Pakistan Revenue
ISLAMABAD: The government has appointed M.s Nargis Sethi as chairperson of the pay and pension commission with immediate effect. A notification issued dated October 15, 2020 by the Finance Division stated that the Prime Minister had appointed Ms. Nargis Sethi, former federal secretary, as chairperson of the pay and pension commission with immediate effect. Abdul […]
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ISLAMABAD: The federal cabinet has approved increase in pension of Employees Old-Age Benefits Institution (EOBI) to Rs8,500 from Rs6,500. According to a tweet by EOBI on Wednesday, the federal cabinet approved an increase in EOBI pensions from Rs 6500 to Rs8500 effective from January 01, 2020. EOBI will restore the increase in pension + arrears […]
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ISLAMABAD: The federal government has constituted a pay and pension commission to review existing salary and perks. According to the finance ministry, the government of Pakistan had constituted a Pay and Pension Commission, with effect from 14-04-2020. The Composition of the Commission shall be as follows: Mr. Wajid Rana, Former Federal Secretary, Chairman. Mr. Nazar […]
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ISLAMABAD: Pensioners are allowed total exemption from tax on income received as pension. Officials in Federal Board of Revenue (FBR) on Monday said that pensioners are allowed complete exemption from income tax under Income Tax Ordinance, 2001. They said that any pension received by a citizen of Pakistan from a former employer will be exempted […]
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ISLAMABAD: The government has decided to increase pension amount by 30 percent from January 01, 2019, special assistant to prime minister said on Thursday. “New year is heralding big news for the pensioners of Employees’ Old-Age Benefits Institution (EOBI) as the government has decided to raise their annuity by 30 per cent from January 1,2020,” […]
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KARACHI: State Bank of Pakistan (SBP) on Monday enhanced the limit of pension transactions up to $5,000 per month under home remittance services. According to a circular issued by the SBP the transactions limits by individuals under various categories had been enhanced to $5,000 per month from $1,500 per month. The limits have been enhanced […]
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KARACHI: The government is aiming to increase the pension amount to Rs15,000 per month from existing Rs6,500 in order to provide relief to elder pensioners and their survivors, a statement said on Sunday. Addressing at the first ever Annual Pension Day organized by Employees Old-Age Benefits Institution (EOBI) has organized, Syed Zulfiqar Abbas Bukhari, Special […]
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ISLAMABAD: The government has announced increase up to 10 percent in salary and pension in the federal budget 2019/2020. Hammad Azhar, State Minister for Revenue presented Budget 2019/2020 on Tuesday and announced following relief measures for government employees and pensioners. Ad-hoc Relief Allowance at 10 percent on running Basic Pay of BPS 2017 to civil […]
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KARACHI: Employees Old-Age Benefits Institution (EOBI) has disbursed Rs35 billion to pensioners during the current fiscal year. “The disbursement will increase to Rs46 billion during the next fiscal year,” Azhar Hameed, Chairman, EOBI, said on Monday while addressing members of Korangi Association of Trade and Industry (KATI). President KATI Danish Khan, Senior Vice President Faraz-ur-Rehman, […]
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KARACHI: Any income representing any payment received by way of gratuity or commutation of pension by an employee on his retirement is exempted from income tax. The Second Schedule of Income Tax Ordinance, 2001 explained the exemption from total income. Any income representing any payment received by way of gratuity or commutation of pension by […]
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