As per Lawkidunya, Pakistan’s income tax laws and regulations are governed by the Income Tax Ordinance, 2001, which has undergone several amendments over the years. Here are some key aspects of Pakistan’s income tax laws:

Taxable Income

– Taxable income includes income from various sources, such as salary, property, business, capital gains, and other sources.
– Tax rates vary depending on the type of income and the taxpayer’s status (individual, association of persons, or company).

Tax Rates

– For individuals, tax rates range from 5% to 35%, with different brackets for salaried and non-salaried individuals.
– Companies are taxed at a flat rate of 34%.

Withholding Tax

– Withholding tax is applicable on various transactions, including salary, contracts, and imports.
– Rates vary depending on the type of transaction and the taxpayer’s status.

Tax Year

– Pakistan’s tax year runs from July 1 to June 30.
– Tax returns must be filed within the prescribed timeframe to avoid penalties.

Other Regulations

– The Federal Board of Revenue (FBR) is responsible for administering tax laws and regulations in Pakistan.
– Taxpayers must comply with various regulations, including registration, filing of tax returns, and payment of taxes.

It’s essential to consult the Federal Board of Revenue’s website or seek professional advice to ensure compliance with Pakistan’s income tax laws and regulations.