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Income tax calculator 2023: How much tax will be deducted from your salary?

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The National Assembly on Sunday approved an amended Finance Bill 2023 which was revised to meet International Monetary Fund conditions in a last ditch effort to secure the release of more bailout funds.

The IMF in mid-June expressed dissatisfaction with the country’s initial budget, saying it was a missed opportunity to broaden the tax base in a more progressive way.

The revised budget was approved a day after Finance Minister Ishaq Dar introduced new taxes and expenditure cuts.

Besides introducing fresh taxation measures which would generate Rs215 billion in revenue, the finance bill also approved jacking up tax rates for higher income brackets of salaried and non-salaried classes in the budget.

Income tax slabs 2023

  • There’s zero tax where taxable income does not exceed Rs600,000
  • Where the taxable income exceeds Rs600,000 but does not exceed Rs1,200,000 the tax rate would be 2.5% of the amount exceeding Rs600,000
  • The tax rate remained unchanged for salaried individuals where taxable income exceeds Rs1,200,000 but does not exceed Rs2,400,000. The rate of tax would remain at Rs15,000 + 12.5% of the amount exceeding Rs1,200,000.
  • Where the taxable income exceeds Rs2,400,000 but does not exceed Rs3,600,000, the rate of tax would be Rs165,000 + 22.5% of the amount exceeding Rs2,400,000.
  • Where the taxable income exceeds Rs3,600,000 but does not exceed Rs6,000,000, the rate of tax would be Rs435,000 + 27.5% of the amount exceeding Rs3,600,000.
  • Where the taxable income exceeds Rs6,000,000, the rate of tax would be Rs1,095,000 + 35% of the amount exceeding Rs6,000,000.

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April FDI in Pakistan increased to $358.8 million, according to SBP

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The inflow for April was $358.8 million, up 177% from $132 million in April FY23. Still, that was 39% more than the $258 million from March.

China was the largest investor, with $439.3 million in FDI from the nation between July and April of FY24—the greatest amount—as opposed to $604 million during the same period of FY23. In April, China accounted for $177 million of the total investment.

With $51.93 and 51.89 million invested in Pakistan, the United Arab Emirates and Canada came in second and third, respectively.

The power industry was the main draw for foreign investors in FY24, which ran from July to April. This period’s FDI in the power industry was $637.5 million, compared to $776.2 million the previous year. From $338 million to $460 million this year, Hydel Power garnered more attention.

Continue reading: In FY23–24, Pakistan’s per capita income increased to $1680.

According to a separate data released on Wednesday, Pakistanis’ per capita income increased to $1680 in FY2023–2024.

The size of the national economy grew from $341 billion to $375 billion in the current fiscal year, according to figures made public by PBS.

Throughout this fiscal year, Pakistanis’ yearly per capita income increased by Rs 90,534; the monthly rise was Rs 7,544.

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OGRA forbids the purchase or sale of inferior LPG cylinders.

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The 313 LPG marketing and 19 cylinder-producing companies received notices from the OGRA, which described the act of refilling inferior LPGO cylinders as harmful.

Avoid supplying LPG to unlicensed distributors, the OGRA has cautioned LPG marketing companies. Only approved distributors will be able to sell and buy LPG going forward, per the notification, which states that new SOPs have been developed for the LPG industry.

Additionally, the warning said that the decision was made in an effort to preserve both lives and the business in response to an increase in cylinder blast occurrences.

Price reductions of Rs 20 per kilogramme for liquefied petroleum gas (LPG) were implemented in Quetta on May 3.

There is a reduction of Rs 20 on LPG prices, which means that the price per kilogramme drops from Rs 280 to Rs 260.

The costs of LPG were reduced by Rs 20 per kilogramme earlier, bringing the total decrease to Rs 40 per kilogramme over a few weeks. This is something worth noticing.

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PIA announces a significant student discount.

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According to an airline spokesman, the national flag carrier has recently raised the baggage allowance to 60 kg.

Currently, PIA flies one flight per week on Sundays between Islamabad and Beijing.

The discount may be useful to students who intend to spend their summer vacations in Pakistan or who wish to return home after earning their degrees.

Before, students who wanted to visit China could now receive a 27% reduction on their fares through PIA.

On Eid ul Fitr, the national flag airline also reduced the cost of domestic flights by 20% for both economy and executive economy classes.

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