Pakistan’s salaried class unhappy over new tax changes

Jun 25

Budget 2022-2023, National, Taxation, Top stories

Pakistan’s salaried class unhappy over new tax changes

ISLAMABAD: The salaried class in Pakistan is in shock over the recent changes announced by the government and revert its decision to exempt income of salaried persons up to Rs1.2 million. The government on June 10, 2022 presented the federal budget 2022/2023 announced major tax relief for salaried class by enhancing threshold from Rs600,000 to […]

by Anjum Shah

Pakistan imposes fixed tax on gold shops

Jun 25

Budget 2022-2023, Taxation, Top stories

Pakistan imposes fixed tax on gold shops

ISLAMABAD: Pakistan on Friday introduced a fixed tax regime for jewelers and decided to impose the fixed tax on gold shops measures a certain area. Finance Minister Miftah Ismail while addressing on the floor of the house, stated that only twenty two gold shops out of thirty thousand are registered. “A fixed tax will be […]

by Anjum Shah

Committee recommends lifting import ban on luxury items

Jun 24

Budget 2022-2023, Taxation, Trade & Industry

Committee recommends lifting import ban on luxury items

KARACHI: A budget anomaly committee comprising of leading businessmen of Pakistan on Friday recommended lifting ban on import of luxury items. “As ban imposed on import of luxury items was for a temporary period hence, it needs to be lifted and imports may be controlled through tariff rationalization,” according to recommendations of the anomaly committee […]

by Faisal Shah

Key tax measures taken through Finance Bill 2022

Jun 23

Budget 2022-2023, Taxation

Key tax measures taken through Finance Bill 2022

KARACHI: A leading chartered accountancy firm has highlighted tax measures taken by the government through Finance Bill, 2022. According to PwC A. F. Ferguson&Co. the Finance Bill 2022 represents the First Budget of the current coalition government which has been announced in extremely difficult economic conditions. Due to current account deficit and shortfall in local […]

by Faisal Shah

FPCCI identifies tax anomalies in budget 2022-2023

Jun 22

Budget 2022-2023, Trade & Industry

FPCCI identifies tax anomalies in budget 2022-2023

KARACHI: Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has identified anomalies in the federal budget 2022-2023. In a statement issued on Wednesday, Shabbir Mansha, Acting President FPCCI, expressed his profound concerns on the glaring anomalies in the federal budget 2022 – 2023. “We have noticed anomalies in custom duties, regularity duties, income tax […]

by Hamza Shah

Pakistan announces massive tax reduction for salaried persons

Jun 20

Budget 2022-2023, Taxation, Top stories

Pakistan announces massive tax reduction for salaried persons

KARACHI: Pakistan has announced massive tax reduction for salaried persons in the budget 2022/2023. The country announced federal budget 2022/2023 on June 10, 2022 and announced massive reduction in tax on the income of salaried person, which may be applicable from July 01, 2022. Through Finance Bill, 2022 the tax slabs have been reduced to […]

by Faisal Shah

Pakistan decides 10% regulatory duty on petrol import

Jun 19

Budget 2022-2023, Finance, Pakistan Customs, Top stories

Pakistan decides 10% regulatory duty on petrol import

KARACHI: Pakistan has decided to impose regulatory duty at 10 per cent from July 01, 2022. The country presented its federal budget 2022/2023 on June 10, 2022 and proposed increase on regulatory duty on various imported goods. READ MORE: Penalty amount revised for late filing income tax returns The Finance Bill, 2022 suggested levying 10 […]

by Hamza Shah

Penalty amount revised for late filing income tax returns

Jun 18

Budget 2022-2023, Taxation

Penalty amount revised for late filing income tax returns

ISLAMABAD: Penalty amount has been revised for filing income tax returns after due date. The Finance Bill, 2022 proposed revision in penalty amount for late filing of income tax returns by salaried persons and other taxpayers. The government presented federal budget 2022/2023 on June 10, 2022 and proposed various amendments to tax laws for ensure […]

by Faisal Shah

Yarn merchants demand removing budget anomalies

Jun 17

Budget 2022-2023, Trade & Industry

Yarn merchants demand removing budget anomalies

KARACHI: Pakistan Yarn Merchants Association (PYMA) has urged the finance minister to remove anomalies in the budget 2022/2023. In a statement on Friday, Saqib Naseem, Chairman PYMA, Muhammad Junaid Teli, Vice Chairman, Sind & Balochistan region, has drawn attention of Minister for Finance and Revenue, Miftah Ismail over anomalies in Federal Budget 2022-23. READ MORE: […]

by Hamza Shah

Jun 15

Budget 2022-2023, National

Punjab announces 15% increase in salary

LAHORE: Punjab government has announced an increase of 15 per cent for employees of provincial government. The Punjab government on Wednesday announced its budget for fiscal year 2022/2023. The finance minister announced an increase of 15 per cent for employees of provincial government. Besides, the provincial government also increased 5 per cent for pension. The […]

by Anjum Shah