Insurance Sector To Become Victim Of Drastic Tax Structure Reform!
From the Blog smartchoice We all know our government very well. Every time it's in the news, chances are high that it's imposing a new tax. The situation is the same this time as well because the government of Pakistan might be bringing huge changes in the tax structure of the insurance industry by levying a new tax on insurance premium that could negatively affect the growth of an industry that's already in its young years of growth. "Finance Minister Mr. Ishaq Dar is said to have approved a budget proposal to charge a single income tax rate of 31% from the new financial year 2016-17, on all sources of income of insurance companies," said sources in the Federal Board of Revenue (FBR). At the moment, insurance income is put into various categories with tax rates from 10% to 32%. It's pertinent to mentpakistanblogs.blogspot.comRead Full Post
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