The Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwala, Thursday approved the Income Tax Amendment Bill 2025, with a key recommendation to restore the income tax exemption for teachers.
Famous TikToker Shaham Shahzadi arrested in Multan for obscene, offensive contentSeven-month-old girl killed, over 15 injured as passenger coach overturns near NawabshahThe Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwala, Thursday approved the Income Tax Amendment Bill 2025, with a key recommendation to restore the income tax exemption for teachers.
The Federal Board of Revenue and the National Assembly's Standing Committee had previously endorsed the measure, which was initially recommended by Senator Mandviwala during last year’s budget discussions but not accepted at the time. The FBR has now agreed to reinstate the rebate, which will be applicable from the next fiscal year. Chairman FBR confirmed during the meeting that no tax was deducted from teachers' salaries this year and that formal income tax relief will begin in the upcoming fiscal year. “This rebate was unintentionally omitted during the current fiscal cycle, but the cabinet has since approved it,” he stated. Mubeen Arif, another member of the committee, stressed the importance of formalising this rebate in the finance bill for the next fiscal year to ensure sustained relief for educators. A representative of the Ministry of Law added that the bill also aims to retroactively extend income tax relief to teachers for the financial year 2022-23. In addition to the teachers’ rebate, the FBR Chairman addressed the controversial imposition of a windfall tax, clarifying that it applies exclusively to banks earning extraordinary profits and not to other companies. The tax move aims to capture excess earnings in a fair and structured manner. Meanwhile, business leader Mirza Ikhtiar Baig raised concerns over the withdrawal of Rs 100 million from a Karachi-based business without prior notice. The FBR chairman responded that he was not aware of the specific case but promised a response after reviewing all details.Posted 12:42 AM, 29 May, 2025Chinese exporters in one of the world's busiest port cities spoke Thursday of murky horizons as they try to navigate the trade maelstrom unleashed by ...
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