Karachi, August 19, 2023 – Pakistan has officially released the income tax rates applicable to foreign shipping and air transport for the tax year 2023-24, which commenced on July 1, 2023.
(more…)Author: Shahnawaz Akhter
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Punjab Leads in Motor Vehicle Tax Collection in FY23: Official Stats
Karachi, August 19, 2023 – Punjab has emerged as the frontrunner in the collection of motor vehicle tax for the fiscal year 2022-23, as per recent official statistics released by the federal finance ministry of Pakistan.
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Pakistan’s July Current Account Deficit Shrinks by 36%, Trade Gap Contracts
Karachi, August 18, 2023 – Pakistan’s current account deficit has shown a remarkable reduction of 36 percent in July 2023, as unveiled by data released by the State Bank of Pakistan (SBP) on Friday.
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Karachi Tax Bar Association Applauds ATIR’s Response on Recovery Stay
Karachi, August 18, 2023 – The Karachi Tax Bar Association (KTBA) has expressed its appreciation for the recent action taken by the Appellate Tribunal Inland Revenue (ATIR) in response to stay applications without recovery notices.
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FBR Urged to Extend Sales Tax Return Date as Provincial Portals Facing Glitches
Karachi, August 18, 2023 – The Karachi Tax Bar Association (KTBA) has formally requested the Federal Board of Revenue (FBR) to consider extending the deadline for filing sales tax returns due to technical issues plaguing provincial filing portals.
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Wheat Flour Price Soars by 132% in Agricultural Pakistan
Islamabad, August 18, 2023 – The cost of wheat flour, a staple food for the masses in Pakistan, has experienced an unprecedented surge of over 132%.
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Pakistan’s Budget Deficit Narrows to 7.7% with 21% Surge in Expenditures in FY23
Islamabad, August 18, 2023 – Pakistan’s fiscal performance for the fiscal year 2022-23 was unveiled on Thursday, indicating a reduction in the budget deficit to 7.7 percent coupled with a notable increase in expenditures by more than 21 percent.
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Pakistan Single Window Integrates Digital Services with Government Departments
Islamabad, August 17, 2023 – The Pakistan Single Window (PSW) initiative has achieved a significant milestone by seamlessly integrating its digital services with four key government departments as part of its Phase-II rollout.
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Taxpayers Struggle with Sindh Sales Tax Return Compliance Amid Portal Dysfunction
Karachi, August 17, 2023 – Taxpayers in the Sindh province are encountering significant challenges in meeting compliance requirements for filing sales tax returns and making tax payments through the online portal of the Sindh Revenue Board (SRB).
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Pakistan Extends Rs30 Billion Tax Exemption to Foreigners on Profit from Debt
Karachi, August 17, 2023 – In a bid to attract foreign investment and bolster the economy, Pakistan has granted a significant income tax exemption exceeding Rs30 billion to foreign entities for profits generated from debt during the fiscal year 2022-23.
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