Karachi, November 16, 2023 –Section 99D of the Income Tax Ordinance, 2001, has granted the federal government the authority to levy an additional tax on windfall profits across various sectors of the economy, according to sources within the Federal Board of Revenue (FBR).
(more…)Author: Shahnawaz Akhter
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Citizens Rejoice as Government Extends Sales Tax Holiday on Petroleum Products
Karachi, November 16, 2023 –The citizens in Pakistan are set to continue enjoying a sales tax holiday on the purchase of petroleum products throughout the second half of November 2023 in a move of the government aimed at providing relief to the masses amidst a global economic downturn.
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Banks to Contribute Rs 58 Billion in Windfall Tax Boosting Government Revenue
Karachi, November 16, 2023 – Banks in Pakistan are set to pay an additional Rs 58 billion in income tax following the federal cabinet’s approval of a 40 percent tax on windfall profits derived from foreign exchange transactions in 2021 and 2022.
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Pakistan Imposes 40% Tax on Banks’ Windfall Profits, Adding to Financial Burden
Karachi, November 16, 2023 –Pakistan has placed additional tax burdens on banks, introducing a 40% levy on windfall income profits from foreign exchange transactions.
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IMF Reaches Agreement with Pakistan on First Review of $3 Billion Stabilization Program
Washington, DC, November 15, 2023 – The International Monetary Fund (IMF) disclosed on Wednesday that it has successfully reached a staff-level agreement (SLA) with Pakistani authorities on the first review of their stabilization program. The program, backed by the IMF’s $3 billion Stand by Arrangement (SBA), aims to bolster Pakistan’s economic stability.
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Sindh Minister Criticizes Pakistan’s Subsidized Gas Policy as Counter to Global Norms
Karachi, November 15, 2023 – Pakistan’s subsidized gas policy for residential consumers has come under scrutiny by Sindh’s Provincial Minister for Revenue, Industries, and Commerce, Muhammad Younus Dagha.
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Karachi Safe City Project to Become Functional by January 2024
Karachi, November 15, 2023 – Brig. (R) Haris Nawaz, Sindh Caretaker Minister for Home & Prisons Department, announced on Tuesday that the Karachi Safe City Project is slated to become operational by January 2024, providing a significant boost to the city’s efforts to combat street crimes and enhance public safety.
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Sales Tax Act Grants FBR Authority to Disconnect Electricity and Gas for Defaulting Retailers
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MSCI Review Maintains Status Quo for Pakistan Main Index
November 15, 2023 – In its latest update on the November 2023 Index Review, MSCI has announced that there will be no changes in the constituents for Pakistan in the main Frontier Market Index.
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FBR Initiates Document Verification of BS-16 Customs Officers
Islamabad, November 15, 2023 – The Federal Board of Revenue (FBR) has undertaken the thorough verification of documents submitted by officers in the BS-16 grade of the Pakistan Customs Department.
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