Karachi, July 29, 2023 – In a bid to curb the outflow of dollars and bolster its foreign exchange reserves, Pakistan has taken a significant step by announcing a whopping 400 percent increase in taxes on payments made through debit or credit cards.
(more…)Author: Shahnawaz Akhter
-
FBR’s Fiscal Fumble: Misses Rs 7.2 Trillion Tax Target for FY23
Karachi, July 28, 2023 – The Federal Board of Revenue (FBR) fell short of its fiscal year 2022-23 tax collection target, as revealed by the finance ministry in a monthly report for July 2023.
(more…) -
SBP’s Regulatory Crackdown: 11 Banks Slapped with Rs 575 Million in Fines
Karachi, July 27, 2023 – The State Bank of Pakistan (SBP) has taken a firm stance against regulatory violations in the banking sector, imposing a total monetary penalty of Rs 575 million on 11 banks during the first half (January – June) of calendar year 2023.
(more…) -
FBR Elaborates New Withholding Tax Regime for Motor Vehicles
Karachi, July 27, 2023 – The Federal Board of Revenue (FBR) has elaborated new withholding tax regime for motor vehicles, aiming to streamline the taxation process and generate revenue for the government.
(more…) -
Your Guide to FBR’s Latest Tax Changes: Cash Withdrawal Tax Explained
In a significant move to boost tax revenues, the Federal Board of Revenue (FBR) has announced the reintroduction of tax collection on cash withdrawals from Non-Active Taxpayer List (ATL) persons by banks.
(more…) -
FBR Explains Newly Introduced Additional Tax on Windfall Profit
Karachi, July 27, 2023 – The Federal Board of Revenue (FBR) has provided clarification on the recently introduced additional tax on windfall profits, aiming to address concerns and shed light on the amendments made through the Finance Act, 2023 to the Income Tax Ordinance, 2001.
(more…) -
Foreign Investment Woes: Profit Repatriation from Pakistan Plunges by 80% in FY23
Karachi, July 27, 2023 – The repatriation of profit and dividends from Pakistan has seen a significant plummet of 80 percent, amounting to $331 million in fiscal year 2022-23, as reported by official data released by the State Bank of Pakistan (SBP).
(more…) -
Additional Income Slabs Introduced to Bring Uniformity in Super Tax
Karachi, July 27, 2023 – In a bid to promote progressivity and uniformity in the taxation system, the Federal Board of Revenue (FBR) has introduced additional income slabs for the Super Tax, as outlined in Circular No. 2 of Income Tax dated July 26, 2023.
(more…) -
FBR Explains Tax on Bonus Shares for Public and Private Companies
Karachi, July 26, 2023 – The Federal Board of Revenue (FBR) has declared that the newly introduced tax on bonus shares is applicable to both public and private companies.
(more…) -
Tax Makeover: Capital Gains on Securities and Shares Get Fresh Look
Karachi, July 26, 2023 – The Federal Board of Revenue (FBR) has announced significant tax amendments pertaining to capital gains on securities and shares through an official notification, Circular No. 2 of Income Tax.
(more…)