Budget FY20 Punjab to impose tax on 10 new sectors
The Punjab government will aim to generate a revenue of Rs15 billion
Punjab Chief Minister Usman Buzdar. PHOTO:INP
LAHORE:
The Punjab government, in its next fiscal year’s budget, will impose taxes on 10 new sectors to generate a revenue of Rs15 billion. Taxes will be imposed on the income of doctors, tailors and rent receipts. According to details, recommendations for imposing taxes on inflation-hit commoners have been given. According to the budget draft, services tax will be imposed on 10 new sectors. Doctors and medical practitioners will pay 5% tax, while tailors, dress designers and renters of apartments as well as residential and commercial towers will have to pay 16% tax on their income. The renters of construction machinery will have to pay 16% services tax, while those engaged in air services will have to pay 5% tax on their income. The inclusion of new sectors in services tax will push up inflation. The burden of taxes on services will be passed on end-consumers in the form of increased prices.
Published in The Express Tribune, June 14th, 2019.
The Punjab government, in its next fiscal year’s budget, will impose taxes on 10 new sectors to generate a revenue of Rs15 billion. Taxes will be imposed on the income of doctors, tailors and rent receipts. According to details, recommendations for imposing taxes on inflation-hit commoners have been given. According to the budget draft, services tax will be imposed on 10 new sectors. Doctors and medical practitioners will pay 5% tax, while tailors, dress designers and renters of apartments as well as residential and commercial towers will have to pay 16% tax on their income. The renters of construction machinery will have to pay 16% services tax, while those engaged in air services will have to pay 5% tax on their income. The inclusion of new sectors in services tax will push up inflation. The burden of taxes on services will be passed on end-consumers in the form of increased prices.
Published in The Express Tribune, June 14th, 2019.