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WB advises to impose tax on those with income less than Rs. 50,000

The World Bank has suggested taxing those earning Rs 50,000 and below in Pakistan.

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The World Bank has said that the shopkeepers should be brought into the tax net and the tax-free income limit should be reduced while the personal income tax structure should be simplified.

It advised that those with a monthly income of Rs 5 lakh should be taxed at the rate of 35%.

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The World Bank says that the federal government should not spend on the sectors that come under the jurisdiction of the provinces, the seventh National Finance Commission should be re-examined and the plan of financing should be decided in the federal and provincial jurisdictions.

It further added that in the agricultural sector, owners of 12 and a half acres of land should be taxed, development projects started without proper preparation and evaluation should also be terminated.

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