New IR Act to come into effect from April 01, 2018

The Ministry of Finance announced yesterday that the Treasury has decided to commence taxation under the new Inland Revenue Bill from April 01, 2018.

The Inland Revenue Bill was passed in parliament on September 7, with 90 voting for and 25 voting against.

According to the government the new Act intends to increase direct taxes against a plethora of indirect taxes due to which low-income groups face hardships.

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