In Pakistan, taxation of pension funds is governed by the Income Tax Ordinance, 2001, and the rules made thereunder. A pension fund is a type of investment vehicle that is designed to provide income to individuals during their retirement years. The fund is usually managed by a professional investment manager who invests the assets of […]
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Taxation of retirement benefits in Pakistan is governed by the Income Tax Ordinance, 2001, which is administered by the Federal Board of Revenue (FBR). Retirement benefits include any payments received by an employee upon retirement, including gratuity, pension, commutation of pension, and other similar payments. In this article, we will discuss the basic concepts, definitions,
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In Pakistan, bonuses and perks are considered a part of an employee’s income and are subject to taxation. In this article, we will discuss the taxation system for bonuses and perks in Pakistan in detail. Definition of Bonuses and Perks: A bonus is an additional payment made to an employee on top of their
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Taxation of salaries and wages in Pakistan is governed by the Income Tax Ordinance, 2001, which is administered by the Federal Board of Revenue (FBR). This ordinance regulates the collection of income tax from individuals, including employees who earn salaries and wages. In this article, we will discuss the basic concepts, definitions, and examples of
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In Pakistan, freelancers and self-employed individuals are required to pay taxes on their income. In this article, we will discuss the taxation system for freelancers and self-employed individuals in Pakistan in detail. Definition of Freelancers and Self-Employed Individuals: Freelancers are individuals who work for themselves and offer their services to clients on a project
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What are Professional Services? Professional services are services provided by a person who is a professional in a particular field, and these services require specialized knowledge, expertise, and skills. The following are examples of professional services: Legal services provided by lawyers, advocates, and solicitors Medical services provided by doctors, nurses, and paramedical staff Engineering services
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Definition of Taxation of Multinational Corporations Taxation of multinational corporations refers to the tax laws and regulations that govern the taxation of companies that operate in multiple countries, including Pakistan. MNCs are subject to various tax laws and regulations in each country in which they operate, including corporate income tax, withholding tax, and indirect taxes
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Introduction Royalties are a common source of income for creators of intellectual property such as authors, musicians, and inventors. In Pakistan, royalties earned by individuals and companies are subject to tax under the Income Tax Ordinance, 2001. This guide will provide an overview of the tax on royalties in Pakistan, including definitions, rates, and examples.
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Advance tax is a tax payment system in Pakistan where taxpayers pay their taxes in advance instead of waiting until the end of the fiscal year. This system requires taxpayers to estimate their income for the current year and pay a portion of their taxes in advance. Advance tax payments are made in installments and
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In Pakistan, withholding tax is a tax that is deducted at source from the income of an individual or a company. The withholding tax system is designed to ensure that taxes are collected from the source of income, rather than relying on the taxpayer to report and pay the tax themselves. In this article, we
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