Miftah announces tax relief for shops consuming below 150 units

ISLAMABAD: Finance Minister Miftah Ismail on Sunday announced relief in tax for shopkeepers who consume less than 150 units of electricity per month, ARY News reported.

Addressing a press conference, Ismail said that government is seeking annual tax of Rs36,000 from small shopkeepers and stressed that everyone will have to pay taxes.

“Industries as well as bankers would also have to pay taxes,” he said.

Finance Minister said that another tax will come into force from the next year. “Ten pct tax will be imposed on the companies that could not export 10 percent of their output,” he said.

Finance minister also said that the rupee, which is rapidly depreciating against the US dollar in recent weeks, would see improvement in the next two to three weeks.

He stated that this month and the previous month, the government had to make payments worth billions which had caused the local currency to come under pressure.