Karachi, July 17, 2023 – Pakistan’s salaried class has shown remarkable financial prudence, depositing a staggering Rs3.45 trillion in banks by the end of June 2023. This surge in deposits is primarily attributed to the country’s highest rate of return on investments.
The Institute of Chartered Accountants of Pakistan (ICAP) has put forward recommendations to streamline the tax refund process for salaried individuals to their bank accounts and strengthen whistle blower protection.
The Overseas Investors Chamber of Commerce and Industry (OICCI) has submitted its proposals for the upcoming budget 2023-2024 to the Federal Board of Revenue (FBR).
ISLAMABAD: Federal Board of Revenue (FBR) has collected a huge amount of Rs196.25 billion as income tax from salaried class during tax year 2022. A report issued by the FBR revealed that the collection of tax on salaried income recorded significant growth of 29 per cent, which compared with the collection of Rs151.84 billion in […]
KARACHI: The federal government has withdrawn the proposal to give concessions to salaried persons and retained the minimum threshold for salary income at Rs600,000. Through the Finance Act, 2022 the new tax rates on salary income have been implemented from July 01, 2022. The new tax rates are as follow: READ MORE: Proposal of final […]
The Federal Board of Revenue (FBR) has issued a reminder to salaried individuals, emphasizing the necessity of retaining tax and salary certificates for a minimum of six years for assessment and audit purposes.
ISLAMABAD: Salaried persons have paid Rs129 billion as income tax at source during tax year 2020, which is 70 percent higher than the collection under this head during preceding year, according to official documents. The FBR had collected Rs76 billion as income tax from salaried persons during tax year 2019. The FBR officials attributed to […]
KARACHI: The deposits of salaried persons in the domestic banking system surged by 35 percent in August 2020 as financial institutions provided safe avenue for investment. The banking deposits of salaried persons increased to Rs2.252 trillion by end of August 2020 as compared with Rs1.671 trillion in the same month of the last year, according […]
KARACHI: The collection of income tax from salaried persons registered 68 percent growth during July – March 2019/2020 due to upward revision in tax rates on various salary slabs, State Bank of Pakistan (SBP) reported in its Third Quarterly Report on Pakistan Economy issued on Thursday. The collection under this head increased to Rs89.7 billion […]
KARACHI: Following are the tax slabs for salaried persons to be applicable during tax year 2021 (2020/2021). 1. Where taxable income does not exceed Rs. 600,000: the tax rate shall be zero percent 2. Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000: the tax rate shall be 5 percent of the […]