Karachi, June 28, 2023: Repatriation of profit and dividends by foreign investors from Pakistan has experienced a significant decline, plunging by 80 percent during the eleven months of the fiscal year 2022-23, according to data released by the State Bank of Pakistan (SBP).
(more…)Author: Shahnawaz Akhter
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Pakistan Scraps Proposal to Grant Immunity to Foreign Remittances
Karachi, June 28, 2023: Following strong criticism from stakeholders, Pakistan has decided to withdraw its proposal to grant immunity to the inflow of foreign remittances.
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Threshold of Cash Salary Payment Increased to Rs32,000
Karachi, June 28, 2023: The Finance Act, 2023 has introduced a significant amendment to increase the threshold of cash salary payment to Rs32,000.
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Banks to Collect 0.6% Tax on Cash Withdrawal from Non-Filers
Islamabad, June 28, 2023: The National Assembly of Pakistan has given its approval to implement a withholding tax on cash withdrawals made by non-filers of income tax returns, effective from July 1, 2023.
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Active Taxpayers Exempted from Deemed Income Tax
Islamabad, June 27, 2023: The government has announced that active taxpayers will no longer be required to pay tax on deemed income, according to the Finance Act, 2023.
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Additional Tax on Windfall Income Becomes Act of Parliament
Islamabad, June 27, 2023 – The national assembly has passed the budget proposals, making the additional tax on windfall income a law, according to experts.
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KTBA Raises Concerns to FBR Regarding Challenges in Filing Sales Tax Returns
The Karachi Tax Bar Association (KTBA) on Monday reached out to the Federal Board of Revenue (FBR) to highlight the difficulties encountered by taxpayers while filing sales tax returns.
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SBP Surprises with 100 Basis Point Increase in Benchmark Policy Rate to 22%
Karachi, June 26, 2023 – In an unexpected move on Monday, the State Bank of Pakistan (SBP) raised the benchmark key policy rate by 100 basis points to 22 percent.
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Pakistan Jacks Up Petroleum Levy to Rs60 per Liter
In a bid to generate non-tax revenue, Pakistan has recently announced an increase in the petroleum levy, raising it to Rs60 per liter.
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Up to 10% Advance Tax Imposed on Value of New Motor Vehicles
Islamabad, June 26, 2023: The National Assembly of Pakistan on Sunday June 25, 2023 approved the budget 2023-24 with allowing up to 10 percent advance tax on new motor vehicles.
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