Karachi, July 3, 2024 – The Sindh government has issued updated motor vehicle tax rates under the Sindh Finance Act, 2024. These new rates, applicable from July 1, 2024, aim to standardize the tax regime for both imported and locally manufactured vehicles, reflecting the government’s strategy to balance revenue generation with promoting local automotive industries.
(more…)Author: Shahnawaz Akhter
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Sindh Implements Standard Sales Tax Rate at 15%
Karachi, July 2, 2024 – The Sindh government has officially increased the standard rate of sales tax on services from 13% to 15%, effective from July 1, 2024. This change, outlined in the provincial budget for 2024-25, marks a significant adjustment in the province’s tax regime.
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Pakistan Seeks Bigger Bite of IMF Apple: Requests $10 Billion
Islamabad, July 2, 2024 – Pakistan has requested the International Monetary Fund (IMF) to expand its proposed bailout package to $10 billion, citing the country’s deteriorating economic conditions.
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SSGC in Gridlock: Sales Tax Return Woes Disrupt Supply Chain
Karachi, July 2, 2024 – Sui Southern Gas Company Limited (SSGC), a major gas utility company in Pakistan, is facing a bureaucratic nightmare due to an anomaly in a recent tax regulation. This anomaly has thrown SSGC’s sales tax return for April 2024 into disarray, creating a ripple effect that is disrupting the entire supply chain.
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ABAD Decides to Move Court Against 2024-25 Budget
Karachi, July 2, 2024 – The Association of Builders and Developers of Pakistan (ABAD) has announced its decision to challenge the harsh tax measures introduced in the 2024-25 budget in court.
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SBP Issues Guidelines to Banks for Sugar Export
Karachi, July 2, 2024 (PkRevenue.com) – The State Bank of Pakistan (SBP) on Tuesday issued detailed guidelines to banks for processing requests related to the export of sugar.
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Pakistan Registers 10.54% Jump in Exports for FY24
Islamabad, July 2, 2024 (PkRevenue.com) – Pakistan has recorded a remarkable growth of 10.54 percent in exports during the fiscal year 2023-24, according to data released by the Pakistan Bureau of Statistics (PBS) on Tuesday. The country’s exports surged to $30.65 billion during FY24, up from $27.72 billion in the previous fiscal year.
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Pakistan Petroleum Announces Gas Discovery at Khairpur in Sindh
Karachi, July 2, 2024 – Pakistan Petroleum Limited (PPL) has reported a significant gas discovery in Khairpur District, Sindh Province, with the successful exploration of the Tor-1 well in the Latif Block.
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Sindh Notifies New Stamp Duty Rates for Immovable Properties
Karachi, July 2, 2024 – The Sindh government has introduced revised stamp duty rates for the acknowledgment or receipt of money or any other consideration related to immovable properties, effective from July 1, 2024, as per the Sindh Finance Act, 2024.
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Finance Act, 2024: Investigative Tax Audit Proposal Dropped
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.
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