Senate committee approves tax over Rs10mn pensions, exemption for athletes

The Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwalla, has approved a series of critical tax proposals for the upcoming fiscal year, including a tax on annual pensions exceeding Rs10 million, 24NewsHD TV channel reported on Thursday.

In a key relief measure, the committee also approved income tax exemption for international athletes, recognising their contributions and potential for global representation.

On the investment and innovation front, tax exemptions for Special Economic Zones (SEZs) and Special Technology Zones (STZs) were also approved — a move that drew attention from lawmakers.

Senator Anusha Rehman highlighted concerns regarding policy inconsistency, saying, "We just planted the seed of Special Technology Zones, and the government has already withdrawn their tax exemptions."

FBR Chairman responded, affirming the government's broader taxation agenda, "We are in the process of eliminating all unnecessary tax exemptions across sectors."