Tax Experts Explain Reintroduction of Tax on Bonus Shares through Finance Bill, 2023
Tax experts at A F Ferguson have provided insights into the reintroduction of tax on bonus shares through the Finance Bill of 2023.
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Category: Budget 2023-2024
Higher Rate of Super Tax Extended to All Taxpayers
The higher rate of super tax, originally introduced in the Finance Act 2022, has now been extended to encompass all taxpayers across various sectors, according to the newly proposed Finance Bill of 2023.
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Sindh to Introduce Security Featured Vehicle Registration Smart Card
Karachi – The Sindh government has announced its plans to launch a security featured vehicle registration smart card as part of its efforts to enhance security measures in vehicle registration.
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Sindh Province Transfers Property Tax Collection to Local Councils
Karachi – In a significant development towards decentralization and empowering local governance, the Government of Sindh has announced the transfer of property tax collection authority to local councils.
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Sindh Increases Salary, Minimum Wage and Pension in Budget 2023-24
Karachi, June 10, 2023: The Sindh province has made a momentous announcement today, revealing substantial raises in salary and pension for government employees, as well as an increase in the minimum wages for individuals working in the private sector.
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Sindh Unveils Budget 2023-24 with a Total Outlay of Rs2.25 Trillion
Karachi, June 10, 2023: The Sindh government Saturday announced the provincial budget for the fiscal year 2023-24, focusing on key areas of development and growth. With a total outlay of approximately Rs2.25 trillion, the budget reflects a 31 percent increase compared to the previous fiscal year’s estimates of Rs1.71 trillion.
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PwC – A. F. Ferguson Criticizes Budget as Taxing Already Taxed Sectors
The Finance Bill 2023 has come under scrutiny from PwC – A. F. Ferguson Chartered Accountancy Firm, as it is seen as a budget that primarily focuses on taxing already taxed sectors. According to the renowned financial consulting firm, the budget does not bring about substantial changes in the tax policy and fails to address […]
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Post Budget Briefing: Dar Expresses Confidence in Achieving 3.5% GDP Growth Target
Islamabad, June 10, 2023: Finance Minister Senator Mohammad Ishaq Dar on Saturday expressed strong confidence in the government’s ability to achieve the targeted 3.5 percent growth of Gross Domestic Product (GDP) for the fiscal year 2023-24.
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NCCPL Authorized to Collect Super Tax on Capital Gains
In a significant development, the National Clearing Company of Pakistan Limited (NCCPL) has been granted the authority to collect super tax on capital gains.
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Finance Bill 2023 Proposes Reduced Tax Rates on Additional Advances for IT Sector
The Finance Bill 2023 has introduced a proposal to reduce tax rates on additional advances for Information Technology (IT) services and IT-enabled services in Pakistan. The aim is to promote and support the growth of the IT sector. The key provisions related to this proposal are as follows:
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