Turnover tax on electronic trade reduced to 0.5pc

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ISLAMABAD: The turnover income tax has been reduced to 0.5 percent from 1.25 percent for entities engaged in e-commerce.
Finance Minister Senator Mohammad Ishaq Dar in his winding up budget speech 2017/2018 said that a new concept of online market place was being introduced in the Income Tax Ordinance, 2001 under which entities engaged in such activities are allowed reduced rate of turnover tax rate of 0.5 percent from 1.25 percent.
He further announced that tax rate of 12 percent on commission earned by such entities had also been reduced to 5 percent.

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