The Federal Board of Revenue (FBR) has disclosed the tax rates applicable to profit on debt under section 7B of the Income Tax Ordinance, 2001, for the tax year 2022.
(more…)Author: Faisal Shahnawaz
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Rate of dividend tax for Tax Year 2022
The tax rates for dividend tax imposed under section 5 of the Income Tax Ordinance, 2001 for tax year 2022 under the First Schedule of the Income Tax Ordinance, 2001.
The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.
Following are the rates of dividend tax:
The rate of tax imposed under section 5 on dividend received from a company shall be-
(a) 7.5% in the case of dividends paid by Independent Power Producers where such dividend is a pass through item under an Implementation Agreement or Power Purchase Agreement or Energy Purchase Agreement and is required to be re-imbursed by Central Power Purchasing (CPPA-G) or its predecessor or successor entity.
(b) 15% in mutual funds, Real Estate Investment Trusts and cases other than those mentioned in clauses (a) and (c).
(c) 25% in case of a person receiving dividend from a company where no tax payable by such company, due to exemption of income or carry forward of business losses under Part VIII of Chapter III or claim of tax credits under Part X of Chapter III.
(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
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KIBOR rates on October 15, 2021
KARACHI: State Bank of Pakistan (SBP) on Friday issued the following Karachi Interbank Offered Rates (KIBOR) on October 15, 2021.
Tenor BID OFFER 1 – Week 7.21 7.71 2 – Week 7.25 7.75 1 – Month 7.29 7.79 3 – Month 7.71 7.96 6 – Month 8.10 8.35 9 – Month 8.38 8.88 1 – Year 8.60 9.10 -
SBP issues customers exchange rates for October 15
Karachi, October 15, 2021: The State Bank of Pakistan (SBP) has issued the official exchange rates for Friday, October 15, 2021.
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Rate of super tax for Tax Year 2022
The Federal Board of Revenue (FBR) has defined the super tax rate for the tax year 2022 under the First Schedule of the Income Tax Ordinance, 2001.
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Rates of income tax for companies during Tax Year 2022
The tax rates for corporate entities for tax year 2022 under the First Schedule of the Income Tax Ordinance, 2001.
The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.
Following are the rates of tax for corporate entities:
(i) The rate of tax imposed on the taxable income of a company for the tax year 2007 and onward shall be 35%:
Provided that the rate of tax imposed on the taxable income of a company other than a banking company, shall be 34% for the tax year 20145:
Provided further that the rate of tax imposed on the taxable income of a company, other than a banking company, shall be 33% for the tax year 2015:
“Provided further that the rate of tax imposed on taxable income of a company, other than banking company shall be 32% for the tax year 2016, 31% for tax year 2017, 30% for tax year 2018 and 29% for tax year 2019 and onwards.
(iii) where the taxpayer is a small company as defined in section 2, tax shall be payable at the rate of 25%:
Provided that for tax year 2019 and onwards tax rates shall be as set out in the following Table, namely:—
Tax year Rate of Tax 2019 24% 2020 23% 2021 22% 2022 21% 2023 and onwards 20%”; (Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
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Rate of tax for salaried persons for tax year 2022
The tax rates for salaried persons for tax year 2022 under the First Schedule of the Income Tax Ordinance, 2001.
The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.
Following are the rates of tax for salaried persons during tax year 2022 (July 01, 2021 – June 30, 2022):
(2) Where the income of an individual chargeable under the head “salary” exceeds seventy-five per cent of his taxable income, the rates of tax to be applied shall be as set out in the following table, namely:—
TABLE S. No. Taxable income Rate of tax (1) (2) (3) 1. Where taxable income does not exceed Rs. 600,000 0% 2. Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000 5% of the amount exceeding Rs. 600,000 3. Where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 1,800,000 Rs. 30,000 plus 10% of the amount exceeding Rs. 1,200,000 4. Where taxable income exceeds Rs. 1,800,000 but does not exceed Rs. 2,500,000 Rs. 90,000 plus 15% of the amount exceeding Rs. 1,800,000 5. Where taxable income exceeds Rs.2,500,000 but does not exceed Rs. 3,500,000 Rs. 195,000 plus 17.5% of the amount exceeding Rs. 2,500,000 6. Where taxable income exceeds Rs. 3,500,000 but does not exceed Rs. 5,000,000 Rs. 370,000 plus 20% of the amount exceeding Rs. 3,500,000 7. Where taxable income exceeds Rs. 5,000,000 but does not exceeds Rs. 8,000,000 Rs. 670,000 plus 22.5% of the amount exceeding Rs. 5,000,000 8. Where taxable income exceeds Rs. 8,000,000 but does not exceeds Rs. 12,000,000 Rs. 1,345,000 plus 25% of the amount exceeding Rs. 8,000,000 9. Where taxable income exceeds Rs. 12,000,000 but does not exceeds Rs. 30,000,000 Rs. 2,345,000 plus 27.5% of the amount exceeding Rs. 12,000,000 10. Where taxable income exceeds Rs. 30,000,000 but does not exceeds Rs. 50,000,000 Rs. 7,295,000 plus 30% of the amount exceeding Rs. 30,000,000 11. Where taxable income exceeds Rs. 50,000,000 but does not exceeds Rs. 75,000,000 Rs. 13,295,000 plus 32.5% of the amount exceeding Rs. 50,000,000 12. Where taxable income exceeds Rs. 75,000,000 Rs. 21,420,000 plus 35% of the amount exceeding Rs. 75,000,000] (Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
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Tax rates for individuals, AOPs for Tax Year 2022
The tax rates for individuals and Association of Persons (AOPs) for tax year 2022 under the First Schedule of the Income Tax Ordinance, 2001.
The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.
Following are the rates of tax for Individuals and Association of Persons:
(1) Subject to clause (2), the rates of tax imposed on the income of every individual and association of persons except a salaried individual shall be as set out in the following Table, namely:—
TABLE S. No. Taxable income Rate of tax (1) (2) (3) 1. Where taxable income does not exceed Rs. 400,000 0% 2. Where the taxable income exceeds Rs. 400,000 but does not exceed Rs. 600,000 5% of the amount exceeding Rs. 400,000 3. Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000 Rs. 10,000 plus 10% of the amount exceeding Rs. 600,000 4. Where taxable income exceeds Rs.1,200,000 but does not exceed Rs. 2,400,000 Rs. 70,000 plus 15% of the amount exceeding Rs. 1,200,000 5. Where taxable income exceeds Rs. 2,400,000 but does not exceed Rs. 3,000,000 Rs. 250,000 plus 20% of the amount exceeding Rs. 2,400,000 6. Where taxable income exceeds Rs. 3,000,000 but does not exceed Rs. 4,000,000 Rs. 370,000 plus 25% of the amount exceeding Rs. 3,000,000 7. Where taxable income exceeds Rs. 4,000,000 but does not exceed Rs. 6,000,000 Rs. 620,000 plus 30% of the amount exceeding Rs. 4,000,000 8. Where taxable income exceeds Rs. 6,000,000 Rs. 1,220,000 plus 35% of the amount exceeding Rs. 6,000,000 (Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
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Traders urged to show unity for resolution of issues
KARACHI: Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Zubair Motiwala has urged all shopkeepers and small traders to exhibit complete unity and solidarity under KCCI’s umbrella so that one strong voice could be raised to compel the federal and provincial governments to pay attention to Karachi and immediately resolve all the issues being suffered by Karachiites.
“The Karachi Chamber, being the premier Chamber and a true representative of the entire business community, is not just for resolving problems of businessmen and industrialists but small traders and shopkeepers are also equally important and dear to us hence, BMG Leadership and KCCI Office Bearers are always available to help out small traders and shopkeepers who are an integral part of this Chamber”, he added while speaking at the first meeting of Special Committee for Small Traders which was also attended by Vice Chairman BMG Jawed Bilwani, President KCCI Muhammad Idrees, Senior Vice President Abdul Rehman Naqi, Chairman of KCCI’s Special Committee for Small Traders Majeed Memon, Former Presidents KCCI Majyd Aziz & Younus Muhammad Bashir, Former Senior Vice President Talat Mehmood, KCCI Managing Committee Members and a large number of shopkeepers and representatives of commercial markets’ associations.
Commenting on the hardships being suffered by shopkeepers due to outbreak of COVID-19 pandemic and the subsequent lockdowns, Chairman BMG urged the Federal and Provincial Governments to provide a helping hand to the perturbed small traders and shopkeepers who were still distressed and have not come out of crises because of the severe losses suffered during lockdowns. He said that the Karachi Chamber was struggling really hard to some how convince the government to extend financial support to shopkeepers as compensation for the losses suffered by them during COVID-19 pandemic.
Responding to concerns expressed by meeting participants over poor attitude of police officers towards shopkeepers, Zubair Motiwala assured that the Karachi Chamber was well aware of this particular issue hence it has already been discussed with Karachi Police Chief Imran Yaqub Minhas who assured to deal with it at the earliest so that the small traders and shopkeepers could carry out their business activities without any kind of fear from police.
He also promised to invite Additional IG for a meeting again at KCCI in which small traders and shopkeepers will also be invited so that they could directly discuss issues pertaining to parking, police patrolling, encroachment, thefts, robberies, mobile snatching and other heinous crimes taking place in their areas. “We will keep striving and continue to raise a very strong voice until all the issues are resolved exactly as per aspiration of small traders.
Commenting on problems being faced by small traders and shopkeepers due to complete closure of businesses on Sunday which has been earmarked as Safe Day, Chairman BMG informed that this issue has been taken up with Chief Minister Sindh Syed Murad Ali Shah who has assured that if the NCOC declares Sunday as working day for shopkeepers, he would immediately lift the restriction of carrying out business activities on Sundays. “Chief Minister will also be visiting KCCI next week where we will again highlight this issue so that it could be taken into consideration”, he added.
He further informed that KCCI has also taken up the issue of forced registration with Chairman Sindh Revenue Board (SRB) Khalid Mehmood who was advised to hold consultation with relevant markets’ associations instead of forcing the shopkeepers to get registered. “Any misconduct or demand for bribe by SRB official may please be reported to KCCI and we will take up this matter with SRB to ensure that no injustice was being done to anyone”, he added.
Keeping in view the hardships being faced by Shopkeepers in obtaining trade license, Zubair Motiwala assured to develop some kind of system within KCCI so that the shopkeepers could get the trade license without any demand for bribe by just paying the fee. “We will also take up the possession issue being suffered by displaced shopkeepers of the encroachment drive who although have been allotted shops at alternate locations but the possession has not been given so far”, he added.
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KIBOR rates on October 14, 2021
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the following Karachi Interbank Offered Rates (KIBOR) on October 14, 2021.
Tenor BID OFFER 1 – Week 7.20 7.70 2 – Week 7.25 7.75 1 – Month 7.29 7.79 3 – Month 7.71 7.96 6 – Month 8.08 8.33 9 – Month 8.37 8.87 1 – Year 8.60 9.10