Sole trader / Proprietor or Business Individual The business individual is taxed for the profits only unless turnover exceed 10 million rupees. In case exceed 10 million rupees, 1.25% of total turnover is payable. Form of Taxation: Slab rates are applied. Tax Return Filing: For this type, filing of annual income tax returns is a requirement. Partnership Firm The partnership firm is taxed for the profits only unless turnover exceed 10 million rupees. In case exceed 10 million rupees, 1.25% of total turnover is payable. While partners are not taxed separately. Form of Taxation: Slab rates are applied. Tax Return Filing: For this type, filing of annual income tax returns is a requirement. Limited Liability Partnership The partnership firm is taxed for the profits only unless turnover exceed 10 million rupees. In case exceed 10 million rupees, 1.25% of total turnover is payable. While partners are not taxed separately. Form of Taxation: Slab rates are applied. Tax Return Filing: For this type, filing of annual income tax returns is a requirement. Private Limited Company The company is taxed at higher of a) taxable income @ below given rates, b) turnover @ 1.25% c) profits @ 17% Shareholders are taxed at 15% on dividends. Form of Taxation/Rates: Small Company: 25%. Other than small company: 29% Tax Return Filing: For this type, filing of annual income tax returns is a requirement. Public Limited Company The company is taxed at higher of a) taxable income @ 30%, b) turnover @ 1.25% c) profits @ 17% Shareholders are taxed at 15% on dividends. Form of Taxation: 0.29 Tax Return Filing: For this type, filing of annual income tax returns is a requirement. Not for Profit Organization If approved than zero, otherwise taxation of private limited company will be applicable. Form of Taxation: Exempt if approved by tax department Tax Return Filing: For this type, filing of annual income tax returns is a requirement. Liaison / Branch Office No tax is applicable. Form of Taxation: Not applicable as commercial activity is not allowed Tax Return Filing: For this type, filing of annual income tax returns is NOT a requirement. _____ For any expert advice for #Free, contact us here https://clarity.pk/contact. For tax filing and other related #ProfessionalServices, clarity connects you with experts #WithDiscount. Tweet