Islamabad: Foreign investors have advised Pakistan to refrain from introducing new taxes in the forthcoming budget for 2023-24, expressing concerns over the potential negative impact on the country’s formal business sector.
(more…)Category: Budget 2023-2024
-
Anticipated Tax Measures in the Federal Budget 2023-24
The upcoming federal budget for 2023-24 is expected to include a range of tax measures aimed at achieving a tax revenue target of Rs9-9.2 trillion.
(more…) -
Pakistan Budget 2023-2024: Navigating Challenges and Striving for Economic Stability
The Pakistan Budget for the fiscal year 2023-2024 faces significant challenges due to stagflation, uncertainties surrounding the upcoming elections, and the country’s external account funding gap.
(more…) -
PAFLA Calls for Removal of Tax Burden on Freelancers
Pakistan Freelancers Association (PAFLA) has submitted a budget proposal to the government, calling for the abolition of taxes on freelancers’ income to support Pakistan’s booming freelancing industry and encourage foreign exchange earnings.
(more…) -
Auto Assemblers Reject Proposed Withholding Tax on Invoice Prices
Karachi, June 3, 2023 – Local auto assemblers have strongly opposed a budget proposal for the fiscal year 2023-24 that suggests levying the Withholding Tax (WHT) based on invoice prices of motor vehicles instead of engine capacity. Industry representatives argue that this change could further distress an already struggling auto sector, leading to a decline in sales.
(more…) -
ICAP Urges Tax Authorities to Revise Tax Rates and Regimes in Budget 2023-2024
Institute of Chartered Accountants of Pakistan (ICAP) has raised concerns over the current tax rates and tax regimes in the country, urging the tax authorities to revisit them in the upcoming budget for the fiscal year 2023-2024.
(more…) -
KTBA President highlights key tax proposals for budget 2023-2024
Syed Zafar Ahmed, President of the Karachi Tax Bar Association (KTBA), has recently submitted a series of important tax proposals for inclusion in the upcoming Finance Bill 2023.
(more…) -
KTBA Proposes Amendments for Fairer Tax Recoveries via Frozen Bank Accounts
Karachi Tax Bar Association (KTBA) has proposed significant amendments to the existing laws concerning tax recoveries through the freezing of bank accounts.
(more…) -
KTBA Opposes Income Tax Deduction on Gross Salary
Karachi, June 1, 2023 – The Karachi Tax Bar Association (KTBA) has expressed its opposition to taxing salary income based on the gross amount.
(more…) -
Pakistan Considers Restricting Cash Transactions Above Rs. 10,000 at Retail Outlets
In an effort to promote the documentation of the economy, the government of Pakistan is contemplating imposing restrictions on cash transactions exceeding Rs. 10,000 at retail outlets.
(more…)