The Finance Bill 2023 aims to boost the construction industry by introducing a tax credit for the construction of new houses.
(more…)Author: Shahnawaz Akhter
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Tax Exemptions Introduced for Qualified Investments under Foreign Investment Act
The Finance Bill 2023 has brought forth a new section, 44A, to the Income Tax Ordinance, 2001. This section provides exemptions for taxes on income, withholding taxes, minimum and final taxes, as well as certain provisions of the Ordinance, for qualified investments as specified in the Foreign Investment (Promotion and Protection) Act, 2022.
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Finance Bill 2023 Introduces Additional Tax on Unexpected Income, Profits, and Gains
The Finance Bill 2023 has introduced a new section, 99D, to the Income Tax Ordinance, 2001, enabling the government to impose an additional tax on certain income, profits, and gains.
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FBR Empowered to Recover Outstanding Liabilities under Other Laws
KARACHI: In a notable development, the Federal Board of Revenue (FBR) has been granted the authority to recover outstanding liabilities under various statutes or laws. Section 146D of the Income Tax Ordinance, 2001, now empowers the Commissioner (Inland Revenue) to recover such liabilities and deposit the proceeds into the designated account specified in the respective law.
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FBR Exempts Foreign Inflows Up To $100,000 From Scrutiny
In a significant development, the Federal Board of Revenue (FBR) has introduced an amendment through the Finance Bill, 2023, indicating that it may not scrutinize foreign inflows up to $100,000 in a year.
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Finance Bill 2023 Unveils Comprehensive Amendments to Income Tax Ordinance
Islamabad, June 9, 2023: The Pakistan Budget 2023-24, presented on Friday, has brought forth several amendments to the Income Tax Ordinance, 2001 through the Finance Bill 2023.
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List of amendments to Sales Tax Act through Finance Bill 2023
Islamabad, June 9, 2023: Finance Bill 2023 has proposed various amendments to Sales Tax Act, 1990, according to Pakistan Budget 2023-24 released on Friday.
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Complete details of amendments made to Customs Act through Finance Bill 2023
Islamabad, June 9, 2023: Finance Bill, 2023 has proposed amendments to Customs Act, 1969, according to Pakistan Budget 2022-23 released on Friday.
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Pakistan Budget 2023-24 At A Glance
Islamabad, June 9, 2023: Finance Minister Ishaq Dar on Friday presented Pakistan Budget 2022-23 on the floor of the house.
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Finance Bill 2023 – Customs Duty Salient Feature
Following are the salient features introduced to Customs Duty through Finance Bill, 2023, according to Pakistan Budget 2023-24 revealed on Friday.
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