Let's discuss taxation, retirement, and social rights for long-term immigrants in India and Pakistan.
Understanding the tax systems of these countries is crucial for anyone planning a long-term move. In India, if you spend over 182 days a year, you're considered a tax resident and are taxed on your global income.
Pakistan follows a similar principle, although the specific residency threshold isn't clearly defined. The corporate tax rate in India is 25%, while in Pakistan it's 29%. Personal income tax rates range from 10-30% in India and 15-25% in Pakistan. VAT is 15% in India and 17% in Pakistan.
Navigating these systems requires meticulous attention to detail. Contributing to social security schemes is essential to access social rights in both countries.
Both countries offer social security benefits, like healthcare, education, and sometimes housing assistance, but only after sufficient contributions. While the lower cost of living is a plus in both nations, complex bureaucratic processes present a challenge.
Therefore, consulting a local tax advisor and immigration lawyer is highly recommended before relocating. They can navigate the complexities and ensure a smoother transition.
Thorough preparation is key.
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