Tax Rates for Tax Year 2022

The National Assembly of Pakistan passed the Finance Bill 2021 on Tuesday, June 29, 2021. Changes made in Income Tax Ordinance and Income Tax Rules will be effective from July 01, 2021. I have summarized below the tax rates based on Finance Bill 2021. For this purpose, I have presented links from the authentic websites and web sources. I will update this list to add more tax rates as well.

1. Tax Rates on Salary Income

2. Tax Rates for Business Individuals and Association of Persons

3. Profit from Government Securities to be Taxed at 15%

4. No withholding tax on Cash Withdrawal from July 01

5. Condition of updating Tax Profile Withdrawn

6. Advance Tax on Stock Exchange Transactions Abolished

7. Budget 2021/2022: Tax imposed on Sales made through Online Marketplace

8. Penalty imposed for Non-Declaration of Business Bank Account

9. Budget 2021/2022: Consumers to get Prizes on Sales Tax Receipts

10. Domestic Electricity Consumers to Pay Tax on Monthly Bill above Rs25,000

11. How much a Phone Call will cost after New Tax?

12. Budget 2021/2022: Turnover up to Rs10 million not required for Sales Tax Registration

13. FBR allowed Probe Foreign Income beyond past Five Years

14. SBP allows Banks to Charge Fee on High Value Transactions

15. New Tax Slabs for Property Income Proposed

16. FBR to Arrest Persons on Concealment above Rs. 25 Million

17. To whom Filing Income Tax Return for Tax Year 2021 is Mandatory

18. Withholding Tax on Phone, Internet Usage Reduced

19. Law amended to prevent Tax Avoidance on Gifts

20. Capital Gain Tax rates enhanced on Disposal of Immovable Properties

21. New Rates of Regulatory Duty on Imported Smart Phones

22. Changes made to Minimum Tax Regime

23. Additional Tax on Transfer of Unregistered Motor Vehicles to Continue

24. Procedure Issued for Taxation of Cooperative Housing Societies

25. Income tax exemption granted to international buying houses

26. Taxpayers require to declare assets, income along with annual return

27. Last date for filing annual tax return is September 30; no extension to be granted

28. Measures for ease of doing business taken through Finance Act, 2021

29. FBR explains Pakistan source of income

30. FBR categorizes heads of income for tax collection

31. Annual Return Filing: What information is required for tax registration?

32. SBP issues list of banks operating in Pakistan

33. How to check active taxpayer status

34. Budget 2021/2022: Salient Features of Measures taken in Income Tax

35. Budget 2021/2022: Universal Self Assessment Scheme Restored; Audit Cases to be Selected on Risk-Based System

36. Tax on payment to non-residents

37. Tax on Dividend Income

38. Super Tax

39. Tax on shipping, air transport income of non-residents

40. Tax on builders, developers

41. General provisions for final tax regime

42. Salary income explained by tax ordinance

43. Employee share scheme not chargeable to tax

44. Tax treatment of income from speculation business

45. Taxation on income from business

46. How depreciation deduction allowed for tax calculation

47. Advance tax rates on motor car purchase, registration

48. Tax ordinance exempts agriculture income

49. Tax rates on education fee

50. Adjustment against income from other sources

51. Tax rates on brokerage and commission

52. Capital gain tax on disposal of securities

53. Method of accounting under income tax ordinance

54. Banks withhold tax on export of IT services

55. Profit of non-resident granted income tax exemption

56. Tax rates on prize bond winning

57. Scholarship cost exempted from income tax

58. Foreign source income tax exempted

59. Income tax exemption to Pakistani expatriates

60. Tax credit granted for charitable donations

61. Withholding tax rates on interest income

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