If an employee’s income is less than the exemption threshold of PKR 600,000 (whether a salaried or non-salaried individual), the employee is not required to pay any income tax. To see how this works, below is an income tax rate table for salaried employees as of 2021: TAXABLE INCOME...
Pakistan - Economy, Banking, Taxation: Finance contributes a relatively small value to GDP, though its growth rate in the late 20th and early 21st centuries has been considerable. Pakistan has a variety of state banks, state-run banks (though more-recent
The total rent amount was paid in advance on 1 July 2012, on which date the exchange rates were: State Bank of Pakistan rate Open market rate 1 US$ = Rs. 88·5 1 US$ = Rs. 90·0 Required: Compute Mr Rizwan's taxable income and income assessable under the final/fixed tax regime ...
Employees who work overtime are compensated at double the rate of ordinary wages. Factories Act, 1934 § 47 – 47A. Under the Factories Act, an employee who works in a non-seasonal factory for more than 9 hours per day and 48 per week and in a seasonal factory for more than 9 hours...
Income tax rate on mobile phone calls to increase from 10% to 15% Tax exemptions for imported meat and poultry items GST rate on cars above 1,000cc to be hiked to 17%, while tax on import of electric vehicles in CBU conditions to increase from 5% to 17%. ...
• Income The 2023 Census provides estimates for each Province of the following indicators of education: • Literacy Rate • Gross Primary Enrollment Rate • Gross Middle and Secondary Enrollment Rate • Gross Intermediate and Graduation Enrollment Rate • % of In-School Children As an exa...
Pakistan Exchange Rate against USD averaged 286.584 (USD/PKR) in Jun 2023, compared with 285.486 USD/PKR in the previous month.
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Evidence from Pakistandoi:10.2139/ssrn.3355870EfficiencyIncome TaxTax EvasionUsing a series of Pakistani tax reforms and administrative records, I document that taxable income responses induced by to-zero tax cuts are orders of magnitudeSocial Science Electronic Publishing...
we observe three things. The personalincome taxrate in Pakistan has remained, on average, 20 percent. But thecorporate taxrate has gone down in 2014 [from 35 to 34], and by another percentage point in each subsequent year. It stabilized at 31 percent in 2017. While thesales taxwent from...