KARACHI: After much opposition by many ministers, the Sindh cabinet on Monday approved the Agriculture Income Tax Bill 2025 on the condition set by the International Monetary Fund (IMF).
Chief Minister Murad Ali Shah said the Agriculture Income Tax Bill will come into effect from January 2025. A spokesman for the chief minister said that the provincial government did not include livestock in the agriculture income tax.
Chief Minister Shah has said that the agriculture income tax will be collected by the Sindh Revenue Board instead of the Board of Revenue. While in case of natural calamities, there will be adjustment in agriculture income tax. The chief minister said that a penalty would be imposed in case of concealment of settled land, agricultural tax would be 20 percent for small companies and 28 percent for large companies.
Agricultural income between Rs 20 crore and Rs 25 crore will be taxed at 2 per cent while income between Rs 25 crore and Rs 30 crore will be taxed at 3 per cent. Agricultural income between Rs 30 crore and Rs 35 crore will be taxed at 4%.
According to the Agriculture Income Tax Act, agricultural income from Rs 35 crore to Rs 40 crore will be taxed at 6 per cent, agricultural income from Rs 40 crore to Rs 50 crore will be taxed at 8 per cent.
Agricultural income above Rs 50 crore will be taxed at 10%. Sources said that agricultural income up to 0.6 million per annum will not be taxed, income above 0.66 million up to 12 lakh will be taxed at 15%. While a super tax will be imposed on high-income landlords.
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