The federal government has proposed to increase the income tax rate for exporters by 1 percent on export proceeds, sources told ProPakistani.
Currently, the income tax at the rate of 1 percent is collected at the time of realization of export proceeds from exporters which is their final tax reliability.
It is proposed to tax the income of exporters at standard tax rates. The tax rate for companies will be 29 percent and slab rates for individuals and Associations of Persons (AOPs). Alternatively, the income tax rate for exporters is proposed to be enhanced by 1 percent on export proceeds.
The estimated revenue impact as a result of this tax increase will be Rs. 125 billion.
For live updates on everything about the Federal Budget, visit this link.
Stay Connected with ProPakistani
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.
