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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 The total amount withdrawn in a single day is considered for determining whether the threshold has been met.
Starting in the tax year 2023, the additional tax rates were adjusted to 16%, 10%, and 0%, with the corporate tax rate increasing to 39%. [3] In 2024, some banks in Pakistan, including Bank Alfalah, Bank of Punjab, and Habib Bank Limited, introduced a monthly fee on high desposits to reduce overall deposits and avoid ADR tax. [4]
Low Tax-to-GDP Ratio: Pakistan’s tax-to-GDP ratio remains lower than the global average. In recent years, the ratio has been approximately 9.5%, far below that of neighboring countries like India (16%) and Bangladesh (12%). This indicates inefficiencies in tax collection and necessitates systemic reforms.
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income.
A company's earnings before interest, taxes, depreciation, and amortization (commonly abbreviated EBITDA, [1] pronounced / ˈ iː b ɪ t d ɑː,-b ə-, ˈ ɛ-/ [2]) is a measure of a company's profitability of the operating business only, thus before any effects of indebtedness, state-mandated payments, and costs required to maintain its asset base.
A bank transaction tax is a tax levied on debit (and/or credit) entries on bank accounts. In 1989, at the Buenos Aires meetings of the International Institute of Public Finance , University of Wisconsin–Madison Professor of Economics Edgar L. Feige proposed extending the tax reform ideas of John Maynard Keynes , [ 1 ] James Tobin [ 2 ] and ...
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]
Also excluded are the accounts receivable from bankrupt customers [8] and accounts receivable that are too old [9] – usually over 90 days past due [10] (in some cases over 120 days past due. [11]) Different proportions (or 'advance rates') of accounts receivable and of the inventory are included into borrowing base.