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 […]
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 […]
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 […]
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 […]
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 […]
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 […]