Tax rate for provident funds, others cut to 15pc

The National Board of Revenue (NBR) has reduced income tax to be gained from earnings of Recognized Provident Fund, Approved Gratuity Fund, Approved Superannuation Fund and Approved Pension Fund to 15 per cent for the 2023-24 tax year with effect from December 10.

A gazette notification to this effect has been published. 

Earlier, the income tax rate for the same was 27.5 per cent while the rate was 30 per cent for failure to fulfill the required conditions in this regard.