D & D Accounting Solutions

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IMPLEMENTATION OF NEW TAX PROPOSALS

WITHHOLDING TAX (WHT)

Interest Income up to Rs. 250,000 per month shall be exempted from Withholding Tax (WHT) with effect from January 01st 2020


PAY AS YOU EARN (PAYE)

Tax free threshold of the employment income of all public and private sector employees for the purposes of the Pay-As-You-Earn (PAYE) shall be increased from Rs. 100,000 to Rs. 250,000 per month and the excessive personal income tax at the progressive rate of 06%, 12% on each tax slab of Rs. 250,000 and 18% on the excess, with effect from January 01st 2020.

Submission of Withholding Tax Annual Statement for the Y/A 2018/19 closing date is 15th of May 2019!