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ISLAMABAD: The Punjab government has adopted super tax rates of Federal Board of Revenue (FBR) for imposing this tax on high income earners from the agriculture sector of the province in line with 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

Comments

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Aamir Nov 17, 2024 05:27am
And what if other provinces do not follow Punjab? Will farmers of Punjab only pay if those in Sind do not? Another Pandora Box and how will you determine income as farming has such fluctuations
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Arshad Javed Nov 17, 2024 05:44am
مرے کو مارے شاہ مدار
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KU Nov 17, 2024 08:27am
Reminds one of days bygone n centuries when unthoughtful edicts were forced on people, without as much as a fickle on sustaining society or rampant hunger. This you get when primates are challenged.
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Mumtaz kashif Nov 17, 2024 01:48pm
Good Decision
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Raza Qurashi Nov 18, 2024 09:01pm
Govt nay agriculture pay tex tu laga dia aur jo support kar rahe ha woh bhe sab kay samnay ha.Awam say jo nikalta ha woh nikal lo.....phir bhe in ka budget khasara pura nahi hona
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