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A 2% Poverty Alleviation Tax introduced on individuals with income exceeding Rs 300 million. General tax rate for banking companies increased from 35% to 45%. A 1% tax on deemed rental income applied to the fair market value of certain immovable properties owned by resident persons in Pakistan. Revised capital gains tax on immovable properties ...
The 2023–24 Pakistan federal budget was the Federal Budget implemented by the government of Pakistan for the fiscal year 2023–24. The revised budget was presented to Parliament on 25 June, 2023 after Finance Minister Ishaq Dar introduced new taxation measures and expenditure cuts. The budget was accepted the next day.
The tax structure is progressive, aiming to fairly distribute the tax burden across different income groups. Currently, the Corporate Income tax rate is 29% for tax year 2019 and onwards whereas the corporate tax rate is 35% for Banking Industry for TY 2019. Income Tax on Export of Services, in Pakistan is 1%. However, export of IT services is ...
For the 2023 tax year, there are seven federal tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Your tax bracket is determined by your taxable income and filing status and shows what tax rate ...
2023-2024 tax brackets and federal income tax rates. ... There are seven tax brackets for most ordinary income for the 2023 tax year: 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 ...
In 2024, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation.
This led to an unsustainable debt burden. In the fiscal year 2022–23, the debt servicing obligations of Rs. 5.2 trillion exceed the entire federal government revenue. [8] In 2022, Pakistan experienced a trifecta of challenges, as political unrest, an economic crisis, and destructive floods gripped the nation.
This is considered ordinary income, and the gain is taxed based on your traditional tax bracket. The federal tax brackets for 2023 taxable income filed in 2024 and 2024 taxable income filed in ...