50% increase in tax rates on NSS profits announced : vimarsa

50% increase in tax rates on NSS profits announced


50% increase in tax rates on NSS profits announced
Tax rate hike makes National Savings Scheme an unattractive investment
Salaried class contributed Rs69.4 billion or 7.8% of the total income tax collection in the first half, which was higher by 20% when compared with the same period of last year. PHOTO: FILE
ISLAMABAD:
The Central Directorate for National Savings (CDNS) has notified a 50% increase in the income tax rates on the profits earned by making investments in various government schemes – a move which may further discourage small investors from putting their money in these schemes.
Effective from July 1, the rate for tax-for-profit on debt imposed under Section 7B (of the Income Tax Ordinance) shall be 15%, according to a notification issued by the CDNS. However, persons not appearing in the active taxpayers list will be charged at 30% income tax rate, it said.

Related Keywords

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