Pakistan: An Overview
Pakistan, officially the Islamic Republic of Pakistan, is a South Asian country located in the northwestern region of the Indian subcontinent. It is bordered by India to the east, Afghanistan to the west and north, Iran to the southwest, and China to the northeast. Pakistan is the world's fifth-most populous country, with a population of over 230 million people. The country's capital is Islamabad, while its largest city is Karachi.
Pakistan has a rich and diverse history, dating back to the Indus Valley Civilization, one of the world's oldest civilizations. The region has been ruled by various empires and dynasties over the centuries, including the Mauryan Empire, the Mughal Empire, and the British Empire. Pakistan gained independence from the United Kingdom in 1947.
Recent Economic Developments
Pakistan's economy has experienced significant growth in recent years, driven by a number of factors, including increased foreign investment, a rise in exports, and a growing middle class. The country's GDP has grown by an average of 5% per year over the past decade.
One of the most recent and impactful economic developments in Pakistan is the launch of the China-Pakistan Economic Corridor (CPEC). CPEC is a massive infrastructure project that will connect China's western regions with Pakistan's Gwadar Port on the Arabian Sea. The project is expected to boost trade and investment between the two countries and create thousands of jobs in Pakistan.
Tax Law Changes
The government of Pakistan has recently introduced a number of changes to the country's tax laws. These changes are designed to increase tax revenue and reduce tax evasion.
One of the most significant changes is the introduction of a new withholding tax on mobile phone services. The tax is set at 12.5% and will be applied to all mobile phone calls, text messages, and data usage.
The government has also increased the tax rate on cigarettes and other tobacco products. The tax rate has been increased from 16% to 18%.
These changes are expected to generate additional tax revenue of over Rs. 100 billion per year. The government plans to use this revenue to fund social welfare programs and infrastructure projects.
If you are interested in learning more about Pakistan's tax laws, please consult with a qualified tax professional. You can also find more information on the website of the Federal Board of Revenue (FBR).
If you are looking for a hassle-free way to manage your taxes in Pakistan, Heavnn can help. We offer a range of tax services, including tax preparation, tax planning, and tax audits. Click the button below to learn more about our services.
