No income tax on pensions; PM Imran Khan rejects proposal
KARACHI: Prime Minister Imran Khan has outrightly rejected the proposal of the Federal Board of Revenue (FBR) to impose income tax on pensions, sources said on Thursday.
Initially, the FBR had proposed a flat 7.5 percent income tax rate on all pensions. But rejected by Prime Minister Imran Khan
However, on resentment from various quarters, the proposal was amended. As per the revised proposal, the revenue board recommended income tax at 10 percent on annual pensions above Rs3 million.
It also recommended the imposition of income tax at 10 percent on approved gratuity funds above Rs500,000. Besides, it was also proposed to tax interest derived from the gratuity at 10 percent on the amount above Rs3 million.
However, the prime minister has rejected all these proposals. The prime minister also directed the FBR not to increase tax on sugar, fertilizer, fuel oil, laptops, computers, and mobile phones.
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