The income tax exemption to pensioners has caused an annual revenue loss of Rs. 78 billion to the national kitty.
According to the analysis of the Federal Board of Revenue’s (FBR) Tax Expenditure Report 2024, tax exemption to pensions has caused a revenue loss of Rs. 78,339.47 million during 2022-23.
About the major beneficiary sectors under Income Tax Expenditure, the cumulative sum of income tax expenditures availed by the top 10 sectors, amounts to Rs. 459,164.50 million which is 96.27 percent of the total income tax expenditure. It accounts for 11.84 percent of the total tax expenditure incurred during 2022-23.
The income tax exemption to the financial sectors caused a revenue loss of Rs. 115 billion.
The income tax exemption to social security caused a revenue loss of Rs. 60 billion during the period under review.
The income tax exemption to state apparatus has a negative revenue impact of Rs. 57 billion to the national exchequer.
The income tax exemption to the energy and mining sector caused a revenue loss of Rs. 41 billion during the period under review.
The cost of exemption granted to the health and pharmaceutical sector stood at Rs. 14 billion in 2022-23, the report added.
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Pensioner civil servants loot the nation during service and become burden on nation after their retirement. Why i pay for any retired judge or SSP?
I am surprised at this news item. Do all other segments of the society pay their due taxes? Do traders pay the taxes they should? They are even resisting registration. Do doctors pay taxes on their private practice? An average specialist earns minimum 2-3 lacs per day without issuing Receipts to the patients. Do Lawyers pay their taxes? An average lawyer charges hefty fees for his services Do they issue any Receipts?
Most of your economy is undocumented and therefore there is no way you can assess the tax on a particular person. It is totally unfair to place the blame on government servants, in service or retired.
Fbr does NOT incur losses because of pensioners. Pensioners shouldn’t be taxed in the first place, they have paid their dues throughout their lives with taxes along with their pension fund that is deducted from the salaries all their lives. What a ignorant headline. It’s the rest of the segments that incur losses to fbr, where is the figure for agriculture, real state, cash economy? Those who are the real thieves? Absolutely disgusting headline
A fixed tax may be imposed on pensioners drawing pension @ more than Rs 100000 per month