The Government of Pakistan announced the Federal Budget 2020 and amendments were included in Finance Act, 2020. The latest version of the Finance Act can be accessed at the following link:
https://www.fbr.gov.pk/Categ/Finance-Acts/620
After the publication of the finance act, the amendments are also updated in the main/source document ‘Income Tax Ordinance, 2001’. The latest version of the Income Tax Ordinance can be accessed at the following link:
https://www.fbr.gov.pk/Categ/Income-Tax-Ordinance/326
The latest version of the Income Tax Rules, 2002 can be accessed at the following link:
https://www.fbr.gov.pk/categ/income-tax-rules-2002/335
As of this writing, the most recent version of Income Tax Ordinance is ‘Income Tax Ordinance, 2001 amended up to 30th June 2020’. The current tax year began on July 01, 2020, and will end on June 30, 2021. Hence, there is no updated version available on FBR’s website for Tax Year 2021. However, based on the Finance Act, 2020, and the latest version of Income Tax Ordinance 2001, some websites have mentioned tax rates for Tax Year 2021. I have selected one of these websites and the tax rates from this website are mentioned below for Tax Year 2021:
1. Tax Year 2021: Tax Rates for Salary Income
https://pkrevenue.com/tax-year-2021-tax-rates-for-salary-income
2. Tax Year 2021: Income Tax Rates for Business Individuals, AOPs
https://pkrevenue.com/tax-year-2021-income-tax-rates-for-business-individuals-aops
3. Tax Year 2021: Rates of Income Tax for Companies
https://pkrevenue.com/tax-year-2021-rates-of-income-tax-for-companies
4. Tax Year 2021: Rate of Super Tax
https://pkrevenue.com/tax-year-2021-rate-of-super-tax
5. Tax Year 2021: Rate of Dividend Tax
https://pkrevenue.com/tax-year-2021-rate-of-dividend-tax
6. Tax Year 2021: Rate of Advance Tax on Dividends
https://pkrevenue.com/tax-year-2021-rate-of-advance-tax-on-dividends
7. Tax Year 2021: Tax Rate for Profit on Debt
https://pkrevenue.com/tax-year-2021-tax-rate-for-profit-on-debt
https://pkrevenue.com/tax-rate-at-15-percent-applicable-on-profit-on-debt-fbr
8. Tax Year 2021: Tax Rate on Profit on Bank Deposits
https://pkrevenue.com/tax-year-2021-tax-rate-on-profit-on-bank-deposits
9. Tax Year 2021: Tax rates on Income from Property
https://pkrevenue.com/tax-year-2021-tax-rates-on-income-from-property
10. Tax Year 2021: Rate of CGT (Capital Gains Tax) on Immovable Property
https://pkrevenue.com/tax-year-2021-rate-of-cgt-on-immovable-property
11. Tax Year 2021: Minimum Tax Rates
https://pkrevenue.com/tax-year-2021-minimum-tax-rates
12. Tax Year 2021: Rates of Advance Tax on Imports
https://pkrevenue.com/tax-year-2021-rates-of-advance-tax-on-imports
13. Tax Year 2021: Tax Rate on Sukuks
https://pkrevenue.com/tax-year-2021-tax-rate-on-sukuks
14. Tax Rates on Payments to Non-residents on Services, Contract Execution
https://pkrevenue.com/tax-rates-on-payments-to-non-residents-on-services-contract-execution
15. Penalty for Not Filing Return of Income
https://pkrevenue.com/penalty-for-not-filing-return-of-income
https://pkrevenue.com/tax-year-2020-return-may-be-filed-on-payment-of-penalty
https://pkrevenue.com/fbr-launches-crackdown-against-non-filers-fine-penalty-imposed
https://pkrevenue.com/fbr-to-impose-100-percent-penalty-for-not-mentioning-money-in-tax-returns
https://pkrevenue.com/three-years-imprisonment-for-sales-tax-registration-failure
16. Rate of Tax on Payments for Goods, Services
https://pkrevenue.com/rate-of-tax-on-payments-for-goods-services
17. Rate of Income Tax on Export Proceeds
https://pkrevenue.com/rate-of-income-tax-on-export-proceeds
18. Income Tax Rates on Prize Winnings
https://pkrevenue.com/income-tax-rates-on-prize-winnings
19. Rate of Income Tax on Brokerage, Commission
https://pkrevenue.com/rate-of-income-tax-on-brokerage-commission
20. Motor Vehicle Tax for Tax Year 2021
https://pkrevenue.com/motor-vehicle-tax-for-tax-year-2021
21. Income Tax Rates on Electricity Consumption
https://pkrevenue.com/income-tax-rates-on-electricity-consumption
22. Income Tax Rates on Telephone, Internet Usage
https://pkrevenue.com/income-tax-rates-on-telephone-internet-usage
23. Tax Year 2021: Rate of Tax on Cash Withdrawal from Banks
https://pkrevenue.com/tax-year-2021-rate-of-tax-on-cash-withdrawal-from-banks
24. Resident, Non-Resident Persons
https://pkrevenue.com/ito-2001-defines-resident-non-resident-persons
25. Fair Market Value of Property, Assets
https://pkrevenue.com/fbr-explains-fair-market-value-of-property-assets
26. Determination of Value of Bonus Shares
https://pkrevenue.com/rules-for-determination-of-value-of-bonus-shares
27. Rate of Tax on Payment through Debit, Credit Cards
https://pkrevenue.com/rate-of-tax-on-payment-through-debt-credit-cards
28. Rate of Advance Income Tax on Education Fee
https://pkrevenue.com/rate-of-advance-income-tax-on-education-fee
29. Sales Tax Rate on Telecom Services
https://pkrevenue.com/srb-issues-sales-tax-rate-on-telecom-services
30. Tax Rate on Sale of Petroleum Products
https://pkrevenue.com/income-tax-rate-on-sale-of-petroleum-products
31. Rate of Tax on Sale to Distributors, Dealers and Wholesalers
https://pkrevenue.com/rate-of-tax-on-sale-to-distributors-dealers-and-wholesalers
32. Sales Tax Rates on Banking Services
https://pkrevenue.com/srb-issues-sales-tax-rates-on-banking-services
33. Rates of Duty, Tax on Import of Vehicles
https://pkrevenue.com/fbr-updates-rates-of-duty-tax-on-import-of-vehicles
34. FBR Valuation of Immovable Properties in Karachi
https://pkrevenue.com/fbr-valuation-of-immovable-properties-in-karachi
35. Taxpayer Profile
https://pkrevenue.com/taxpayers-to-get-profile-update-format-at-iris-portal
https://pkrevenue.com/fbr-facilitates-taxpayers-in-updating-profile-user-guide-issued
https://pkrevenue.com/rules-notified-for-taxpayers-profile-update
36. Amnesty Date for Developers, Builders Extended up to June 30
https://pkrevenue.com/amnesty-date-for-developers-builders-extended-up-to-june-30
37. Cash paid for Housing Unit above Rs2 million Required to be Reported under AML/CFT
38. Active Taxpayers’ List
https://pkrevenue.com/fbr-to-issue-atl-2020-on-march-01
39. Exemption Certificates to Gratuity, Provident Funds
https://pkrevenue.com/fbr-directs-issuing-exemption-certificates-to-gratuity-provident-funds
40. E-appeals for Tax Disputes
https://pkrevenue.com/fbr-launches-e-appeals-for-tax-disputes
41. Transfer of Foreign Assets Required to be Declared in Annual Return
https://pkrevenue.com/transfer-of-foreign-assets-required-to-be-declared-in-annual-return
42. Criteria for Selection, Conduct of Income Tax Audit
https://pkrevenue.com/criteria-for-selection-conduct-of-income-tax-audit
43. Salary Persons require retaining Tax Deduction Certificate for Six Years
https://pkrevenue.com/salary-persons-require-retaining-tax-deduction-certificate-for-six-years
44. National Saving Schemes: Tax Rate at 10 Percent on Profit subject to Furnishing Certificate
45. Salary Persons require retaining Tax Deduction Certificate for Six Years
https://pkrevenue.com/salary-persons-require-retaining-tax-deduction-certificate-for-six-years