Income Tax Rates for Salaried Income for fiscal Year 2018-19 in Pakistan

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As this year the government in Pakistan have been changed and power have been transferred from Pakistan Muslim League – Nawaz (PML-N) to Pakistan Tehreek-e-Insaf (PTI), so two budgets were presented. One from the leaving government and one from new PTI Government. So there was a lot of confusion regarding the income tax rates for upcoming tax payment for fiscal year 2018-19, the tax which will be due for payment just after June 2019.

So to clear this we have done some research and here is what FBR have to say about the tax rates for salaried income for Fiscal Year 2018-19.

# Income Category Yearly Tax Amount
1 Taxable Income below 400,000 0%
2 Taxable Income between 400,000 and 800,000 Rs. 1000
3 Taxable Income between 800,000 and 1,200,000 Rs. 2000
4 Taxable Income between 1,200,000 and 2,400,000 5% of Amount Exceeding Rs. 1,200,000
5 Taxable Income between 2,400,000 and 4,800,000 Rs. 60,000 Plus 10% of Amount Exceeding 2,400,000
6 Taxable Income above 4,800,000 Rs. 300,000 Plus 15% of Amount Exceeding 4,800,000

So, as per the latest income tax rates for fiscal year 2018-19 for salaried income in Pakistan, if you earn anything up to 400,000 Rs. Yearly you are not required to pay any tax. Any one earning between 400,000 to 1,200,000 will have to pay minor 1000 or 2000 Rs. yearly. And the real tax slabs start after 1,200,000. So for anyone earning up to 100,000 monthly there is virtually no tax, which makes perfect sense, as government tried to put tax burden on people earning better and gave relief to people earning up to 100,000 monthly.

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Troubles of Carrying Around Plastic Money in Pakistan

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Use of Plastic Money in PakistanIf you are not aware, Credit and Debit cards or even Prepaid Visa or Master Cards, they all are called the plastic money. As All you need to do is carry around those plastic cards and just swipe or get swiped your plastic card at checkout. Normally, these plastic cards are very convenient, no matter how big transaction you have make, you does not need to carry around few bundles of cash. Or even in daily life you just don’t need to carry much cash in your wallet as you just have a plastic card to make payment.

These cards are now very common in Pakistan too. Anyone with a bank account have a visa or MasterCard backed debit card which is on same time ATM card as well. Also, with every coming day Credit Cards are also being common. People are now in fact using them from even ten or more years, I am talking credit cards here.

Normally, if I am carrying plastic card instead of hardcore cash in my wallet, I am riding very much safer. I am very much protected and at less risk. If I lose my wallet or someone grabs it away, I can call my bank and get it deactivated for transactions right away. Also, some banks even offer insurance on fraudulent transactions, or even transactions can be reversed if they are made after your card was stolen, as it is responsibility of business owners to verify that they accept card from actual owners and transactions through stolen cards will only be trouble for business accepting it, mostly.

However, no matter how common Credit and Debit cards are in Pakistan, carrying plastic money here is more of trouble instead of blessings explained above and here is how. No matter trend is changing but much less than 5% of businesses here accept plastic money with Visa or MasterCard logos and that is also in just few big cities. Also that is not where the trouble starts, trouble starts when a business you know accepts plastic cards but at checkout or point of sale you are told that network is down you need to pay in cash.

The Network down thing happens too many times. I personally love to carry the plastic care (my debit card) and let the cash be in bank but it have brought much troubles for me. In different areas I have spotted different departmental stores and pharmacies which accept plastic money, these mostly lie in my way from work to home. They are some big names like Departmental store and Pharmacy of D. Watson or Boots store or few others. These I know mostly will have everything in order to receive my payment via card, but still I can remember many times I had to resort to run back to ATM for cash after was told that network is down or they have other issue and can’t accept the card at the moment. Even in hospitals I faced same problem.

So point here I am trying to convey is we here in Pakistan are not at point where we can get benefit from true potential of Plastic Money. We always need to have some alternate cash in pockets which nullifies the Plastic Money’s aspect of theft protection and cannot just rely on that plastic card. This is also a big question mark on faces of commercial banks in Pakistan, who claim to be better than each other but have troubles in get their systems running 24/7, which definitely needs to change soon enough.

Things are definitely changing and moving in right direction but still we are too much far away. Main role is to be played by banks, instead of just issuing cards with Visa or MasterCard logos they need run awareness campaigns for bringing more and more businesses aboard. Not only this they need to slash some extra charges and provide incentives to businesses which will result them willing to accept Credit and Debit card or those Prepaid Visa or MasterCard Cards. Finally, again they need to make their electronic systems more reliable so their card accepting machines are POS terminals, their ATMs, their websites and their SMS Alert systems have minimal downtime.

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Methods to Pay on Facebook from Pakistan

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Payment on facebook from PakistanIts now many years that Pakistan banks are offering Debits and Specially credit cards which are mostly backed with global names like Visa or Master Card. Most of them can be used here in Pakistan on POS terminals, they do work online as well but there are huge limitations when people try to use these cards online. Specially with debit cards, no doubt they features Visa or Master Card logos but most of Pakistani bank except few exceptions don’t allow their usage online. The case of Credit Cards is bit different most Pakistani banks allow usage of their credit cards online but again there are limitation or bans from specific websites which would not accept a specific card from specific country, based on their previous experiences. Plus not everyone qualify to have a credit card, some people don’t want it due to high interests.

To make long story short we would be adding here experiences of real people from Pakistan, specifically about paying on Facebook from Pakistan. In the effort to know the workable methods to pay on Facebook from Pakistan I will tell you my story and then would expect people to share theirs in comments below, which later would be part of our list of methods to Pay on Facebook from Pakistan, not the claims of banks but the experiences of real people.

My Experience: Payment on Facebook using MCB Lite mobile account prepaid visa cardFrom like ages I was in search of payment method to pay on Facebook.com from Pakistan, mean while I had two bank accounts, first the HBL with its Visa backed Debit/ATM card and second one Meezan bank account and its Visa backed Debit/ATM card. Both of them can be used on POS with visa support but on inquiring with both banks they are not usable online.

I am not very fond of credit cards, my interest more lies in cards like Debit cards with account prepaid cards, though I had applied for a credit card once with a bank and got rejected, not really tried with another bank.

Then again coming back to topic, recently i opted in for Visa backed MCB LIte Mobile account. This is basically designed to make payments via mobile to another number but what attracted me was that it comes with a Card with visa logo which is usable online. So I finally applied and got the MCB Lite account.

To use MCB Lite card online you need to first have enough balance in your mcb lite account which you can load via visiting mcb bank or using Inter Bank Transfer from your bank account. Secondly to use it online you need to call MCB bank and activate the session, this is good safety feature, you decide the period of session, it could be hour or a day or month or even it may be activated for forever.

So for the first payment I activated the session for limited period of few days and used this card on Facebook. It worked like charm, so now I have something which enables me to pay online. Currency exchange rate I am getting is bit higher about 3 rupees higher than what Google will tell you when you search on it the term “1 USD to PKR”, but still I guess this is about standard for all Pakistani banks, any other bank would have charged me similar rates.

So if you get MCB Lite visa card and plan to use it on Facebook for advertising or any other purpose, do remember to activate it at least for duration your ad is running including the date end of current month and few days of next, as Facebook charges you with remaining amount on end of month.

While I am really happy with MCB Lite for payments on Facebook, I would like to explore more methods to pay on Facebook which real people from Pakistan have used and would like to share with others here. So if you had any positive or negative experience in near past with payments online or specifically on Facebook do share with us in comments below.

Verified Methods to pay on Facebook from Pakistan

  1. MCB Lite Mobile Account’s Visa Card

More methods will be added after someone posts their experience in comments below or after we come across who have payed on Facebook from Pakistan.

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PEPCO unable to recover Rs 63 billion dues from last year

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Pakistan Electric Power Company (PEPCO) was unable to the recover Rs 62.9 billion Rs last year against amounts which were billed to its consumers. This amount added to the circular dept and will have an impact on the electricity consumers who actually pay their dues regularly.

Such unpaid dept contribute to the devalue an organization and such thing happened in financial year 2010-2o11. PEPCO was able to make some old recoveries but this Rs 63 billion of un-recovered amount is finally going to impact the household consumers of electricity, who are already mostly paying their bills regularly.

Circular Dept and line losses are the biggest problems of PEPCO which ultimately contribute to the increasing load-shedding which electricity consumers have to face. Circular dept of PEPCO already crossed 301 billion and increasing at ironical pace, all impact of this will be on people of Pakistan.

Reason for these recoveries not being done on time and increasing circular dept is told as their is no one in charge of finances at PEPCO and a very important position in this regard is vacant. Then again the “Ministry of Water and Power” have to appoint someone on that position but we are just witnessing another case of negligence from current administration of this country.

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