforms Commission (TRC) has recommended the government to acquire additional Rs 500 from class earning Rs 5 lac to Rs 7.5 lac annually. However, people making Rs 4 lac annually have been exempted from tax by the report.
