June 13, 2023 (MLN): The Finance Bill was discussed by the Senate Standing Committee on Finance in which the committee suggested to lower the super tax rate from 10% to 7% for incomes above Rs500 million, and from 8% to 6% for incomes above Rs400m.

The committee also recommended to raise the PDL from Rs50 per liter to Rs60 per liter, and to allow Federal Cabinet to make any changes in the PDL.

The PDL target for FY24 was set at Rs869 billion.

The committee also proposed to increase the withholding tax on cash withdrawals from 0.6% to 1%, and to reduce the cash withdrawal limit from Rs50,000 to Rs25,000.

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Posted on: 2023-06-13T14:35:29+05:00