ISLAMABAD – The government of Pakistan on Wednesday notified the Nisab of Zakat at Rs88,927 as the Holy month of Ramadan approaches.
The Poverty Alleviation and Social Safety Division of the federal Cabinet Secretariat announced the minimum amount in bank accounts for zakat deduction at Rs88,927.
A notification issued in this regard said people maintaining a minimum Rs88,927 balance amount in savings, profit and loss sharing, or similar bank accounts on the first day of Ramazan will be liable to pay Zakat on the total balance.
The first day of Ramadan, which is likely to fall on April 3 or 4 subject to the sighting of the moon, has already been notified as to the deduction date, per notification.
Every year, the government sets Nisab which is a fixed amount of money that a person must have, after the deduction of necessary expenses, in account to be eligible to pay the tax.
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Zakat is an obligatory payment that is made by qualifying adult Muslims whose wealth exceeds the Nisab value for one Islamic year.
