Govt Announces Nisab of Zakat for 2023
The Ministry of Poverty Alleviation & Social Safety has issued a notification regarding the Zakat year 1443-44 AH in Pakistan. The Administrator General Zakat has set the Nisab of Zakat at Rs. 103,159 for this year.
According to the Zakat and Ushr Ordinance, 1980, there will be no deduction of Zakat at source if the account balance is less than this amount on the first day of Ramzan-ul-Mubarak 1444 AH.
The deduction date for Zakat from savings and profit and loss sharing accounts is likely to fall on 23rd or 24th March 2023, which is the first day of Ramzan. However, current accounts are exempted from this deduction.
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Banks and financial institutions will deduct 2.5% Zakat from amounts above the mentioned Nisab on the first day of Ramzan. This applies to savings accounts and products maintained by banks, asset management companies, and other financial entities.
However, customers who have submitted Zakat exemption certificates will not have any deductions. The Nisab has increased to Rs. 103,159 from the previous year’s value of Rs. 88,927 in Pakistan due to higher prices of gold and silver.
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Zakat is applicable to savings that are equal to or above the value of 7.5 tolas of gold and 52.5 tolas of silver for a holding period of one year. The Nisab is set against the value of the commodity that has a lower price, which is silver, and the Zakat applies to the average yearly value of the valuable metal.
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