ISLAMABAD, APR 05 (DNA) – Prime Minister Shahid Khaqan Abbasi has announced a major tax reforms package envisaging substantial reduction in income tax rates and launching of an amnesty scheme for undeclared assets.

Addressing a news conference in Islamabad on Thursday, he said maximum rate of income tax is being reduced from the existing 30% to 15%.

Annual income of upto 1.2 million rupees would be exempt from the income tax.

There would be five percent income tax on income falling between 1.2 to 2.4 million rupees annually.

The rate of income for the income bracket of 2.4 to 4.8 million rupees would be ten percent and 15% on more than 4.8 million rupees.

The Prime Minister said at present only 1.2 million people are filer income tax return out of a population of 207 million.