ISLAMABAD: Pakistan’s government announced the Nisab of Zakat in Pakistan on Sunday, as the Holy month of Ramadan approaches.
The government has declared Rs80,933 as the Nisab for Zakat.
Nisaab is a set amount of money that a person must have in his/her account after deducting necessary expenses to be tax eligible. According to a notification issued by the Administrator-General Zakat for the lunar year 1441-42 Hijri, individuals who have a minimum balance of Rs80,933 in savings, profit and loss sharing, or similar bank accounts on the first day of Ramazan are required to pay 2.5 percent Zakat on the total balance.
Zakat is Islam’s third pillar. It is a required charitable act equal to 2.5 percent of a Muslim’s annual savings. At the same time, Nisaab is a fixed amount of money that a person must have in his/her account or possession after deducting necessary expenses to be eligible to pay the tax.