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The corporate income tax rate was 29% for tax year 2019 and onwards, whereas the corporate tax rate is 35% for the banking industry for TY 2019. Income tax on export of services in Pakistan is 1%. However, the export of IT services is taxed at a reduced rate of 0.25% if registered with PSEB, Pakistan Software Export Board. [5]
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 ]
6.9% (for minimum wage full-time work in 2024: includes 20% flat income tax, of which first 7848€ per year is tax exempt for low-income earners + 2% mandatory pension contribution + 1.6% unemployment insurance paid by employee); excluding social security taxes paid by the employer
The budget included funding for a number of development initiatives to increase the nation's economic growth rate. The original outlays for the PDSP being estimated at Rs. 2.66 trillion for the development programme, which included a Rs 950 billion federal Public Sector Development Programme (PSDP), that was approved by the Annual Plan Coordination Committee (APCC). [5]
In 2024, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation.
Before 2003, all dividends issued by companies were taxed as ordinary income, meaning you’d pay the same tax rate on them as if you were receiving your salary or wages.
University of California, Berkeley professor Gabriel Zucman applauded the OECD efforts to eliminate corporate tax havens, but criticized the proposed minimum tax rate of 15%, a rate lower than the average combined federal and state income tax rates paid by individual Americans. In Zucman's opinion, a 15% minimum rate would be too small, and ...
A 2% Poverty Alleviation Tax introduced on individuals with income exceeding Rs 300 million. 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 ...