KP govt to abolish several taxes on small businesses.

Peshawar: The Khyber Pakhtunkhwa (KP) government has announced its decision to abolish several taxes on small businesses operating within the province, a news source reported. To this effect, KP Finance Minister Taimur Saleem Jhagra has stated that the provincial government plans to introduce a simplified version of the current tax regime during the next financial year.

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Addressing a press conference, titled ‘KP: The Gateway to Pakistan’s Economic Prosperity’, in Peshawar on Sunday, the minister revealed that the provincial government had decided to withdraw over 100 taxes and fees previously imposed on small businesses.

He stated that this measure would provide relief to small traders, as well as attract investments. He added that the next fiscal year (FY 2020-21) would bring good news in terms of professional tax, and promote a friendlier environment for doing business and making investments.

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Jhagra stated that the provincial executive’s decision to revoke taxes on small businesses was in line with Prime Minister (PM) Imran Khan’s efforts for promoting a business-friendly environment in the province.