Karachi, June 24, 2024 – The Korangi Association of Trade and Industry (KATI) has issued a stern warning to the authorities, asserting that the proposed abolishment of the Fixed Tax Regime for exports will devastate the industry.
(more…)Author: Shahnawaz Akhter
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FBR to Tax Late Filers on Property Deals from July 1
Starting July 1, 2024, the Federal Board of Revenue (FBR) will commence the collection of advance tax on property transactions from late filers after the approval from the parliament. This move aims to tighten tax compliance and discourage the trend of filing tax returns only when engaging in property transactions.
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FBR to Conduct Investigative Sales Tax Audit
Karachi, June 23, 2024 – The Federal Board of Revenue (FBR) is set to conduct investigative audits of sales tax cases starting from the next fiscal year, according to official sources.
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FBR Announces Property Valuation Increase to 90% in July 2024
Islamabad, June 23, 2024 – The Federal Board of Revenue (FBR) has announced a significant adjustment to property valuations in major Pakistani cities. This move, aimed at boosting tax collection, will see property values increase from 75% to 90% of their estimated market rates.
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Education and Healthcare Sectors Fight for Tax Breaks in Pakistan
Islamabad, Pakistan – June 22, 2024 – Pakistan’s education and healthcare sectors are locked in a battle to preserve vital tax breaks proposed for elimination in the recently unveiled Finance Bill 2024.
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Current Account Deficit Narrows to $464 Million in 11MFY24
Karachi, June 21, 2024 – The State Bank of Pakistan (SBP) announced on Friday that the country’s current account deficit has narrowed significantly to $464 million during the first 11 months (July – May) of fiscal year 2023-24. This marks a substantial improvement compared to the $3.76 billion deficit recorded in the same period of the previous year.
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Anomaly Committee Calls for Review of New Exporters Tax Regime
Karachi, Pakistan – June 21, 2024 – Pakistan’s business community is calling for a reevaluation of a key provision in the recently unveiled Finance Bill 2024. The proposed change, a shift from a fixed tax regime for exporters to a regular tax system, has raised concerns and prompted a high-level meeting at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
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Exporters in Scramble to Avoid Tax Regime Shakeup
Islamabad, June 21, 2024 – Pakistan’s export sector is in a state of flux as exporters scramble to negotiate a way out of the proposed changes to their tax regime outlined in the Finance Bill 2024.
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FBR Officials Authorized Best Judgement Assessment in Sales Tax
ISLAMABAD, June 21, 2024 — In a significant move to streamline tax administration and compliance, the Federal Board of Revenue (FBR) officials have been granted the authority to make best judgement assessments in sales tax cases.
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Salaried Class Up in Arms Over Tax Hike in Finance Bill 2024
Pakistan’s salaried class has erupted in protest against the proposed tax hikes outlined in the recently unveiled Finance Bill 2024. The Salaried Class Alliance, a representative body for salaried workers, has submitted a scathing critique to the newly formed FBR technical anomaly committee.
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