Karachi, July 2, 2023: The Finance Act, 2023 has introduced progressive rates of Super Tax with an enhanced threshold, bringing changes to the existing super tax rates previously enacted for the tax year 2022. These new rates will apply from the tax year 2023 and onwards.
(more…)Author: Shahnawaz Akhter
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Pakistan Sacrifices Public Sentiments this Eid; Raises Levy on Petrol to Rs55
Karachi, July 1, 2023: In a move that has disappointed the public during Eid ul Azha, the Pakistan government has decided to increase the levy on petrol to Rs55, instead of providing relief on petroleum prices. The decision, announced by Finance Minister Ishaq Dar, came into effect on July 1, 2023.
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SRB Collects Over Rs185 Billion; Surpasses Target for Second Consecutive Year
Karachi, June 30, 2023 — The Sindh Revenue Board (SRB) has achieved a remarkable milestone by collecting a record-breaking revenue of Rs185.3 billion during the fiscal year 2022-23, surpassing its assigned target for the second consecutive year.
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New IMF SBA for Pakistan Exceeds Expectations, Analysts Say
Karachi, June 30, 2023: Pakistan’s new standby arrangement (SBA) with the International Monetary Fund (IMF) has surpassed expectations, according to analysts at Topline Research.
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Pakistan Implements Additional Tax on Unexpected Income
Islamabad, June 29, 2023: Starting from July 1, 2023, Pakistan has introduced an additional tax on unexpected income, profit, and gains. The Federal Board of Revenue (FBR) has been granted the authority to collect this tax.
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Pakistan Enacts Legislation to Broaden Permanent Establishment Scope
Islamabad: In a significant move, Pakistan has passed legislation aimed at expanding the scope of permanent establishment to regulate transactions conducted through electronic mediums.
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Revival of Tax on Bonus Shares through Finance Act, 2023
Karachi, Pakistan – The Finance Act, 2023, has brought back the tax on bonus shares, which will take effect from July 1.
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Experts Analyze Amendments to Deemed Property Income in Finance Act 2023
With the implementation of the Finance Act 2023 from July 1, 2023, significant amendments have been made to the provisions related to deemed income.
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Repatriation of Profit and Dividends from Pakistan Plunges by 80% in 11MFY23
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).
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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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