In a recent development, beauty parlors and beauty clinics operating within the jurisdiction of Islamabad Capital Territory (ICT) are now obligated to pay a 15 percent sales tax on services, as per updated laws issued by the Federal Board of Revenue (FBR).
(more…)Author: Shahnawaz Akhter
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Tax Return Filing for Year 2023 Begins in Pakistan
Islamabad, July 8, 2023 – The filing of annual income tax returns and statements of assets for the tax year 2023 has officially commenced in Pakistan, according to official sources from the Federal Board of Revenue (FBR). The FBR opened its return filing portal, known as IRIS, on July 1, 2023, covering the period from July 1, 2022, to June 30, 2023.
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FBR Apparently Achieves Rs7.2 Trillion Collection Target for FY23
Islamabad, July 8, 2023 – The Federal Board of Revenue (FBR) has reportedly achieved its revenue collection target of Rs7.2 trillion for the fiscal year 2022-23, according to sources.
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Pakistan’s Middle Class Bears Brunt of Inflation as Kitchen Item Prices Soar
Islamabad, July 7, 2023 – Pakistan’s middle class is grappling with the impact of rising inflation, particularly the surge in prices of essential kitchen items, according to official data released by the Pakistan Bureau of Statistics (PBS) on Friday.
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Pakistan to Raise Rs9.9 Trillion for Budget Financing in Next Three Months
Karachi, July 7, 2023 – In a bid to meet its budgetary requirements, Pakistan has announced plans to raise Rs9.9 trillion through the auction of securities over the next three months.
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Pakistan’s Foreign Exchange Reserves Surge to $9.746 Billion
Karachi, July 6, 2023 – Pakistan’s foreign exchange reserves have experienced a notable increase of $405 million within a week, according to data released by the State Bank of Pakistan (SBP) on Thursday.
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Retailers to Face Three-Year Jail Term for Selling Contraband Cigarettes
Karachi, July 5, 2023 – The tax authorities have issued a stern warning to retailers, informing them of the possibility of a three-year jail term for selling contraband cigarettes. In a bid to curb the sale of unapproved and smuggled goods in the country, the government has recently amended the Sales Tax Act of 1990, introducing new penalties for offenders.
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LTO Karachi Surpasses FY23 Target, Collects Nearly Rs2 Trillion Amid Economic Challenges
Karachi, July 5, 2023 – The Large Taxpayers Office (LTO) Karachi has exceeded its revenue collection target for the fiscal year 2022-23, amassing approximately Rs2 trillion, according to officials on Wednesday.
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Pakistan Retains Higher Sales Tax Rate at 18% for 2023-24 and Onwards
Islamabad, July 5, 2023 – In a move that may impact the economy and burden the masses, Pakistan has decided to retain the higher rate of general sales tax at 18 percent for the fiscal year starting July 1, 2023, and continuing onwards. The decision was announced by the Federal Board of Revenue (FBR) sources today.
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IT Services Face 15% Sales Tax Imposition in Islamabad
Islamabad, July 4, 2023: The Federal Board of Revenue (FBR) has mandated a 15 percent sales tax on IT services and IT-enabled services within the jurisdiction of Islamabad, the capital city of Pakistan. This decision, effective from July 1, 2023, aims to enhance tax revenue collection in the IT sector.
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