Rate of tax on exports during Tax Year 2022

Rate of tax on exports during Tax Year 2022

The rate of tax on exports for the tax year 2022 has been explained 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 rate of tax on exports:

(1) The rate of tax to be deducted under sub-sections (1), (3), (3A), (3B) or (3C) of section 154 shall be 1 per cent of the proceeds of the export.

(2) The rate of tax to be deducted under sub-section (2) of section 154 shall be 5 per cent.

(3) The rate of tax to be deducted under sub-section (2) of section 153 shall be 1 per cent:

Provided that in case of immovable property sold by auction, the rate of collection of tax under this section shall be 5 per cent of the gross sale price.

The rate of tax to be deducted under section 154A shall be one percent of the proceeds of the export.

 (Disclaimer: The text of 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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