Summary:

The government is offering tax rebates on deposits for the Universal Pension Scheme to encourage investment. 

Content:

An official from the National Pension Authority has confirmed that they have sent a letter to the National Board of Revenue (NBR) asking for appropriate action to be taken. It has been suggested that the board will issue an order relating to this matter by the end of the week. If approved, individuals who deposit funds into the scheme, which was launched in August of this year, will be eligible for a rebate on their applicable taxes, as determined by the government.

The chairman of the National Pension Authority has sent a letter to the National Board of Revenue (NBR) requesting tax rebates for investments in the Universal Pension Scheme. A senior tax official at the NBR has stated that they will consider the proposal positively when it reaches them.

Tax rebates are currently offered on various types of investments, including savings certificates, life insurance premiums, government provident funds, welfare funds, group insurance funds, superannuation funds, Deposit Pension Schemes (DPS) provided by banks and non-bank financial institutions, and investments in the capital market through primary or secondary shares, stocks, mutual funds, debentures of listed companies, and government-approved treasury bonds.

Taxpayers can receive a tax rebate of 3% of their income or 15% of their investment, whichever is less. The Universal Pension Scheme has had 12,970 registrations since its launch in August and has four different categories.

Picture and Article Sources: The Business Standard