Islamabad, June 27, 2023: The government has announced that active taxpayers will no longer be required to pay tax on deemed income, according to the Finance Act, 2023.
(more…)Author: Shahnawaz Akhter
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Additional Tax on Windfall Income Becomes Act of Parliament
Islamabad, June 27, 2023 – The national assembly has passed the budget proposals, making the additional tax on windfall income a law, according to experts.
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KTBA Raises Concerns to FBR Regarding Challenges in Filing Sales Tax Returns
The Karachi Tax Bar Association (KTBA) on Monday reached out to the Federal Board of Revenue (FBR) to highlight the difficulties encountered by taxpayers while filing sales tax returns.
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SBP Surprises with 100 Basis Point Increase in Benchmark Policy Rate to 22%
Karachi, June 26, 2023 – In an unexpected move on Monday, the State Bank of Pakistan (SBP) raised the benchmark key policy rate by 100 basis points to 22 percent.
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Pakistan Jacks Up Petroleum Levy to Rs60 per Liter
In a bid to generate non-tax revenue, Pakistan has recently announced an increase in the petroleum levy, raising it to Rs60 per liter.
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Up to 10% Advance Tax Imposed on Value of New Motor Vehicles
Islamabad, June 26, 2023: The National Assembly of Pakistan on Sunday June 25, 2023 approved the budget 2023-24 with allowing up to 10 percent advance tax on new motor vehicles.
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New Tax Rates for Business Individuals and AOPs Effective From July 01, 2023
Islamabad, June 26, 2023 – The National Assembly of Pakistan has approved new tax rates for business individuals and Association of Persons (AOPs) as part of the budget for the fiscal year 2023-24.
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New Tax Rates For Salary Income Applicable from July 01, 2023
Islamabad, June 26, 2023 – The National Assembly of Pakistan has passed the budget for the fiscal year 2023-24, introducing new tax rates for salary income.
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FBR Intelligence Uncovers Massive Sales Tax Evasion by Battery Manufacturers
Karachi, June 24, 2023: The intelligence and investigation office of the Federal Board of Revenue (FBR) has uncovered a significant case of sales tax evasion by battery manufacturers.
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Pakistan Withdraws Ban on Import Payments
Karachi, June 23, 2023 – In a significant move aimed at bolstering its economy, Pakistan has officially withdrawn the ban on payments for the import of goods.
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