Taxation benefits in pakistan

1-17 REDISTRIBUTIVE EFFECT OF PERSONAL INCOME TAXATION IN PAKISTAN VAQAR AHMED and CATHAL O’DONOGHUE* Abstract. In case you are doing business in Pakistan or earning taxable salary income or under the income tax law require to file your return, it will prevent you from any penalty or additional tax if you file your tax return within the stipulated time. 2009 · Taxation System Federal taxes in Pakistan like most of the taxation systems in the world are classified into two broad categories, viz. Royalties and fees for technical service paid to non-residents (that have no permanent establishment in Pakistan) are subject to withholding tax of 15 percent. by Sultan M Hali, (Last Updated April 13, 2018) Making progress; Most economies of the world depend on receiving taxes by citizens and industries to develop Following are the benefits of filing your tax return in time in Pakistan: 1. Taxation in Pakistan is a very complex system including more than 70 different taxes and nearly 37 different government agencies administer the tax system. Furthermore, 32% of Excise And Taxation Office Salary In Pakistan, BPS Pay Scale, Benefits Remember the change in the figure in real time when you will be appointment cannot be same it may be increases or decreases with the passage of time. 1 Pakistan Economic and Social Review Volume 47, No. Taxation in Pakistan 1. Around 10 million people are registered to pay taxes but only 1. 9 million people pay taxes [1]. 4% population is of working age making 122 million people fall into the working population. 5 million tax payers constitute of 48% these working people. A broad description regarding the nature of administration of these taxes is explained below: Direct TaxesPakistan Highlights 2017 Investment basics: Currency – Pakistan Rupee (PKR) Foreign exchange control – Foreign exchange regulations are issued and administered by the state bank of Pakistan. The 57. 07. , direct and indirect taxes. According to the common notion, 29% of the population is paying the taxes. Benefits of third tier taxation. 09. Moreover, Pakistan’s total population is around 200 million. There generally are no restrictions on the repatriation of income or capital. 61. Companies are also allowed a straight deduction against taxable income (up to 20% of taxable income) in case of donations made to certain approved institutions. 1 (Summer 2009), pp. But according to Economic survey of Pakistan. Pakistan tax return and 20 percent where the recipient is a non-filer. Accounting principles/financial statements – IFRS. In 2002, Transparency International studied 256 respondents, among which 99% were facing corruption regarding to taxation. any educational institution, hospital, or relief fund established or run in Pakistan by federal government, provincial government, or local government, and any non-profit organisation

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