Tax Rates In 12 Categories Reduced, Extended To 17 Categories

The provincial government of Khyber Pakhtunkhwa in budget for upcoming financial year 2021-22 has reduced tax rates in 12 categories and extension of reduced rates to 17 more categories to provide relief in taxes and catalyze economic activities in the province

PESHAWAR, (UrduPoint / Pakistan Point News - 18th Jun, 2021 ) :The provincial government of Khyber Pakhtunkhwa in budget for upcoming financial year 2021-22 has reduced tax rates in 12 categories and extension of reduced rates to 17 more categories to provide relief in taxes and catalyze economic activities in the province.

In his budget speech, the Provincial Minister for Finance, Taimur Saleem Khan Jhagra here Friday announced that Khyber Pakhtunkhwa Revenue Authority (KPRA) is introducing reduced rates and extending reduced rates to 17 more categories while relief in agricultural sector include removing land tax, exemptions & reduced rates on CVT & registration.

Similarly, professional tax has been annulled on all professionals and vehicle registration fee reduced to Rs.1 or free of cost registration to encourage motor-vehicles registration.

In education sector, the government will provide free of cost archives, library and hostel for higher education as well as no admission fee for both Government Primary & Secondary Education Schools for Girls and Boys.

Similarly, the rate of Sales Tax on Services for 10 segments including print media, agriculture Cold Storage, & Warehouse, industrial workshops, quality assurance & inspection, cinematographic services, car wash services, auctioneers, property dealers, installation & commissioning and under writers has been reduced to only 1%.

In head of ease of doing business, the provincial government of Khyber Pakhtunkhwa has exempted 120 small trades and business of trade license fee and inspection of Tehsils Municipal Administrations (TMAs).