Preparations to abolish tax exemptions given to the people due to Corona epidemic, Punjab Finance Department sought views from provincial institutions on the abolition of tax exemptions in the new financial year and new targets.
This year, the Corona epidemic affected businesses and people lost their jobs. The Punjab government reduced the tax rate on the people. The Punjab government had directly exempted more than Rs 56 billion in provincial revenue targets. The Punjab Finance Department will work out a plan of action to end the tax exemption and in this regard, the provincial revenue-generating agencies will send their suggestions to the Punjab Finance Department.
Provincial agencies will also report improvements in revenue targets and tax increases this year. On the other hand, the spokesperson of the finance department said that the tax exemption was given for one year only. The matter of abolishing tax exemption in the next new financial year is being referred to the Cabinet Committee on Finance.
The spokesman of the finance department said that this year the Punjab government has completed its targets in the provincial sources of income and in the next financial year a decision will be taken in favor of the people keeping in view the targets set for this year.
Extracted from City42 News