Progressive tax structure Video
What is the difference between Flat Tax and Progressive Tax? Flat Tax Vs Progressive Tax progressive tax structure.
The Income Tax Act of was prevalent during the British Raj and was inherited by both the governments of India and Pakistan upon independence and partition in This act initially formed the basis of both countries' Income Tax codes.
To update the tax laws and bring the country's tax laws into line with international standards, the Income Tax Ordinance was promulgated on 13 September It became effective from 1 July Taxation in Pakistan is a complex system of more than 70 unique taxes administered by at least 37 agencies of the Government of Pakistan. According to the International Development Progressive tax structurein Pakistan had a lower-than-average tax take. Only 0.
Progressive and Regressive Tax
Federal income taxes are administered by the Federal Board of Revenue. The period from July 1 to June 30 is considered as a normal tax year for Pakistan tax fax purposes. Generally, manufacturing business is taxable at Corporate Tax rate whereas trading business and commercial imports business is taxable as "minimum tax".
For example, 5. This 5. Indirect tax or more commonly knows as sales tax is also applicable on supply of goods and provision of services.
Under the 18th amendment to the Constitution of Pakistan, the right to charge sales tax on atx has been given to the provincial governments where as the right to charge sales tax on goods has been given to the federal government. Consequently, provincial revenue authorities were created to manage and collect provincial sales tax in their respective provinces.
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From Wikipedia, the free encyclopedia. Part of a series on Taxation An aspect of fiscal policy Policies. Academic Mihir A. Desai Dhammika Dharmapala James R. Hines Jr. By country. Further information: Corruption in Pakistan.]
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