ISLAMABAD:Prime Minister Shahid Khaqan Abbasi has announced a major tax reforms package envisaging substantial reduction in income tax rates and launching of an Amnesty Scheme for undeclared assets.
Addressing a news conference in Islamabad on Thursday, he said maximum rate of income tax is being reduced from the existing 30% to 15%.
Annual income of upto 1.2 million rupees would be exempt from the income tax. He said there would be five percent income tax on income falling between 1.2 to 2.4 million rupees annually.
Shahid Khaqan Abbasi said the rate of income tax for the income bracket of 2.4 to 4.8 million rupees would be ten percent and 15% on more than Rs 4.8 million.