What types of taxes do we have in Pakistan besides “income tax”? Wealth tax? Property tax? What percentages?
Is there tax on income received on an investment in a foreign country and spend it outside too? Like here in US, if you have income in foreign land and spend it there then you don’t have to ‘report’/pay taxes on that (I think)?
Is there “age” for filing tax returns, wealth tax, property tax etc? For example many people transfer their property to their kids of age below 18, is that property not taxable?
Antiobl: Thanks for the link, but none of the links I tried work. Besides, I might be able to find a "legal" website but not being a lawyer/legal-expert I can't translate all the jargons. It would be great if someone knows these laws/have seen in practice and shed some light.
What I want to know is, do they have a similar system of tax returns over there, as in the US/Canada? If so, is it a big day, or just a few people are concerned?
Does a middle class person actually pay income tax?
So are there taxation firms that help people out, or is pretty simple? I just never noticed anyone discussing it like they do here. Go to a dawat or shaadi in the US during late March or April, and you see plenty of people discussing tax. Maybe I just knew poor people.
Something tells me only the upper middle class pays taxes, since they don’t have the resources to provide the right people with chai pani.
Speaking of taxes actually going to govt, I have serious doubts that these small convenient stores in the US actually report true sales taxes. They probably smudge the sales here and there and pocket some of the tax.
Antiobl: Thanks for the link, but none of the links I tried work. Besides, I might be able to find a "legal" website but not being a lawyer/legal-expert I can't translate all the jargons. It would be great if someone knows these laws/have seen in practice and shed some light.
Sorry to hear that. Anyways find someone competent in Pakistan and they will help you with taxation issues. There are 100's of tax consultants (with degrees like CPA) who can give you a good advice (for a fee off course). A public forum for gupshup like GS is not a good place to get a serious advice.
What types of taxes do we have in Pakistan besides "income tax"? Wealth tax? Property tax? What percentages?
Is there tax on income received on an investment in a foreign country and spend it outside too? Like here in US, if you have income in foreign land and spend it there then you don't have to 'report'/pay taxes on that (I think)?
Is there "age" for filing tax returns, wealth tax, property tax etc? For example many people transfer their property to their kids of age below 18, is that property not taxable?
Income tax and general sales tax are the two most important federal taxes.
No such tax here as well.
I think age limit is 18 years. As legally nobody is allowed to work before the age of 18. The wealth tax has been withdrawn long time ago but there is property tax here.
What I want to know is, do they have a similar system of tax returns over there, as in the US/Canada? If so, is it a big day, or just a few people are concerned?
Does a middle class person actually pay income tax?
I think it is only the middle class which pay tax and that in whole! It can evade it as it is deducted from his/her salary and deposited into the governement treasury.
When I was working in Pakistan, tax was deducted from my salary.... now whether it was being paid to government or not, I don't know.
Surely your tax was paid to the governement. Since 2000, the the system has been improved and now no company can hold taxes deducted from their employees.
I think it is only the middle class which pay tax and that in whole! It can evade it as it is deducted from his/her salary and deposited into the governement treasury.
The rich never paid full taxes in this country.
I agree with it in general terms.
However we must realize that income tax forms a tiny portion of the federal revenues. Majority of such revenues come from sales and excise taxes. In addition to that, feds tax all the utilities and petrol.
These taxes are paid by every citizen who buys things, or puts petrol in his vehicle, or turns on electric bulb, or cooks food on gas cook top, or takes shower with government supplied water.
I hope one day we improve our income tax collection system, so that feds drop some taxes on the utilities.
Surely your tax was paid to the governement. Since 2000, the the system has been improved and now no company can hold taxes deducted from their employees.
Income tax and general sales tax are the two most important federal taxes.
Okay, thanks
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No such tax here as well.
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Interesting, so it means if Benazir and Zardari moved billions out of Pakistan and invested in London real estate, stocks, bonds/funds then any interest/income is tax free for them in Pakistan?
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3. I think age limit is 18 years. As legally nobody is allowed to work before the age of 18. The wealth tax has been withdrawn long time ago but there is property tax here.
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What about property tax? If property is transferred to child does it mean no property tax as well???