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The 2024–25 Pakistan Federal Budget is a financial statement of the government's estimated receipts and expenditures for the fiscal year that runs from 1 July 2024 to 30 June 2025. [ 1 ] [ 2 ] On 12 June 2024, finance minister Muhammad Aurangzeb presented the federal budget with a total outlay of Rs18.877 trillion. [ 3 ]
Income Tax on Export of Services, in Pakistan is 1%. However, export of IT services is taxed at reduced rate of 0.25% in registered with PSEB, Pakistan Software Export Board. [5] In addition to Corporate Tax, there are other applicable income taxes including Super Tax, Minimum Tax, and Tax on Undistributed reserves.
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 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 ...
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. In most jurisdictions, tax withholding applies to employment income.
Reduced tax rate on income from Bahbood certificates from 10% to 5%. Tax credit on income from software and IT exports withdrawn, with a 0.25% tax on export proceeds of these services. Commercial importers now taxed under a final tax regime. A new 10% withholding tax imposed on international money transfer facilitation fees.
In Pakistan, banking companies are required to deduct an advance adjustable tax at a rate of 0.6% on cash withdrawals exceeding fifty thousand rupees per day. This tax applies to individuals whose names are not listed as active taxpayers. The total amount withdrawn in a single day is considered for determining whether the threshold has been met.