BUDGET 2026-27: Senate panel backs 5pc tax on earnings from social media

A Senate panel approved a 5% tax on earnings from social media platforms by local and foreign digital content creators under the Finance Bill 2026. The proposal includes exemptions for annual income up to Rs600,000 and a 5% tax on earnings between Rs600,000 and Rs1.2 million, with debates over potential impacts on foreign exchange inflows and digital earners.