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Govt decides against proposal to exempt tax on up to Rs1.2 mn annual income

KARACHI: The government has reportedly decided to reverse the proposal of tax exemption on individuals earning Rs1.2 million annual income and impose tax on Rs0.4 million annual income. The ruling party has failed to implement upon the proposal made by its newly-elected Finance Minister Miftah Ismail, on behalf of the prime minister while announcing budget 2018-19, in the National Assembly of tax exemption on Rs1.2 mn salary a year rather than on annual income of Rs0.4 mn. According to the budget document, "Tax rates…