Budget 2022-2023 Archives - Page 3 of 18

FBR to collect 3% further tax on supply to inactive taxpayer

July 14, 2022January 19, 2024Faisal Shahnawaz

KARACHI: The Federal Board of Revenue (FBR) will collect three per cent further sales tax on supply made to a person not an active taxpayer.

FBR starts online monitoring sales of jewelers

July 12, 2022May 16, 2026Faisal Shahnawaz

KARACHI: The Federal Board of Revenue (FBR) has started online monitoring the sales of jewelers after amendment made through Finance Act, 2001.

Tax concessions to pilots withdrawn

July 12, 2022July 12, 2022Faisal Shahnawaz

KARACHI: Tax concessions on income in the shape of total allowances available to pilots of any Pakistani airlines have been withdrawn from July 01, 2022. The tax concessions have been withdrawn through Finance Act, 2022 by amending provisions of Income Tax Ordinance, 2001. READ MORE: Pakistan grants tax exemption to charitable organizations According to the […]

Pakistan grants tax exemption to charitable organizations

July 12, 2022May 27, 2026Faisal Shahnawaz

KARACHI: Pakistan has granted exemption from tax on income of various charitable organizations through Finance Act, 2022.

New tax rates on car registration from July 01, 2022

July 11, 2022July 12, 2022Hamza Shahnawaz

KARACHI: The new rates of advance tax on registration of motor cars have been notified through Finance Act, 2022. According to PwC A. F. Ferguson & Co. the new rates of advance tax on registration of the motor vehicles are as follows: READ MORE: Finance Act 2022 notifies tax rates on disposal of securities Engine […]

Finance Act 2022 notifies tax rates on disposal of securities

July 11, 2022July 11, 2022Hamza Shahnawaz

KARACHI: Through the Finance Act, 2022 the tax rates on disposal of securities have been notified for tax year 2023 and onwards. According to interpretation of PwC A. F. Ferguson & Co. gain on disposal of listed securities (that was previously chargeable to tax at 12.5 per cent irrespective of the holding period) shall now […]

Finance Act 2022 revises tax rates for salaried persons

July 11, 2022July 11, 2022Hamza Shahnawaz

KARACHI: The federal government has withdrawn the proposal to give concessions to salaried persons and retained the minimum threshold for salary income at Rs600,000. Through the Finance Act, 2022 the new tax rates on salary income have been implemented from July 01, 2022. The new tax rates are as follow: READ MORE: Proposal of final […]

Proposal of final tax regime for commercial importers rejected

July 10, 2022July 11, 2022Hamza Shahnawaz

KARACHI: The National Assembly of Pakistan has rejected a proposal to grant final tax regime for commercial importers. The proposal was made part of Finance Bill, 2022 under which the government proposed to bring commercial importers under the ambit of final tax regime. READ MORE: Mechanism revamped for tax dispute resolution Previously, PTI government after […]

Mechanism revamped for tax dispute resolution

July 10, 2022July 10, 2022Faisal Shahnawaz

KARACHI: The mechanism of alternative dispute resolution (ADR) has been revamped through Finance Act, 2022 and same has been implemented from July 01, 2022. According to explanation to the Section 134A of the Income Tax Ordinance, 2001 amended through Finance Act, 2022, analysts at PwC A. F. Ferguson & Co. said that under the revamped […]

Simplified tax regime for shopkeepers implemented