Budget 2024-2025 : Govt is likely to impose a 29% income tax on exporters.
Description:
The federal government proposed to increase the income tax for exporters by 1 percent of the export income.
Currently, exporters are taxed at 1 percent income tax on realization of export income, which is their export income. final tax reliability.
It was proposed that the income of exporters should be taxed at standard rates. The corporate tax rate is 29 percent and the flat tax rate (AOP) for individuals and partnerships.
As an alternative, it is proposed to increase the income tax for exporters by 1 percent of the export income.The estimated revenue impact of this tax hike is Rs. 125 billion.
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