Salient Changes in Income Tax Ordinance, 2001
• Salaried class basic exemption to Rs.1,200,000
• Individual and AOP Basis exemption from 400,000 to 600,000
• Bahbood Certficates, Pensioner Benefit A/c maximum tax from 10% to 5%
• Fixed Income and Sales Tax for Small retailers – Rs.3,000 ~ Rs.10,000 through electricity bills;
• Initial Depreciation from 50% to 100%
• Raw Material Import tax to be made adjustable.
• Deemed Rental Income – Immovable property having value Rs.25 million and above, 5% rental value to be taxed at 1%.
• Capital gain tax on immovable property – 15% for 1 year, and gradually reducing by 2.5% per annum, after 6 years zero tax.
• 236C and 236K to be enhanced from 1% to 2% for filers and 5% for non filers
• High Income Persons (all including Companies / AOPs) - having income Rs.300 million and above – 2% tax to be imposed
• Advance tax on Luxury Cars – 1600cc above – Tax to be enhanced. 2% advance tax on electric cars – (non filers from 100% to 200%)
• Resident person – any Pakistani individual who is not tax resident of any other country, will be considered as Tax Resident for Pakistan.
• Foreign Payment through credit / debit cards 1% for filers and 2% from non-filers (adjustable tax)
speech 22-23-FINAL.pdf (1.5 MB)
