Pakistan Lower House Considers 2024 Finance Bill

The Pakistani lower house of Parliament (National Assembly) June 12 accepted for consideration the 2024 finance bill. The bill includes measures to: 1) establish progressive tax rates for income exceeding 600,000 Pakistani rupees (US$2,141) from 15 percent to 45 percent for non-salaried workers and 5 percent to 35 percent for salaried workers; 2) implement progressive tax rates on immovable property transactions and gains; 3) apply a 15 percent capital gains tax on securities acquired from July 1 for filers, and impose rates from 15 percent to 45 percent for non-filers; 4) clarify that the super tax on banking companies applies ...