No Changes to Rs50,000 Monthly Income Tax Exemptions, Confirms FBR Karachi
Officials from the Karachi office of the Federal Board of Revenue (FBR) have refuted recent reports suggesting the discontinuation of income tax exemptions for individuals with a monthly salary of 50,000. They have firmly assured that these exemptions will persist, emphasizing that the FBR’s ongoing discussions with the International Monetary Fund (IMF) will not involve the proposal of additional taxes or the reconsideration of taxes for low-income earners.
The FBR officials have unequivocally stated that individuals earning Rs50,000 per month will continue to benefit from tax exemptions, and those making Rs600,000 annually will not have their exemptions revoked.
These officials have further clarified that there are no active deliberations or plans to eliminate this tax exemption, and the World Bank has not put forth any recommendations to impose income tax on individuals earning Rs600,000 per year.
Also Read: FBR’s Official Statement on Income Tax Filing Deadline