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Pakistan Individual - Significant developments

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  • Uniform tax rates have been prescribed both for salaried and non-salaried individuals and have been significantly reduced: (i) basic tax exemption ‘effectively’ increased to 1.2 million Pakistani rupees (PKR) with nominal charge of up to PKR 2,000 and (ii) maximum rate of tax at 15% in case income exceeds PKR 4.8 million.
  • Restrictions have been imposed vis-a-vis acquisition of immovable properties exceeding PKR 5 million and new motor vehicles by individuals who are ‘non-filers’ (persons not filing income tax returns).
  • Tax authorities have been granted preemptive right to acquire immovable property in cases (by following certain prescribed procedures) where fair market value exceeds the declared value by more than 50%; these provisions shall, however, come into force upon notification by government.
  • Gain on disposal of listed, as well as certain specified, securities held for more than five years but less than six years, earlier taxable at ‘zero’ percent, has now become taxable at 15% (20% for non-filers).
  • Attributable income of resident individuals from shareholdings in a ‘controlled foreign company (CFC)’ has been made subject to tax, even in cases where the same is not distributed; no tax is, however, payable upon actual distribution.
  • Gifts made to any person other than a close/immediate relative shall be considered as taxable transfer, and gain or loss arising on such transfer will be taxed.
  • Previously, any amount remitted from outside Pakistan through normal banking channel and encashed into Pakistani rupees could not be subjected to any inquiry by tax authorities as to its source; a limit of PKR 10 million per person in a tax year has now been imposed on such remittances.
  • Threshold for availing of tax credit on investment in shares and life insurance premium has been enhanced from PKR 1.5 million to PKR 2 million.
  • Every resident taxpayer, being an individual, having foreign income equal to or in excess of 10,000 United States dollars (USD) or having foreign assets with a value of USD 100,000 or more has been required to file a separate statement of foreign income and foreign assets.
  • A taxpayer shall be selected by the Commissioner of Inland Revenue (CIR) for a tax audit only after approval of the Federal Board of Revenue (FBR), where its income tax affairs were already audited in any of the preceding three tax years.

Last Reviewed - 30 June 2018

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