ISLAMABAD (TTI News) – Federal Minister for Finance Shaukat Tarin has said that upto 1,000cc vehicles were exempted from tax in the federal budget for FY2021-22.
While addressing the National Assembly session on Friday, Shaukat Tarin said that taxes on food items were also omitted. The finance minister said the tax imposed on Information Technology (IT) firms was zero.
“There will be no tax on internet or SMS services whereas 75 paisa tax will be deducted on phone calls extending five minutes,” said the finance minister.
He further said there was no tax imposed on milk, flour and related products. “Furthermore, tax was decreased from 17% to 10% on poultry feed,” he added.
Shaukat Tarin said tax rate was lowered from 35% to 20% on property.