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KP Govt To Generate Rs53.4bn By Upward Revision In Provincial Taxes In 2019-20: Finance Minister
Mohammad Ali (@ChaudhryMAli88) Published June 18, 2019 | 09:38 PM
The government of Khyber Pakhtunkhwa has set a target of Rs 53.4 billion revenue generation by making certain upward revision in the provincial taxes in the year 2019-20
The taxation target is 54 percent higher than the revised budget estimates of the current fiscal year said the provincial Finance Minister in his budget speech in KP Assembly on Tuesday.
The provincial government, he said has completely revamped schedule I and Schedule II of the Finance Act in line with international standards proposed by the United Nations.
The individuals with Rs10,001 to Rs20,000 monthly income will pay Rs330 per month. The next slab of people, with an income of Rs20,000 to Rs30,000, will have to pay Rs1,000 per month.
A tax of Rs1,200 per month has been proposed for those individuals earning between Rs30,000 to Rs50,000 per month.
The individuals falling in the next slab of Rs50,000 to Rs100,000 monthly income will have to pay Rs1,500 monthly.
Similarly, Rs2,000 per month tax has been proposed for those earning Rs100,000 to Rs200,000. Rs3,000 tax was proposed for the income of Rs200,001 to half a million rupees and Rs5,000 tax for income of more than Rs0.5m.
As far as public sector employees are concerned, the provincial government has proposed zero taxation for grade one to six employees of the provincial government.
Rs1,000 in tax per month will be charged from the employees of grade seven to 12, Rs1,500 tax per month will be charged from provincial government employees of grade 13 to 17, Rs1,800 monthly tax for grade 18, Rs2,000 for 19, and Rs3,000 for grade 20 officers.
The government has also proposed to increase the rate of taxation on private companies and businesses.
The 2019-20 budget proposes to impose taxes of Rs27,000 to Rs100,000 per annum on businesses worth Rs10 million to Rs200m, respectively.
Annual tax on marriage halls will be Rs60,000; on restaurants and hotels, Rs40,000.
Similarly, dentists will have to pay Rs15,000 per annum, general physicians Rs10,000, and specialists doctors in Peshawar Rs80,000 per year and in areas other than Peshawar, divisional and districts headquarters Rs50,000 per year.
The budget also proposes a tax of Rs30,000 on CNG and other gas stations. Similarly, Rs325 per acre will be charged against land measuring five to 12 acres.
Those tailors who stitch shalwar kameez suits will have to pay Rs10,000 per year, while those who stitch trousers and shirts will have to pay Rs15,000 annually.
According to the new tax recommendations, Rs40,000 tax will be imposed annually on departmental stores, R10,000 on electronics shops, Rs2,000 on tobacco wholesalers, Rs1,500 to Rs3,000 on fitness clubs, Rs8,000 on service stations, and Rs100,000 on private medical and engineering colleges. The tax on naswar (snuff) will also be increased by 50 paisas per kilogram.
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