How much tax is collected from Karachi?

How much tax is collected from Karachi?

Revenue collection Karachi also accounts for 75.14% of customs duty and 79% of sales tax on imports. Therefore, Karachi collects a significant 53.38% of the total collections of the Federal Board of Revenue, out of which 53.33% are customs duty and sales tax on imports.

What is special tax year?

Tax period for Income Tax Return Tax year includes special tax year, which means any period of twelve months and is denoted by the calendar year relevant to the normal tax year in which closing date of the special tax year falls.

What is background and history of sales tax in Pakistan?

Sales tax was declared a federal subject in 1948 through the enactment of General Sales Tax Act, 1948 and in 1952, this levy was transferred permanently to the Central Government. Sales tax was levied at the standard rate of 6 pies per rupee at every stage whenever a sale was effected.

Which Pakistan city gives most tax?

Here Are The Top 10 Taxpaying Cities Of Pakistan For 2020

  • 1: Karachi. Karachi has topped the list as the city paid Rs572.
  • 2: Islamabad.
  • 3: Lahore.
  • 4: Rawalpindi.
  • 5: Peshawar.
  • 6: Multan.
  • 7: Quetta.
  • 8: Gujranwala.

Which city pay more tax in Pakistan?

Karachi-Saddar alone generates an income tax of Rs. 77 billion – 79 percent of the total income tax paid by the markets of Karachi. Even more surprising is the fact that out of Rs. 40.5 billion paid by the markets of Islamabad Rs 39.9 billion (98.5 percent) is paid by the ‘Blue Area market’ alone.

What is SST tax in Pakistan?

Sales Tax Rate in Pakistan is expected to reach 17.00 percent by the end of 2021, according to Trading Economics global macro models and analysts expectations. In the long-term, the Pakistan Sales Tax Rate – Sales Tax is projected to trend around 17.00 percent in 2022, according to our econometric models.

How developed is Karachi?

Ranked as a beta-global city, it is Pakistan’s premier industrial and financial centre, with an estimated GDP of $164 billion (PPP) as of 2019. Karachi is Pakistan’s most cosmopolitan city, linguistically, ethnically, and religiously diverse, as well as one of Pakistan’s most secular and socially liberal cities.

Why is Karachi important?

Situated on the Arabian Sea, Karachi serves as a transport hub, and is home to Pakistan’s two largest seaports, the Port of Karachi and Port Bin Qasim, as well as the busiest airport in Pakistan.

How much tax do I pay on Sindh?

Income tax calculator Sindh If you make ₨ 240,000 a year living in the region of Sindh, Pakistan, you will be taxed ₨ 960. That means that your net pay will be ₨ 239,040 per year, or ₨ 19,920 per month. Your average tax rate is 0.4% and your marginal tax rate is 0.0%.

What is SRB tax?

Later, in terms of Articles 8 and 9(2) of the 7th NFC Award of 2010, the Sindh Sales Tax on Services Act, 2011, was enacted by the Sindh Government and, effective from July 01, 2011, the Sindh sales tax (SST) is administered regulated and collected by Sindh Revenue Board (SRB).

What is PRA tax?

PRA will work as a neutral tax law enforcement agency ensuring that government’s due tax share in economic activities is reaped to the optimal level. But meanwhile it will make its best efforts to create and maintain a wise balance between tax enforcement and tax facilitation.