Islamabad, Pakistan (June 19, 2024) — The Finance Bill 2024 has proposed significant changes to the definition of sales tax fraud, expanding its scope to encompass a wider array of activities.
(more…)Author: Shahnawaz Akhter
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Finance Bill 2024 Revamps Sales Tax Audit
In a significant overhaul of the sales tax audit process, the Finance Bill 2024 proposes a complete revamp of Section 25 of the Sales Tax Act 1990.
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Capital Gains Tax on Disposal of Securities Increased
In a significant fiscal policy shift, the Finance Bill 2024 has proposed an increase in the capital gains tax (CGT) on the disposal of securities. Effective for securities acquired on or after July 1, 2024, the tax rate for gains realized by individuals appearing on the Active Taxpayers’ List (ATL) at both the time of acquisition and disposal will be set at 15 percent. This development marks a substantial change aimed at enhancing revenue collection from the financial sector.
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Tax Hike Shock: 100% Increase in Lower Salary Brackets
A storm of controversy has erupted in Pakistan following the introduction of sweeping tax reforms in the recently unveiled Finance Bill 2024. The most contentious aspect of the bill is a significant tax hike for individuals within the lower salary bracket, raising their tax liabilities by a staggering 100%.
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Finance Bill 2024 Suggests 6-Month Jail for Defaulting Retailers
The Finance Bill 2024 has proposed stringent measures for shopkeepers and retailers, recommending imprisonment of up to six months for those failing to register with the Federal Board of Revenue (FBR). This proposal aims to enforce compliance and ensure a broader tax base in Pakistan.
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FBR to Set Minimum Import Value for Income Tax Collection
Karachi, June 18, 2024 – The Federal Board of Revenue (FBR) is set to gain new powers to determine the value of imported goods for collecting advance income tax. This shift in authority is outlined in the recently presented Finance Bill 2024.
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Finance Bill 2024 Sweetens PIA Privatization
Islamabad, June 18, 2024 – In a last-minute bid to attract investors for the privatization of Pakistan International Airlines (PIA), the government has included a key amendment in the Finance Bill 2024.
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Pakistan Ramps Up Real Estate Taxation in Finance Bill 2024
Karachi, Pakistan – June 16, 2024 – The real estate sector in Pakistan, long considered under-taxed, is facing a tightening noose from the government.
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Tax Changes for Exporters Threaten Forex Reserves, Warn Experts
Karachi, Pakistan – June 16, 2024 – Leading tax experts at KPMG Taseer Hadi & Co. have raised concerns about the impact of tax changes for exporters proposed in the Finance Bill 2024 on Pakistan’s foreign exchange reserves.
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What Pakistan’s Banking Sector Gets in Finance Bill 2024
The Finance Bill 2024 introduces several significant changes to the tax laws affecting Pakistan’s banking sector. According to KPMG Taseer Hadi & Co., the banking sector has experienced substantial growth over the past decade, with assets, liabilities, and investments seeing a dramatic increase.
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