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| EconomyOfPakistan » Revenue in Pakistan and its Sources |
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Revenue in Pakistan and its Sources
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Pakistan, the world's seventh most populous country is also a growing economic power of Asia. With a GDP growth rate of 6-7%, Pakistan stands next only to China and India in terms of economic growth. Rapid industrialization and urbanization of Pakistan in the recent years has meant an increase in the employment rates of the people, resulting in the increase of purchasing power and alleviation of poverty. A number of economic reforms on the part of the government such as broadening of the tax base, more efficient tax collection, and corruption controls in the Central Board of Revenue have resulted in a large increase in the revenue figures, with the total revenue collection standing at a figure of Rs. 841.4 billion. According to the State Bank of Pakistan, the 30 million strong middle class of the country who earn on an average a sum of $10,000 a year, constitute the bulk of taxpayers of the nation.
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Revenue in Pakistan is earned from a variety of sources, such as direct taxes, customs, sales tax, federal excise etc. The direct taxes in Pakistan cover areas like income tax, capital value tax, worker's welfare fund, corporate asset tax etc. The total amount of direct taxes collected in the financial year 2006-07 was Rs. 329.7 billion. For customs duty and sales taxes, the figures stood at Rs. 132.1 billion and Rs. 309.6 billion respectively. economyofpakistan.com is a website that provides detailed and comprehensive information regarding taxes in Pakistan, with special emphasis on areas like taxation areas, rates of taxes, tax collection figures etc. Browse through the following links to know more about sources of revenue in Pakistan, revenue collection and other essential information.
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