Jun 14

High tax may erode banks’ earnings up to 20%

KARACHI: The proposed corporate tax rate for banks may erode earnings of the sector by up to 20 per cent on annual basis. The government presented federal budget on June 10, 2022 and proposed enhancement in tax rates for banking companies. READ MORE: Pakistan slaps 45% corporate tax on banks The government announced various taxation […]

by Hamza Shah

Pakistan slaps 45% corporate tax on banks

Jun 12

Budget 2022-2023, Money & Banking, Taxation

Pakistan slaps 45% corporate tax on banks

ISLAMABAD: Pakistan has slapped corporate income tax at 45 per cent on banks, which is raised from 35 per cent. The country presented its federal budget on June 10, 2022 and introduced tax measures for boosting revenue collection. READ MORE: Tax rates for business individuals, AOPs during TY2023 Through Finance Bill, 2022 the tax rate […]

by Anjum Shah

Corporate income tax rates in Pakistan for 2021-2022

Aug 28

Taxation

Corporate income tax rates in Pakistan for 2021-2022

The Federal Board of Revenue (FBR) has issued updated income tax rates to be applicable on companies for tax year 2022. The tax rates are available in the amended Income Tax Ordinance, 2001. The corporate income tax rate for tax year 2021-2022 shall be 29 per cent. The government has gradually reduced the income tax […]

by Faisal Shah

May 23

Budget 2021-2022, Stock & Commodity, Taxation

Tax rate disparity discourages corporatization: PSX

KARACHI: Inequality in tax rates for corporate and non-corporate businesses has discouraging corporatization in the country, Pakistan Stock Exchange (PSX) noted in its proposals for budget 2021/2022. The stock exchange pointed out that corporate business profits are taxed twice: once at company level at 29 percent and on dividend distribution at 15 percent. As compare […]

by Anjum Shah

Corporate, super tax rates should be aligned for banks

May 17

Budget 2020-2021, Money & Banking

Corporate, super tax rates should be aligned for banks

KARACHI: Federal Board of Revenue (FBR) has been proposed to bring down the corporate tax rate for banks at par with other corporate sector and also treatment of super tax for banking companies aligned with other taxpayers. The banks are paying 35 percent income tax whereas the corporate tax rate for other sectors is 29 […]

by Anjum Shah

Reducing corporate tax to 25 percent recommended

May 7

Budget 2020-2021

Reducing corporate tax to 25 percent recommended

KARACHI: Federal Board of Revenue (FBR) has been urged to gradually reduce the corporate tax rate to 25 percent by tax year 2023. Overseas Investors Chamber of Commerce and Industry (OICCI) in its tax proposals for budget 2020/2021 recommended consolidation of all federal taxes in one lump sum. The government previously announced a policy for […]

by Anjum Shah

High tax rates to discourage industrialization: KCCI

Aug 24

Trade & Industry

High tax rates to discourage industrialization: KCCI

KARACHI: Raising the tax rate is not the right solution for enhancing revenue as it will discourage expansion and industrialization but the actual solution lies in broadening the tax net, Junaid Makda, President, Karachi Chamber of Commerce and Industry (KCCI) said in a statement on Saturday. The broadening of the tax base will subsequently share […]

by Anjum Shah

Income Tax Ordinance 2001: Corporate tax rate to be reduced to 25pc

Mar 26

Exclusive, Taxation

Income Tax Ordinance 2001: Corporate tax rate to be reduced to 25pc

KARACHI: The government has adopted to reduce corporate income tax rate gradually to 25 percent by tax year 2023 and onwards. According to updated Income Tax Ordinance, 2001 released by the Federal Board of Revenue (FBR), the First Schedule, Part I, Division II explained the corporate rates. Rates of Tax for Companies (i) The rate […]

by Faisal Shah