Islamabad June 25 2022: Federal Finance Minister Miftah Ismail has said that 12 per cent income tax will be levied on those earning between Rs 100,000 and Rs 300,000 per month.
Speaking on private news channel of Pakistan, Miftah Ismail said that the previous government had left us on the path of default. I think we should not have given subsidy on petrol and electricity. Last year we spent Rs 1500 billion on electricity subsidy.
Federal Finance Minister Miftah Ismail has warned that the petroleum levy will go up to Rs 50, there should be no subsidy on petroleum products.
Miftah Ismail added that in some places the IMF has obeyed us and in others we have obeyed.
He said that 12 per cent tax would be levied on a monthly salary of Rs.1 to 3 lakh.
Talking about super tax, he said that super tax would also be applicable to banks and sugar industry and it would be one time.
Muftah Ismail said that a fixed tax of Rs 3,000 to Rs 10,000 has been levied on wholesale and retail shops, out of 30,000 gold shops, only 22 are registered.
