ISLAMABAD: The income tax exemption to pensioners has caused an annual revenue loss of Rs 78 billion to the national kitty.
According to the analysis of the Federal Board of Revenue’s Tax Expenditure Report 2024, tax exemption to pensions has caused revenue loss of Rs 78,339.47 million during 2022-23.
About the major beneficiary sectors under income tax expenditure, the cumulative sum of income tax expenditures availed by top 10 sectors, amounts to Rs. 459,164.50 million which is 96.27% of the total income tax expenditure. It accounts for 11.84% of the total tax expenditure incurred during the 2022-23.
The income tax exemption to the financial sectors caused revenue loss of Rs 115 billion. The income tax exemption to social security caused revenue loss of Rs 60 billion during the period under review.
Copyright Business Recorder, 2024
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