Latest news with #IncomeTax(SecondAmendment)Bill2025
Express Tribune
2 days ago
- Business
- Express Tribune
Teachers applaud revival of tax exemptions
The teaching community in the federal capital has welcomed the Senate Standing Committee on Finance and Revenue's approval of the Income Tax (Second Amendment) Bill 2025, which aims to reinstate critical tax relief for salaried individuals, especially teachers and researchers. The Senate panel, chaired by Senator Saleem Mandviwalla, endorsed the bill, focusing particularly on reversing recent tax burdens that had led to significant salary deductions for teachers. This development follows the federal cabinet's earlier decision, dated March 26, 2025, to reinstate the 25% tax rebate for full-time teachers and researchers. The rebate had been abruptly discontinued four months prior, drawing widespread criticism from the education sector. Reacting to the committee's approval, Fazal-e-Maula, Chairman of the Joint Education Action Committee Teachers, praised the move as a "positive step," but noted that more comprehensive measures were needed. "While the restoration of the 25% tax rebate is appreciated, it is only a small relief. The government must go a step further and introduce an education allowance," he said. He also advocated for aligning teachers' salaries with those of other government employees in equivalent grades. Prof Danish Yaseen, Joint Secretary of the Federal Government College Teachers Association (FGCTA), echoed similar sentiments. "After restoration of the 25% rebate, teachers now stand where they previously were. But the government should consider further incentives, as is done in other countries. Teachers should not be burdened with financial worries, only then they can foster a peaceful and focused classroom environment."
Business Recorder
3 days ago
- Business
- Business Recorder
Senate body approves IT (Second Amendment) Bill 2025
Islamabad: The Senate Standing Committee on Finance and Revenue Thursday approved Income Tax (Second Amendment) Bill 2025, seeking report on teachers' salary tax deductions. The Senate Standing Committee on Finance and Revenue, chaired by Senator Saleem Mandviwalla, approved the Income Tax (Second Amendment) Bill 2025. The Committee focused on the withdrawal of tax exemptions for salaried individuals particularly teachers whose salaries faced significant deductions. Senator Mohsin Aziz suggested expediting the refund or adjustment process. Senator Saleem Mandviwalla directed the Federal Board of Revenue (FBR) to submit a detailed report identifying affected teachers and the status of their refunds, emphasizing that failure to return deducted amounts undermines the law's intent. The FBR Chairman assured compliance and supported the committee's recommendations. The committee also reviewed budgetary allocations and utilization under the Public Sector Development Programme (PSDP) for 2024 25. While the Planning Commission raised concerns over lapsed project budgets, Finance Ministry officials clarified no funds had lapsed and over 50 percent of authorized funds had already been disbursed. Senator Mandviwalla requested written figures and recommended summoning the Finance Ministry and relevant departments to ensure transparency. In discussions on the proposed barter trade mechanism between Pakistan and Iran, Senator Mandviwalla inquired about the absence of a formal net-off settlement mechanism and urged concerned departments to develop a clear procedure. The committee emphasized relaxing existing restrictions and expanding the list of tradable items. Senator Mandviwalla asked stakeholders to submit proposals for new items and directed authorities to resolve operational issues such as limited customs hours and storage space at NLC terminals in Quetta. He also recommended forming a local committee in Quetta to address traders' concerns on the ground. Copyright Business Recorder, 2025
