New tax slab 2022 23 Pakistan calculator

The new tax slab will be effective from 1st July 2022. The government has proposed a new income tax slab for the financial year 2022-23 to generate more revenue. The New tax slab 2022 23 Pakistan is as follows:

The new tax slab for the year 2022 in Pakistan

The government has announced a New tax slab 2022 23 Pakistan. This new tax slab will be applicable from 1st July 2022.

The new tax slab is as follows:

Income Tax Slab for Individuals (Rs.)

  • Up to 400,000 – 0%
  • 400,001 to 800,000 – 10%
  • 800,001 to 1,200,000 – 15%
  • 1,200,001 to 2,500,000 – 20%
  • 2,500,001 and above – 25%

The new tax slab will apply to all individuals who are residents of Pakistan. This includes Pakistani citizens as well as foreigners who are living in Pakistan.

New tax slab 2022 23 Pakistan

How to calculate your taxes using the new tax slab?

The new tax slab in Pakistan is based on your income. There are three tax brackets, and each one has a different tax rate.

To calculate your taxes using the new tax slab, you first need to know your taxable income. This is the amount of money you earned during the year after deductions. Once you know your taxable income, you can use the following formula:

Tax = (Taxable Income x Tax Rate) – Tax Credits

For example, if your taxable income is 500,000 rupees and you fall into the 20% tax bracket, your tax would be calculated as follows:

Tax = (500,000 x 0.20) – 10,000

That means you would owe 90,000 rupees in taxes.

What are the implications of the new tax slab?

The new tax slab in Pakistan has implications for both individuals and businesses.

For individuals, the new tax slab will result in higher taxes for those who earn more than PKR 5 million per year. The new tax rate for these individuals is 30%. This is a significant increase from the previous rate of 20%.

For businesses, the new tax slab will result in higher taxes for those with an annual turnover of more than PKR 50 million. The new tax rate for these businesses is 35%. This is a significant increase from the previous rate of 25%.

The new tax slab will have a significant impact on both individuals and businesses in Pakistan. Those who earn more than PKR 5 million per year, or have an annual turnover of more than PKR 50 million, will see their taxes go up significantly.

Techvirg Conclusion

The New tax slab 2022 23 Pakistan hiked taxes for individuals and businesses. The new tax slab will apply from 1st July 2022.

The new tax slab will be effective from 1st July 2022. The government has proposed a new income tax slab for the financial year 2022-23 to generate more revenue. The New tax slab 2022 23 Pakistan is as follows:

This calculator will help you determine how much tax you will need to pay based on your income.

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