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How much tax will be charged on how much pension? Bad news for retired government employees

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ISLAMABAD (Web Desk) The International Monetary Fund (IMF) has made a new demand from Pakistan to impose a tax on the pension of retired government employees, on which a tax on pensioners has been proposed in the next fiscal year’s budget.

According to the details, the Federal Board of Revenue has started to consider a tax on pensioners in the federal budget for the next financial year, increasing the tax by proposing a tax of 10% on those who receive a pension who n equal to or more than 1 lakh.

The Pakistan Tax Bar Association also said in the budget proposals that a tax should be imposed on all income, a tax of 10% should be imposed on more than 100,000 pension holders.
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On the other hand, the Tax Bar Association said it would increase the number of taxpayers, apart from withdrawing the immovable property holding period and imposing capital gains tax on all sales and purchase transactions.

It should be noted that following the IMF proposal, if the government imposes a tax on retirement pension and ends other benefits, it will generate an additional 22 to 25 billion rupees every year.

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