The new salary tax in Pakistan is determined by the Tax Year 2023-2024, which has brought about changes in the tax slabs and rates.
Tax Slabs and Rates:
Here is a breakdown of the current tax slabs and rates for salaried individuals in Pakistan:
| Income Slab (PKR) | Tax Rate (%) |
|---|---|
| Up to 600,000 | 0 |
| 600,001 - 1,200,000 | 5 |
| 1,200,001 - 2,400,000 | 10 |
| 2,400,001 - 3,600,000 | 15 |
| 3,600,001 - 5,000,000 | 20 |
| 5,000,001 - 7,500,000 | 25 |
| 7,500,001 - 10,000,000 | 30 |
| Above 10,000,000 | 35 |
Key Points:
- The first 600,000 PKR of income is tax-free.
- There are different tax rates for different income slabs.
- The tax rates for the higher income slabs are higher.
Additional Information:
- These tax rates are subject to change, so it is always best to consult the official website of the Federal Board of Revenue (FBR) for the latest information.
- Other factors, like tax exemptions and deductions, can also affect your overall tax liability.
- It is important to keep track of your income and expenses to ensure you are paying the correct amount of tax.
