ISLAMABAD: The Punjab government has adopted super tax rates of Federal Board of Revenue (FBR) for imposing this tax on high income earners from agriculture sector of the province in line with the federal government.
The rate of super tax on high earning income within the agriculture sector of Punjab may be the rates specified in the Income Tax Ordinance 2001 for high income earners.
The Punjab Agricultural Income Tax (Amendment) Bill 2024 has amended Punjab Agricultural Income Tax Act 1997.
Punjab PA passes Agri Income Tax Bill, PPP stages walkout
It shall come into force from January 2025. The Punjab Agricultural Income Tax (Amendment) Bill 2024 has introduced a new section (3AA) in the Punjab Agricultural Income Tax Act 1997.
Under the new law of Punjab, a super tax shall be levied, assessed and collected at such rates as may be specified in the Income Tax Ordinance 2001 for high earning persons. Thus, a super tax shall be levied, assessed and paid at such rates as may be prescribed.
The new definition of livestock under the Punjab Agricultural Income Tax (Amendment) Bill 2024 revealed that the livestock means cattle, buffalo, sheep, goat, camel, horse and other useful animals kept or raised for income generation.
Copyright Business Recorder, 2024
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