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Govt urged to end ACT, reintroduce income tax credit

Govt urged to end ACT, reintroduce income tax credit
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Thousands turn up at Pakistan for Palestine demonstration in Karachi - Pakistan

Demonstrators take part in a protest rally against Israel s attacks on the Gaza Strip in Karachi on Wednesday. AFP Demonstrators take part in a protest rally against Israel s attacks on the Gaza Strip in Karachi on Wednesday. AFP In a massive show of solidarity with Palestinians, thousands of Karachiites turned up at the unprecedented ‘Pakistan for Palestine’ demonstration at the Karachi Press Club (KPC) on Wednesday, demanding an immediate ceasefire from Israel and an end to the bombing of Gaza. The demonstrators, including representatives of the the Karachi Union of Journalists (KUJ), Pakistan Federal Union of Journalists (PFUJ), Pakistan Medical Association (PMA), National Trade Union Federation (NTBA), Home-Based Women Workers Association and the Karachi Tax Bar Association (KTBA) along with thousands of citizens, called for an immediate end to the occupation and demolition of Al-Aqsa Mosque and Palestinian settlements, including Sheikh Jarrah, and for an end to the fo

High corporate tax rate encourages evasion

‘High corporate tax rate encourages evasion’ Business April 29, 2021 KARACHI: High corporate tax rate in Pakistan is encouraging evasions and the major irritant in documentation of the economy, professionals said. Tax practitioners said the corporate tax rate in Pakistan in FY2021 is 29 percent which due to multiplicity of taxes (2 percent workers’ welfare fund + 5 percent workers’ participation fund) goes up to 36 percent. The average tax rate in Asia was 21.3 percent in 2020. They agreed on this point during pre-budget discussions held under the umbrella of Karachi Tax Bar Association (KTBA) to finalise tax proposals for upcoming budget 2021/22 Zeeshan Merchant, president of KTBA said on Wednesday the KTBA would finalise its recommendations for the upcoming budget by the end of this week.

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