Who pays VAT?
The procedure of Value Added Tax or VAT is an automatic taxing procedure based on input tax credit against supply or sale. The supplier accepts the paid-up VAT on the...
What is VAT?
Value Added Tax or VAT is an indirect tax that is paid by the consumer through a registered person. Value Added Tax or VAT on particular goods or services is...
What are the sources of income for income tax?
According to the Income Tax Ordinance 1984, the income sectors are as follows: SalariesInterest on security collateralIncome from home propertyAgricultural incomeBusiness or profession incomeCapital profitIncome from other sources. However, the...
Why is Income Tax called progressive tax?
Income tax is a tax imposed by a government on an individual or entity, which varies depending on the amount of income or dividends. A progressive tax is the tax...
What is Income Tax?
Income tax is a tax payable on the income or dividends of an individual or entity. Tax under the Income Tax Ordinance 1984 means income tax payable under the ordinance,...