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As per the First Schedule of Inland Revenue Act No.24 of 2017, income from a business consisting of betting and gaming, liquor or tobacco are liable at 40%. Accordingly your income from liquor retail business will be taxable at 40% and slabs could be applied to other income.
Slabs structure is as follows.
Taxable income | |
First Rs.600,000 | 4% |
Next Rs.600,000 | 8% |
Next Rs.600,000 | 12% |
Next Rs.600,000 | 16% |
Next Rs.600,000 | 20% |
Balance | 24% |
What is Vat liable Threshold
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In the case of retail & wholesale,VAT registration threshold is Rs.12.5Mn per quarter and other than that 3Mn Per quarter.
