PAKISTAN: No Tax on Income of Rs. 400,000 for Seniors Aged 60

ISLAMABAD (Pak Tribune), June 8, 2006: Pakistan's senior citizens of 65 years and above with annual income up to Rs. 400,000 are exempt from taxation. This facility will now be available for citizens of 60 years and above. This was announced here on Wednesday by Mr. Omar Ayub, Pakistan's Minister of State of Finance and Revenue. He declared this in reply to a question after an overview of the Federal Budget 2006-07 presented to Members of Senate at a meeting in Parliament House. He said the budget is aimed at providing relief to both the fixed income group as well as the common man. Besides creating employment opportunities, promoting investment and growth, it would broaden the tax net, he added. Mr. Ayub informed Members that the total outlay of the Federal Budget is Rs. 1315 billion, 19.7% higher than current year’s budget estimates. © Pak Tribune