Agriculture tax

THE Punjab government has taken the lead in amending its agricultural income tax law, bringing existing AIT rates for individuals and businesses at par with federal income tax rates.

The bill, passed by the provincial assembly, also brought earnings from commercial or “income-generating” livestock into the ambit of AIT and rescinded exemptions, such as the ones enjoyed by farmers with landholdings of less than 12.5 acres and absentee landholders — unless their annual income is below the tax threshold of Rs600,000.