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Senior citizens and wealth tax

Published Jul 02, 2013 07:57am

THE recently-proposed Wealth Tax (called Income Support Levy) places an uncharitable and unfair burden on senior citizens.

One works all his working life and saves so that when he is unable to earn his livelihood he can rely on his savings for an income for his family and himself. Now not only is his income from his movable property taxed, but it is now proposed to tax his movable assets too, leaving little for the senior citizen to live on.

Income tax laws tax the income of senior citizens at a concessionary rate but this concession is of little value as most senior citizens cannot work and tax on his earnings from savings is taxed at the source.

It is, therefore, just fair that senior citizens be exempted from the income support levy or at least from half of it.

CONCERNED SENIOR CITIZEN Karachi