In a significant move, a high powered tax commission has put forth a series of recommendations aimed at amending the taxation on prizes and winnings.
(more…)Category: Budget 2023-2024
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Karachi Tax Bar Association Proposes Amendments to Ease Tax Challan Issuance
Karachi Tax Bar Association (KTBA) has proposed amendments to ease in tax challane issuance while raising concerns over the difficulties faced by taxpayers in obtaining copies of challans from withholding agents.
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KTBA Suggests Abolishing Tax on Deemed Income
Karachi Tax Bar Association (KTBA) has made a compelling case for the government to abolish the tax on deemed income by proposing an amendment to the Finance Bill 2023.
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Tax Reform Commission Recommends Measures to Counter Petroleum Smuggling
The Reform and Revenue Mobilization Commission (RRMC) has proposed the implementation of a marking and monitoring system in the petroleum sector to combat the rampant smuggling of petroleum products in Pakistan.
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PSX Proposes Investment and Saving Accounts Scheme to Spur Economic Growth
The Pakistan Stock Exchange (PSX) has recommended to the government the introduction of an investment and saving accounts scheme as part of its proposals for the 2023-2024 budget.
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Pakistan May Impose High Tax Rates on Non-Filer Religious Travelers
Pakistan is reviewing a proposal to impose significantly higher tax rates on non-filer religious travelers as part of its efforts to bring undocumented money into the formal economy.
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Pakistan Urged to Intensify Taxation on Tobacco Industry
As Pakistan prepares for the federal budget of 2023-2024, advisory firm Adam Smith International, under its REMIT (Revenue, Mobilization, Investment, and Trade) project, has recommended further taxation on the tobacco industry.
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Dar Vows Business-Friendly Budget to Spur Economic Growth
Islamabad, May 29, 2023: In a meeting with the Association of Builders and Developers of Pakistan (ABAD), Senator Mohammad Ishaq Dar, the Federal Minister for Finance and Revenue, announced the government’s commitment to introduce a business-friendly budget aimed at supporting the masses and bolstering economic growth. The gathering took place in Islamabad on Monday.
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ICAP Proposes Rationalizing Tax Rates for Salary Income
The Institute of Chartered Accountants of Pakistan (ICAP) has suggested the rationalization of tax rates on the income of salaried individuals in their proposals for the budget 2023-2024.
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Proposal to Abolish Withholding Tax Regime for Listed Companies
The Institute of Chartered Accountants of Pakistan (ICAP) has recommended the removal of the withholding tax burden imposed on listed companies by the Federal Board of Revenue (FBR).
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