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.
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Pakistan 2024-25 Tax Calculator for Salary, Business Individuals
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.
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Pakistan Implements Additional Tax on Unexpected Income
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.
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Pakistan Enacts Legislation to Broaden Permanent Establishment Scope
Islamabad: In a significant move, Pakistan has passed legislation aimed at expanding the scope of permanent establishment to regulate transactions conducted through electronic mediums.
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Revival of Tax on Bonus Shares through Finance Act, 2023
Karachi, Pakistan – The Finance Act, 2023, has brought back the tax on bonus shares, which will take effect from July 1.
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Experts Analyze Amendments to Deemed Property Income in Finance Act 2023
With the implementation of the Finance Act 2023 from July 1, 2023, significant amendments have been made to the provisions related to deemed income.
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Banks to Collect 0.6% Tax on Cash Withdrawal from Non-Filers
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.
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Active Taxpayers Exempted from Deemed Income Tax
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.
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Additional Tax on Windfall Income Becomes Act of Parliament
Islamabad, June 27, 2023 – The national assembly has passed the budget proposals, making the additional tax on windfall income a law, according to experts.
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Pakistan Imposes 10% Income Tax on Bonus Shares Issued by Companies
The government of Pakistan has introduced a new measure through the Finance Bill, 2023, which imposes a 10 percent income tax on the issuance of bonus shares by companies to their shareholders. This tax is implemented under a new section, 236Z, of the Income Tax Ordinance, 2001.
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