Budget

Withholding tax on marriages, functions reduced to 5pc from 10

ISLAMABAD: Highlighting the relief measures during his budget speech on Tuesday, Finance Minister Ishaq Dar said government has decided to withdraw (Federal Excise Duty) FED from those provinces which have imposed General Sales Tax (GST) on Telecom Services, ARY news reported.

The Minister said that in areas where FED shall continue to be collected, the rate is proposed to be reduced from 19.5 per cent to 18.5 per cent adding that government has been decided to reduce the rate of Withholding Income Tax on telephone services from 15 per cent to 14 per cent.

Ishaq Dar said that it has been proposed to reduce the withholding tax on marriages and functions to 5 per cent from 10 per cent.

He further informed that government has decided to reduce the corporate tax rate by one percent. Therefore, for tax year 2015, the corporate tax rate shall be 33 per cent.

Dar further said that the Government feels that the disabled persons need empathy and special consideration. It is being proposed to reduce tax liability of such persons having income up to Rs.1 million by 50 per cent.

 

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