Tax on income under Universal Pension Scheme exempted

The National Board of Revenue (NBR) has exempted tax on incomes to be earned under the Universal Pension Scheme.

Besides, it has also exempted tax on any amount of contribution to the Universal Pension Scheme.

The exemptions came into force from November 5, 2023, according to a circular issued by the NBR to this regard.

In a separate circular, the NBR has reduced the income tax rates for jute goods-producing companies and taxpayers other than companies for the  2023-24, 2024-25 and 2025-26 tax years.

With the reduction, the rate of income tax has been fixed at 10 per cent both for jute goods-producing companies and other taxpayers, according to the circular.

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