LAHORE: Government of Punjab give acceptance to imposition of provisional tax for coming financial year 2015-16, professional tax will be excide from Rs 100,000 to Rs 500,000 annually.
As per details, on the order of Chief Minister Punjab Shahbaz Sharif provincial finance ministry formed a committee and committee gave acceptance for professional taxes.
Punjab government wrote letter for amendment in professional tax limitation act 1941, after imposition of professional tax burden will be raised on more than 50 institutions and businesses and tax percentage will be increased.
Government was increased last time professional tax in 1999.
The rate of Professional tax is Rs 100,000 in current fiscal year and will be increased up to Rs 500,000 in coming financial year and government revenues will be increased from Rs 750 million to one billion.
The proposal for increment was given by secretary excise to chief minister after this government make committee and secretary local government, secretary health, secretary schools and higher education and secretary excise also member of committee who gave acceptance of professional tax.
The institution from professional tax will be collected are companies that’s are registered under ordinance 1984 including car dealers, property dealers, property developers, motorcycle dealers, advocates, stock exchange members, money exchangers, health clubs, beauty parlours, electric stores, cable operators, printing press, whole sale dealers of cigarette, architects and fertilizers etc.
Government wants to put more categories in professional tax after these more than 100 professionals will pay this tax.
