{"id":79056,"date":"2021-08-26T10:30:25","date_gmt":"2021-08-26T05:30:25","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=79056"},"modified":"2021-08-26T10:30:29","modified_gmt":"2021-08-26T05:30:29","slug":"government-provide-tax-relief-income-tax","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/government-provide-tax-relief-income-tax.html","title":{"rendered":"Government urged to provide tax relief in income tax"},"content":{"rendered":"\n<p>Islamabad: The Senate Standing Committee on Finance and Revenue on Tuesday (August 24) asked the government to give a one-year tax amnesty in income tax to individuals earning up to PKR 1.2 million per year, news sources reported.&nbsp;<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/reduction-of-income-tax-slabs-on-cards-in-budget-2021-22.html\" target=\"_blank\" rel=\"noreferrer noopener\">Reduction of income tax slabs on cards for Budget 2021-22: FBR<\/a><\/p>\n\n\n\n<p>The committee headed by Senator Talha Mahmood said that this will give people much-needed relief during the COVID-19 pandemic and help them combat resulting spike in inflation.&nbsp;<\/p>\n\n\n\n<p>The committee also recommended that the State Bank of Pakistan eliminate the fee for Inter-Bank Funds Transfer (IBFT) in order to promote digitisation and offer assistance to the poor. In this respect, the committee directed that the SBP&#8217;s Deputy Governor Jameel Ahmad to submit a compliance report within a month.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/sbp-sme-asaan-collateral-free-financing.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP announces \u2018SME Asaan Finance\u2019 or SAAF scheme for collateral free financing<\/a><\/p>\n\n\n\n<p>The decision took place after the central bank imposed a monthly cap of PKR 25,000 over which commercial banks were allowed to collect a fee of 0.1 % of the transaction value or PKR 200, whichever is lower. According to the SBP representative, the decision was taken to improve IBFT transaction services and allow banks to collect the service cost they incurred. Transactions within the same bank, on the other hand, remain free of cost.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Senate Standing Committee on Finance and Revenue on Tuesday (August 24) asked the government to give a one-year tax amnesty in income tax to individuals earning up to PKR 1.2 million per year, news sources reported.&nbsp; Read: Reduction of income tax slabs on cards for Budget 2021-22: FBR The committee headed by Senator Talha Mahmood said that this will give people much-needed relief during the COVID-19 pandemic and help them combat resulting spike in inflation.&nbsp; The committee also recommended that the State Bank of Pakistan eliminate the fee for Inter-Bank Funds Transfer (IBFT) in order to promote digitisation and offer assistance to the poor. In this respect, the committee directed that the SBP&#8217;s Deputy Governor Jameel Ahmad to submit a compliance report within a month. Read: SBP announces \u2018SME Asaan Finance\u2019 or SAAF scheme for collateral free financing The decision took place after the central bank imposed a monthly cap of PKR 25,000 over which commercial banks were allowed to collect a fee of 0.1 % of the transaction value or PKR 200, whichever is lower. According to the SBP representative, the decision was taken to improve IBFT transaction services and allow banks to collect the service cost&hellip;<\/p>\n","protected":false},"author":84,"featured_media":63188,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[47730,47729],"persona":[],"class_list":{"0":"post-79056","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-income-tax-relief-demanded-for-people-over-1-2-million-annually","9":"tag-inter-bank-funds-transfer-fee","10":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Government urged to provide tax relief in income tax - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Senate Standing Committee on Finance and Revenue on Tuesday (August 24) asked the government to give a one-year tax amnesty in income tax\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/government-provide-tax-relief-income-tax.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government urged to provide tax relief in income tax - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Senate Standing Committee on Finance and Revenue on Tuesday (August 24) asked the government to give a one-year tax amnesty in income tax\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/government-provide-tax-relief-income-tax.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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