Pakistan Revenue
ISLAMABAD: Pakistan has proposed to amend tax laws to bring wealthy citizens living abroad and evading tax. The amendment has been proposed through budget 2022/2023, which was presented on June 10, 2022. READ MORE: CGT up to 15% slapped on immovable properties According to budget documents, criteria for the resident person for the purpose of […]
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The federal government has implemented capital gains tax (CGT) ranging up to 15 percent on the disposal of immovable properties within one year of purchase.
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ISLAMABAD: A tax rate at 20 per cent has been imposed on deemed income from immovable properties through a new section introduced to Income Tax Ordinance, 2001. The government announced federal budget 2022/2023 on June 10, 2022 and introduced new tax on a person having more than one immovable property. A person having more than […]
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ISLAMABAD: Pakistan has amended tax laws related to digital transfers of money to non-residents for various financial services. The country on June 10, 2022 presented its federal budget for the fiscal year 2022/2023. The amendment has been brought into the Income Tax Ordinance, 2001 through Finance Bill, 2022. READ MORE: Pakistan imposes tax on high […]
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ISLAMABAD: Pakistan has imposed an additional rate of tax on high net-worth individuals for poverty alleviation. The country on June 10, 2022 presented its federal budget for the fiscal year 2022/2023. The budget was presented amid severe financial crisis. READ MORE: Finance Bill defines beneficial owner under tax laws Finance Minister Miftah Ismail urged the […]
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ISLAMABAD: The Finance Bill 2022 has defined ‘beneficial owner’ for the purpose of treatment of tax under Income Tax Ordinance, 2001. Amendments have been proposed in the Section 2 of the Income Tax Ordinance, 2001 through introduction of Finance Bill, 2022 on June 10, 2022. READ MORE: Pakistan reduces salary tax slabs to 7 in […]
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ISLAMABAD: Pakistan has reduced the number of tax slabs for salaried persons through Finance Bill 2022 in the budget 2022/2023. According to the Finance Bill, 2022 the government announced the reduction of salary tax slabs as well as incentive in tax payment for persons falling in the income range of Rs600,000 to Rs1.2 million. READ […]
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ISLAMABAD: Pakistan has announced massive cut in subsidies and allocated an amount of Rs699 billion for the fiscal year 2022/2023 as compared with the amount of Rs1.515 trillion in the outgoing fiscal year. The drastic cut in subsidies has been aimed at curtailing current expenditures to reduce the fiscal deficit. READ MORE: Petroleum levy to […]
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ISLAMABAD: The government has estimated a collection of Rs750 billion as petroleum levy during next fiscal year 2022/2023. It is worth mentioning that the previous PTI government had not imposed a petroleum levy in order to provide petroleum products at cheaper rates. READ MORE: FBR assigned tax collection target of Rs7 trillion in 2022/2023 However, […]
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ISLAMABAD: The Federal Board of Revenue (FBR) has been assigned a tax collection target of Rs7 trillion for the fiscal year 2022/2023 against the existing target of Rs6 trillion for the outgoing fiscal year. According to the official documents of the budget 2022/2023, the FBR tax collection has been estimated at Rs7 trillion up 16.66 […]
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