What Does APF Stand for?

(APF) Stand for Approved Pension Fund

What is the Approved Pension Fund?

Approved Pension Fund is the income that is formed by the Same contribution of both Employee and Employer. At the time of Retirement of the Employee, he can get this amount and enjoy this benefit. 

 Approved Pension Fund is also called a superannuation fund. In Pakistan and some other countries, it is called a retirement plan or Scheme which provides retirement income.

APF-Stand for Approved Pension Fund

How do pension Funds make money?

Pension funds are a retirement plan for the employee. in this plan, the employer makes some contributions to the welfare and future of the employee and the same contribution from the employee which makes such amount and given at the time of Retirement to the employee.

Allowance for Contribution To APF?

an eligible person can get tax credits on contributing or premium paid to the Approved Pension Fund under the voluntary pension scheme. 

The average rate tax on the lower of;

1.Total Contribution to Approved Pension Fund During the Year.

2. 20% of taxable income of the current tax year.

Eligibility For Approved Pension Fund (APF)?

  • An individual Pakistani who have a Valid National Tax Number (NTN) or Computerised national identity card.

Is Approved Pension Fund Taxable?

The approved Pension Fund is not taxable until the employee enjoys such benefits. it is taxable when it gives to the employee at the time of its retirement the whole amount will be taxable.