Non-filer’s increase of taxation on Profits, securities, Immovable properties
The tax rates for non-salaried individuals and associations of persons and salaried individuals have changed. There is no income if annual income is up to Rs.600,000. Beyond this threshold, tax rates for non-salaried individuals have five taxable slabs with progressive tax rates ranging from 15% to 45%. For salaried individuals, beyond the threshold of Rs.600,000 per annum, there are five taxable slabs ranging from 5% to 35%.
Adil Aziz
Investment to GDP ratio stands at 13.14 percent in FY-2024
The investment to Gross Domestic Products GDP ratio stood at 13.14 percent in FY-2024 compared to 14.13 percent in FY-2023 mainly due to contractionary macroeconomic policies and political uncertainty.
SBP for adoption of Digital Supply Chain Finance solutions by banks
The State Bank of Pakistan instructed banks to develop and implement digital solutions for supply chain finance within six months to leverage the technology for increasing the SMEs’ access to finance and digitizing retail payments.
PQFTL announces appointment of new CEO
Pak-Qatar Family Takaful Limited (PQFTL), a leading provider of Shariah-compliant Family Takaful solutions, has appointed Waqas Ahmad as its new Chief Executive Officer (CEO).
Jazz introduces Saudi data roaming bundles for hajj pilgrims
Jazz has introduced Saudi data roaming bundles designed to meet the connectivity needs of Pakistani pilgrims during their spiritual journey in Saudi Arabia for Hajj.
Pakistan’s CAD narrowing downs to US $ 0.5 billion
The current account deficit has significantly reduced, narrowing down to US $ 0.5 billion during July-March FY 2024, compared to US $ 4.1 billion in the same period last year.
Easypaisa enables in-app QR payments for sale, purchase of sacrificial animals on Eid-ul-Azha
Easypaisa, is bringing ease and convenience to its users on the Eid-ul-Azha for the sale and purchase of sacrificial animals through its very own in-app Raast-based QR code payment mechanism.
JazzCash app crosses 11 million active users
JazzCash, Pakistan’s leading mobile wallet and digital financial services platform, has surpassed 11 million active app users.
FPCCI’s demand to bring retail tax on final stage, cut in mark-up and power tariff
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) demanded of the government to reduce the interest rate to 12 percent. The electricity price should be reduced to 9 cents for all industries. Contracts with Independent Power Producers (IPPs) should be revisited. Cross subsidies of Rs 240 billion should be eliminated and tax on the retail sector should be taken at the final stage.
US is top export destination of Pakistani products
The United States (US) remained the top export destination of Pakistani products during the first ten months of the current financial year 2023-24, followed by China and the United Kingdom (UK).