News FlashesJuly 24, 2023

CRS News Flash 20 July 2023 – PAKISTAN – New tax rates published for 2023/2024

JULY 2023 – PAKISTAN

NEW TAX RATES PUBLISHED FOR 2023/2024
It is important that employers note the following:

Revised tax rates for salaried individuals published in the Finance Act 2023

Following the Pakistan Federal Budget Speech delivered on 9 June 2023 by the Minister for Finance and Revenue, the Finance Bill 2023 was enacted on 26 June 2023 by the President.

For the period 1 July 2023 to 30 June 2024 the Act modifies the personal income tax rates and brackets for salaried workers (who derive at least 75% of their income from salaries) as follows:

Flat increase of 2.5% in the tax rates applicable on salaried individuals earning more than Rs 2.4 million per annum, with highest slab rate of 35% starting from Rs 6 million per annum (previously Rs 12 million).

To view the Finance Act, 2023, follow the link.

 

Contact our legislation team on info@crs.co.za if you require any additional information.
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