Pakistan Revenue
ISLAMABAD: Pakistan has reduced the number of tax slabs for salaried persons through Finance Bill 2022 in the budget 2022/2023. According to the Finance Bill, 2022 the government announced the reduction of salary tax slabs as well as incentive in tax payment for persons falling in the income range of Rs600,000 to Rs1.2 million. READ […]
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ISLAMABAD: Pakistan has announced massive cut in subsidies and allocated an amount of Rs699 billion for the fiscal year 2022/2023 as compared with the amount of Rs1.515 trillion in the outgoing fiscal year. The drastic cut in subsidies has been aimed at curtailing current expenditures to reduce the fiscal deficit. READ MORE: Petroleum levy to […]
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ISLAMABAD: The government has estimated a collection of Rs750 billion as petroleum levy during next fiscal year 2022/2023. It is worth mentioning that the previous PTI government had not imposed a petroleum levy in order to provide petroleum products at cheaper rates. READ MORE: FBR assigned tax collection target of Rs7 trillion in 2022/2023 However, […]
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ISLAMABAD: Following are salient features of amendments made to Customs Act, 1969 through Finance Bill, 2022. GUIDING PRINCIPLES (a) Remove anomalies in cascading structure of tariff. (b) Promote and protect domestic industry by introducing targeted interventions. (c) Rationalizing tariffs on industrial raw materials / intermediate goods. READ MORE: Budget 2022/2023: Salient features of sales tax […]
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ISLAMABAD: Following are the salient features of amendment made to Sales Tax Act, 1990 through Finance Bill, 2022.
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ISLAMABAD: Following are the salient features of amendment made to Income Tax Ordinance, 2001 through Finance Bill, 2022. REVENUE MEASURE: 1. Increase in tax rate for banks for tax year 2023 onwards from effective 39 per cent to 45 per cent. 2. Increase in tax rate of banking companies on adverse ADR ratio. READ MORE: […]
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ISLAMABAD: The government on Friday announced a 15 per cent increase in employees of the federal government. Finance Minister Miftah Ismail while presenting budget 2022/2023 announced increase in salary of government employees by 15 per cent. READ MORE: Share of domestic electricity consumption declines The finance minister said that despite the fact that country is […]
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ISLAMABAD: The federal government on Friday announced the budget for fiscal year 2022-2023. The budget looks progressive and provide better relief with a total outlay of Rs9.502 trillion to stabilize the poor economy and reduce the sufferings of oppressed segments of society. The finance minister Miftah Ismail unveiled the budget and discussed of curtailing the […]
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ISLAMABAD: The cost of tax exemptions has been estimated at Rs1.76 trillion during the fiscal year 2021/2022 as compared with Rs1.31 trillion in the preceding fiscal year, according to Economic Survey of Pakistan released on Thursday. The cost of exemptions and concessions under sales tax has increased to Rs1.014 trillion during fiscal year 2021/2022 as […]
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ISLAMABAD: The share of electricity consumption by domestic and commercial consumers in the total consumption has declined during first nine months of the current fiscal year, according to Economic Survey of Pakistan 2021/2022. The share of electricity consumption by household users fell to 47 per cent during July – March 2021/2022 as against the share […]
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