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Income Tax
Income Tax is an annual charge upon a person deriving income during a tax year, which is chargeable to tax under any provisions of Income Tax ordinance, 2001.
Sales Tax
All goods imported into Pakistan are liable to sales tax at the time of import, except goods specifically exempted under section 13 as mentioned in Sixth Schedule to the Act
After 18th Amendment to the Constitution of Pakistan, provinces have been given right to levy tax on services in their territorial jurisdiction. Consequently scope of indirect taxes and its importance has increased manifolds.
In Pakistan all of the provinces and the capital territory have enacted their own piece of legislation for services taxation.
To meet the compliance and regulatory requirements and be tax efficient at the same time is a daunting task for the businesses.
Indirect Tax Laws in Pakistan comprises of:
- Income Tax Ordinance, 2001
- Sales Tax Act, 1990
- Federal Excise Act, 2005
- Sindh Sales Tax on Services Act, 2011
- Punjab Sales Tax on Services Act, 2012
- Khyber Pakhtunkhwa Sales Tax on Services Act, 2013
- Baluchistan Sales Tax on Services Act, 2015
- Islamabad Capital Territory Sales Tax on Services Ordinance, 2001.