Which product should I export from Pakistan?
Export to Pakistan - everything you need to know
After a constant depreciation of the rupee, Pakistan is currently threatened with a balance of payments crisis. Nevertheless, the Islamic Republic of Pakistan remains attractive to foreign investors.
Pakistan's economic growth is currently in decline, with the country still a long way from a recession with forecasts of 4 percent for 2019 and 3.5 percent for 2020. Nevertheless, the local economy is in danger. Due to the dependence on imports for energy supplies, the Pakistani rupee depreciated significantly in the past year (25 percent compared to the US dollar). The government now wants to counteract this development with comprehensive structural reforms. One of the measures is a series of large foreign direct investments. There is a lot of leeway for this in Pakistan, as a large number of economic sectors are underdeveloped. Several mammoth projects are planned with the People's Republic of China under the name China-Pakistan Economic Corridor (CPEC for short), which will be part of the “New Silk Road”. (Source: GTAI)
This favorable investment climate should also be of interest to some German investors and exporters. If you also want to open up the Pakistani market for yourself, you will need a reliable provider for conference calls. Here you will find instructions on how to set up a conference call between Germany and Pakistan.
The general corporation tax is 31 percent. There are separate tax rates for banks and small businesses, which amount to 35 and 25 percent respectively. In Pakistan, a distinction is made between sales tax and excise tax. Sales tax is 17 percent and is levied on most goods and services. Excise taxes apply to luxury items such as cigarettes or services such as air travel. The excise tax rates are 12.5 and 19 percent. (Source: Foreign Trade Portal Bavaria)
There is a double taxation agreement between Germany and Pakistan.
Due to the turbulent economic situation and ongoing government reforms, tax policy and thus also income tax is very changeable in Pakistan. Since July 1, 2018, there have only been four tax brackets - previously there were 12. An annual income of up to 1,200,000 PKR (approx. 7592 euros - as of March 2019) is tax-free. Between 1,200,000 and 2,400,000 PKR (approx. 15,184 euros), 5 percent is due. Between 2,400.00 and 4,800,000 PKR (approx. 30,368 euros) the income tax amounts to 10 percent. Everything above that is taxed at 15 percent.
There are basically four different tariff rates in Pakistan: 3, 11, 16 and 20 percent. Production resources for industry or infrastructure, for example, are cleared at 3 percent. There is even a reduced tariff of only 2 percent for agricultural products. The import of products or business activities of investors in Pakistan is also made considerably easier by trade benefits such as duty exemptions or write-offs.
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