Pakistan Budget 2019/20 Presented to Parliament

On 11 June 2019, Pakistan's 2019/2020 Budget was presented to parliament. The main income tax-related proposals are summarized as follows:

• Increase the taxable income threshold to INR 600,000 for salaried persons and introduce 11 progressive rate brackets of 5% to 35%, and maintain the taxable income threshold at INR 400,000 for non-salaried persons and introduce 8 progressive rate brackets of 5% to 35%;
• Maintain the corporate income tax rate at 29% for the next two years, instead of the 1% …