What is minimum tax regime in Pakistan?
Minimum tax on turnover Where the tax payable by a company is less than 1.25% of the turnover, the company is required to pay a minimum tax equivalent to 1.25% of the turnover. In certain cases/sectors, such turnover tax is payable at rates less than 1.25% (ranging from 0.25% to 0.75 % of turnover).
What is Pakistan tax rate?
| Related | Last | Unit |
|---|---|---|
| Personal Income Tax Rate | 35.00 | percent |
| Corporate Tax Rate | 29.00 | percent |
| Sales Tax Rate | 17.00 | percent |
What is normal tax year?
Tax Year. For example, tax year for the period of twelve months from July 01, 2017 to June 30, 2018 shall be denoted by calendar year 2018 and the period of twelve months from July 01, 2018 to June 30, 2019 shall be denoted by calendar year 2019. It is called Normal Tax Year.
How do I know my tax rate?
Following are the steps to use the tax calculator:
- Choose the financial year for which you want your taxes to be calculated.
- Select your age accordingly.
- Click on ‘Go to Next Step’
- Enter your taxable salary i.e. salary after deducting various exemptions such as HRA, LTA, standard deduction, and so on. (
What is a normal tax?
Definition of normal tax : a basic rate of taxation (as on income) applied to large groups of taxpayers to which varying surtaxes may be added for smaller subgroups.
Which is provincial tax in Pakistan?
The rate varies from 13 percent to 16 percent depending upon the province i.e. Sindh, Punjab, Khyber Pakhtunkhwa and Balochistan as well as Islamabad Capital Territory.
What was the sales tax rate in Pakistan?
Sales Tax Rate in Pakistan averaged 16.31 percent from 2006 until 2021, reaching an all time high of 17 percent in 2014 and a record low of 15 percent in 2007. This page provides – Pakistan Sales Tax Rate – actual values, historical data, forecast, chart, statistics, economic calendar and news.
What was the corporate tax rate in Pakistan in 1997?
Corporate Tax Rate in Pakistan averaged 33.82 percent from 1997 until 2020, reaching an all time high of 43 percent in 2000 and a record low of 29 percent in 2020. This page provides – Pakistan Corporate Tax Rate – actual values, historical data, forecast, chart, statistics, economic calendar and news.
What is the tax rate for FTR in Pakistan?
The category-wise rate of tax under FTR is given as under: Category 1: 0.25% of the gross turnover, where annual business turnover does not exceed PKR 100 million; Category 2: 0.5%% of the gross turnover, where annual business turnover exceeds PKR 100 million but does not increase 250 million.
How are non resident companies taxed in Pakistan?
A resident company is taxed on its worldwide income. Non-resident companies operating in Pakistan through a branch are taxed on their Pakistan-source income attributable to the branch at rates applicable to a company. The federal corporate tax rates on taxable income (for tax year 2022) are as follows: