ISLAMABAD – The government has imposed new tax regulations for dual nationals Pakistanis and tech companies earning income in Pakistan.
The new taxes are part of the updated Finance Bill for 2024-25, which passed easily through the National Assembly despite protests.
Category | Description |
---|---|
Tech Firms | International tech firms generating income from Pakistan. |
Dual Nationals | People holding citizenship of another country but earning money in Pakistan, such as rental income. |
Foreign Nationals | If Pakistan signs a double taxation agreement with another country, individuals from that country will only be taxed in one of the two countries. |
The new bill proposes adding sections 3A and 3B to Section 101 of the 2001 Ordinance, classifying any business income from non-residents as Pakistan-sourced if connected to any business activity in the Asian nation.
The new bill also attracts taxes from people selling goods or services, including digital products. It also covers regular business activities or digital interactions with users in Pakistan, regardless of whether the agreement is signed in Pakistan or the services are physically provided in the country.
The new move aims to ensure that non-residents earning money in Pakistan through digital channels will also be taxed here.
The government enforced new taxation measures totaling Rs. 1.761 trillion through the Finance Act 2024, effective from today July 1. These include an increased tax burden on the salaried class and heavy indirect taxation on the general public, including a sales tax on stationery items, dairy products, and poultry feed.
Pakistani rupee rates against US Dollar and other currencies on July 3, 2024 (Wednesday) in open market.
US dollar was being quoted at 277.6 for buying and 280.7 for selling.
Euro's buying rate moves up to 294.3 and selling rate is 297.75 while British Pound rate is 350 for buying, and 353 for selling.
UAE Dirham AED was at 75 and Saudi Riyal increases to 73.15.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 277.6 | 280.7 |
Euro | EUR | 294.3 | 297.75 |
UK Pound Sterling | GBP | 350 | 353 |
U.A.E Dirham | AED | 75 | 75.8 |
Saudi Riyal | SAR | 73.15 | 73.95 |
Australian Dollar | AUD | 182.2 | 184 |
Bahrain Dinar | BHD | 740.22 | 748.22 |
Canadian Dollar | CAD | 203 | 205 |
China Yuan | CNY | 38.29 | 38.69 |
Danish Krone | DKK | 40.03 | 40.43 |
Hong Kong Dollar | HKD | 35.63 | 35.98 |
Indian Rupee | INR | 3.34 | 3.45 |
Japanese Yen | JPY | 1.90 | 1.98 |
Kuwaiti Dinar | KWD | 907.71 | 916.71 |
Malaysian Ringgit | MYR | 58.99 | 59.59 |
New Zealand Dollar | NZD | 169.34 | 171.34 |
Norwegians Krone | NOK | 26.14 | 26.44 |
Omani Riyal | OMR | 722.87 | 730.89 |
Qatari Riyal | QAR | 76.44 | 77.14 |
Singapore Dollar | SGD | 202 | 204 |
Swedish Korona | SEK | 26.27 | 26.57 |
Swiss Franc | CHF | 309.01 | 311.51 |
Thai Bhat | THB | 7.55 | 7.70 |
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