Karachi, July 2, 2024 – The Finance Act, 2024 has brought notable changes to the proposed tax audit procedures, particularly in the realm of investigative audits for sales tax fraud. Originally slated under the Finance Bill 2024, the contentious proposal to empower Inland Revenue officers to conduct investigative audits in cases suspected of tax fraud has been officially scrapped.
(more…)Author: Shahnawaz Akhter
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Finance Act, 2024: Sales Tax Exemption on Gold Import
Karachi, July 2, 2024 – The Pakistani government has introduced a significant change in its tax regime through the Finance Act, 2024, by exempting sales tax on the import of gold under the entrustment scheme. This move aims to facilitate the import of gold, which is expected to have positive implications for the jewelry industry and the overall economy.
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Citi Pharma Pakistan Inks Supply Agreement with Indian Company
Karachi, July 2, 2024 – Citi Pharma Limited Pakistan has announced a landmark agreement with Murli Krishna Pharma Private Limited, an Indian company. The partnership, revealed on Tuesday, aims to enhance the pharmaceutical landscape in Pakistan through the supply of high-quality Active Pharmaceutical Ingredients (APIs) and products.
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Pakistan Records Lowest Annual Petroleum Sales in FY24
Karachi, July 1, 2024 – Pakistan has recorded the lowest annual petroleum sales for the fiscal year 2023-24, according to data available since the fiscal year 2005-06.
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Finance Act, 2024: Reduced ST Rates for Hybrid Electric Vehicles
Karachi, July 1, 2024 – In a reversal from its initial proposal, the Pakistani government has announced an extension of reduced sales tax rates for locally manufactured hybrid electric vehicles. This move aims to incentivize the production and adoption of environmentally friendly automobiles.
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Finance Act, 2024: FED Doubles on Cement
Karachi, July 1, 2024 – In a significant move impacting the construction and real estate sectors, the federal government has doubled the federal excise duty (FED) on the sale of cement through the Finance Act, 2024.
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Finance Act, 2024: Federal Excise Duty on Cigarettes
Karachi, July 1, 2024 – In a significant move aimed at regulating the tobacco industry, the Finance Bill, 2024 has proposed an increase in the retail price for different tiers of cigarettes manufactured in Pakistan.
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KCCI Expresses Displeasure over Hike in Petroleum Prices
Karachi, July 1, 2024 – Karachi Chamber of Commerce and Industry (KCCI) has voiced strong discontent over the recent hike in petroleum prices, marking a significant escalation in costs for businesses and the general public alike.
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Active Taxpayers List Swells to 4.84 Million: FBR
Islamabad, July 1, 2024 – The Federal Board of Revenue (FBR) announced on Monday a significant increase in the number of active taxpayers, which has risen to 4.84 million based on returns filed for the tax year 2023 by June 30, 2024.
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Finance Act 2024: Tax on Export of Goods
Karachi, July 1, 2024 – Pakistan has introduced a normal tax regime for exporters through the Finance Act 2024, detailing the new tax rates on the export of goods. This shift marks a significant change from the previous final tax regime, aiming to streamline and rationalize the tax structure for exporters.
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