NBR reduces tax on provident fund to 15%
Illustration: Asifur Rahman
The National Board of Revenue (NBR) has reduced the tax on the income generated by provident and other pension funds to 15% from 27.5% in the current financial year.
The tax administration issued a notification to this effect today (15 December).
Earlier on 6 December, the NBR issued a Statutory Regulatory Order (SRO), which was published on Thursday (14 December).
Keep updated, follow The Business Standard's Google news channel
According to the order, tax on income from provident fund, gratuity fund, superannuation fund, and pension fund has been reduced to 15%.
Budget of the current fiscal imposed a 27.5% tax on the income generated by these funds, sparking debate among job holders across the country, according to industry insiders.
