ISLAMABAD: The Senate Standing Committee on Finance, under the chairmanship of Senator Saleem Mandviwala, approved a proposal to impose a tax on the country’s big clubs.
While briefing the committee, Chairman FBR Rashid Mahmood Langrial added that many clubs, including the Islamabad Club, are built for the luxury of 3,000 people, and the big clubs have billions of rupees in their accounts.
The Chairman FBR said that the clubs’ land is worth one million dollars each, and a few people are enjoying luxury so therefore, tax will be imposed on the profits of any club.
In addition, the Chairman FBR told the committee that in the upcoming budget, there is a proposal to exempt Rs 600,000 from annual income tax.
Tax on annual income between Rs 6 and 12 lakh will be 2.5 percent, and paying Rs 1,000 in tax on a monthly salary of Rs 100,000 will not make the sky fall.
On this occasion, Senator Mohsin Aziz said that the annual limit of income tax exemption should be Rs 1.2 million, while Senator Shibli Faraz said that today the value of Rs 50,000 has become Rs 42,000.
In the meeting, the members rejected the proposal to impose a tax on online commerce.
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