Income Tax Rate 2020 Pakistan

New profit rates has been issued by the national savings of pakistan.
Income tax rate 2020 pakistan. Income tax rates in pakistan 2020 on salaried non salaried person. This page provides pakistan personal income tax rate actual values historical data forecast chart statistics economic calendar and news. As per federal budget 2019 2020 presented by government of pakistan following slabs and income tax rates will be applicable for salaried persons for the year 2019 2020. Latest income tax slab rates in pakistan for fiscal year 2020 21 latest income tax slab rates in pakistan.
Updated up to june 30 2020. An association of persons is resident for a tax year if the control and management of its affairs is situated wholly or partly in pakistan at any time in that year. As per finance bill 2019 presented by government of pakistan in general assembly june 2019 following slabs and income tax rates will be applicable for salaried persons for the year 2019 2020 who meet the following income condition. You can find new profit rates on savings scheme 2020.
Personal income tax rate in pakistan averaged 21 79 percent from 2006 until 2019 reaching an all time high of 35 percent in 2019 and a record low of 20 percent in 2007. 600 000 the rate of income tax is 0. Tax slabs for salaried person for tax year 2020 2021 admin june 22 2020 add comment karachi. Paragraph 1a where the income of an individual chargeable under the head salary exceeds fifty per cent 50 of his taxable income the rates of tax to be.
2020 a withholding tax rate of 10 is applicable on payment of profit on debt to non resident individuals on debt instruments issued by the federal government under the. Qomi bachat bank has minimized the profit rates on different saving schemes 2020. What is withholding tax important note. A non resident individual is taxed only on pakistan source income including income received or deemed to be received in pakistan or deemed to accrue or arise in pakistan.
The personal income tax rate in pakistan stands at 35 percent. According to the income tax slabs for fy 2020 21 a certain amount of income tax will be deducted from the salaries of individuals earning more than pkr 600 000 per annum. Here are the income tax rates in pakistan for year 2022 21. Income tax rates in pakistan 2020 on salaried non salaried person.
Please note as for these income tax rates in pakistan where a persons is not appearing in the active taxpayers list the rate of tax required to be deducted or collected as the case may be shall be increased by hundred percent of the rate specified to be deducted or collected. Where the taxable salary income does not exceed rs.