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Consequently, provincial revenue authorities were created to manage and collect provincial sales tax in their respective provinces. Below is a summary of the applicable sales tax rates in Pakistan: [14] Sales tax on goods: 18%; Sindh Sales tax on services: 15%; Punjab Sales tax on services: 16% [15] Balouchistan Sales tax on services: 15%
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
The Inland Revenue Service (IRS) is a department of the Federal Board of Revenue (FBR) in Pakistan. It was established in 2009 and holds the responsibility for overseeing various aspects of domestic taxation, encompassing Sales Tax, Income Tax, and Federal Excise Duty. [1] [2]
The 2023–24 Pakistan federal budget was the Federal Budget implemented by the government of Pakistan for the ... Increasing the sales tax rate from 12% to 15%, a 1% ...
The Federal Board of Revenue (FBR) (Urdu: وفاقی بورڈ محصولات), formerly known as Central Board of Revenue (CBR), is a federal law enforcement agency of Pakistan that investigates tax crimes, suspicious accumulation of wealth, money-laundering make regulation of collection of tax. FBR operates through Inspectors-IR that keep tax ...
Taxation, which includes income tax, sales tax, and customs duties, constitutes a substantial portion of revenues, bolstering both federal and provincial government finances. Non-tax revenue sources, such as mark-up from state enterprises, surplus profits from the State Bank of Pakistan , and royalties on oil and gas, further contribute ...
The tax percentage for each country listed in the source has been added to the chart. According to World Bank , "GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products.
A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase . Federal Sales Taxes