Economic Survey: Tax exemptions, concessions worth Rs1.31 trillion granted in 2020/21

KARACHI: The government has allowed tax exemptions and concessions of Rs1.314 trillion during the outgoing fiscal year 2020/21, which is 14.26 per cent higher than the preceding fiscal year.

The total tax exemptions and concessions during the fiscal year 2019/20 were at Rs1.15 trillion, according to the Economic Survey of Pakistan released on Thursday.

The exemptions and concessions against income tax grew 18.52 per cent to Rs448 billion during 2020/21 compared with Rs378 billion in the fiscal year 2019/20.

In sales tax, the government granted exemptions and concessions worth Rs578.45 billion during the outgoing fiscal year, compared with Rs518.81 billion in the preceding fiscal year, the survey revealed.

Similarly, under the head of Customs duty, Rs287.77 billion was granted as exemptions and concessions during 2020/21, compared with Rs253.11 billion in the preceding fiscal year.

The exemptions and concessions granted under income tax, sales tax and Customs duty grew 18.52 per cent, 11.58 per cent and 13.74 per cent, respectively, it added.

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