WB withdraws recommendation to impose tax on below Rs50000 earners

WB withdraws recommendation to impose tax on below Rs50000 earners

WB withdraws recommendation to impose tax on below Rs50000 earners

WB withdraws recommendation to impose tax on below Rs50000 earners

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The World Bank has withdrawn its recommendation to impose taxes on monthly incomes below Rs 50,000.

This decision comes after concerns were raised about the fairness of such a tax, especially given that the lower-income group was already paying more taxes than the combined amount paid by the wealthiest individuals over the course of three months, as reported by sources from the Federal Board of Revenue (FBR).

The World Bank clarified its stance on this matter, explaining that the initial recommendation was based on data from 2019.

However, considering the recent surge in inflation and changes in the labor market, the World Bank believes it’s necessary to update these recommendations.

The World Bank has not put forth any specific new income tax exemption threshold but has proposed conducting a fresh survey to evaluate the appropriate income levels for taxation.

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The goal is to ensure that any changes in tax thresholds are designed to protect low-income earners.

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