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Below is a summary of the applicable sales tax rates in Pakistan: [13] Sales tax on goods: 18%; Sindh sales tax on services: 15%; Punjab sales tax on services: 16% [14] Balochistan sales tax on services: 15%; Khyber Pakhtunkhwa (KPK) sales tax on services: 15%; Islamabad Capital Territory (tax on services): 15% [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 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 ...
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]
Increasing the sales tax rate from 12% to 15%, a 1% reduction for the pharmaceutical sector. Changes in the Federal Excise Duty (FED), publication of its rules and instructions, introducing FED on certain energy-inefficient appliances, clarification of chargeability, classifying (i) franchise services, (ii) royalties, and (iii) fees for ...
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. When a tax on goods or services is paid to a governing body directly by a consumer, it is usually called a use tax.
The responsibilities of collecting sales tax and Federal excise on Domestic Transactions were transferred to the newly created Inland Revenue Service (IRS). Custom House, Karachi It has realigned the role of Customs according to best international practice of facilitating legitimate trade & passengers, guarding against illicit trade, and making ...
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 in Pakistan to tax sales of open plots held for less than six years.