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Special tax system introduced for small, medium scale industrialists

Special tax system introduced for small, medium scale industrialists
July 5, 2021

ISLAMABAD (92 News) - A special tax system has been introduced for small and medium scale industrialists.

According to the details garnered, a special tax system has been introduced for 25 small and medium scale industrialists. National Savings Certificate 30 per cent withholding tax was levied on each non-filer.

Now, new system will be applicable on the sellers up to Rs10 million. The industrialists of this category will no longer be included in the small industry. Such industrialists are divided into two groups under this tax system.

Those who sell up to Rs10 million will have to pay 7.5 per cent tax. The industrialists who sells up to Rs10 million to Rs25 million will have to pay 15 per cent tax.

On the other hand, the government has imposed a withholding tax on profits from national savings schemes. 30 per cent withholding tax has been levied for each non-filer for national savings certificate. Now, tax will be levied on Rs100,000 instead of profits up to Rs500,000. The move is aimed at discouraging black money and preventing money laundering.