The Administrator General Zakat has informed Pakistan of the Nisab of Zakat at Rs. 103,159 for the Zakat year 1443-44 AH, according to a notification from the Ministry of Poverty Alleviation & Social Safety.
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According to the Zakat and Ushr Ordinance, 1980, if the amount to the credit of an account is less than this amount, which is Rs. 103,159 on the first day of Ramadan-ul-Mubarak 1444 AH, no deduction of Zakat at source will be made.
According to the notification, the first day of Ramadan has already been designated as the “deduction date” for the deduction of zakat from savings bank accounts, profit and loss sharing accounts, and other similar accounts with a credit balance of Rs. 103,159. This date is expected to fall on March 23 or 24 in 2023. This deduction does not apply to current bank accounts.
On the first day of the holy month of Ramadan, banks and other financial institutions will deduct a 2.5 percent Zakat from sums above the specified Nisab.
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Banks, asset management firms, and other financial institutions that maintain savings accounts and products are subject to zakat. Customers who have submitted Zakat exemption certificates won’t be subject to deductions in the interim.
The amount under Nisab has increased from Pakistan’s value of Rs. 88,927 from the previous year. The increase is largely attributable to rising gold and silver prices.
Savings that are equal to or greater than the value of 7.5 tolas of gold and 52.5 tolas of silver for a holding period of one year are subject to the zakat tax. The benchmark, or Nisab, is determined by comparing it to the price of silver, a commodity with a lower value. The annual average value of the pricey metal serves as the Nisab of Zakat.