Understanding the fundamentals of income tax in Pakistan is crucial for individuals and businesses alike before embarking on the process of registration and filing returns. This article provides a basic overview of key concepts to help you navigate the tax landscape.
Karachi, June 29, 2024 – In a surprising move aimed at generating more tax revenue, the government has imposed a 10 percent surcharge on income tax for individuals earning over Rs 10 million.
In a significant update for the upcoming fiscal year, the Finance Bill 2024 has unveiled revised tax brackets and rates, impacting both salaried individuals and business entities across the country.
Islamabad, June 29, 2023: Starting from July 1, 2023, Pakistan has introduced an additional tax on unexpected income, profit, and gains. The Federal Board of Revenue (FBR) has been granted the authority to collect this tax.
Islamabad: In a significant move, Pakistan has passed legislation aimed at expanding the scope of permanent establishment to regulate transactions conducted through electronic mediums.
Karachi, Pakistan – The Finance Act, 2023, has brought back the tax on bonus shares, which will take effect from July 1.
With the implementation of the Finance Act 2023 from July 1, 2023, significant amendments have been made to the provisions related to deemed income.
Islamabad, June 28, 2023: The National Assembly of Pakistan has given its approval to implement a withholding tax on cash withdrawals made by non-filers of income tax returns, effective from July 1, 2023.
Islamabad, June 27, 2023: The government has announced that active taxpayers will no longer be required to pay tax on deemed income, according to the Finance Act, 2023.
Islamabad, June 27, 2023 – The national assembly has passed the budget proposals, making the additional tax on windfall income a law, according to experts.