Pakistan Revenue
Karachi, July 18, 2024 – The Institute of Cost and Management Accountants of Pakistan (ICMAP) has identified an overall negative impact of the 2024-25 budget on the country’s exports. In its comprehensive review of the budget’s impact across various sectors, the ICMAP highlighted several key concerns that could significantly affect Pakistan’s export performance.
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Karachi, July 10, 2024 – The North Karachi Association of Trade & Industry (NKATI) voiced deep concerns on Wednesday over the potential mass closure of small and medium enterprises (SMEs), attributing the grim outlook to the adverse impacts of the 2024-25 budget.
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Karachi, July 2, 2024 – The Association of Builders and Developers of Pakistan (ABAD) has announced its decision to challenge the harsh tax measures introduced in the 2024-25 budget in court.
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Islamabad, June 30, 2024 – Pakistan President Asif Ali Zardari on Sunday approved the heavily tax-laden Budget 2024-25, set to come into effect from July 1. The budget, amounting to Rs18.877 trillion, aims to stabilize the economy and secure a new bailout from the International Monetary Fund (IMF).
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Islamabad, June 29, 2024 – Prime Minister Shehbaz Sharif has commended Finance Minister Mohammad Aurangzeb for his successful efforts in securing the approval of the 2024-25 budget from the parliament.
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Karachi, June 29, 2024 – The government of Pakistan has introduced a separate tax regime for income tax on property sales through the amended Finance Bill, 2024.
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Karachi, June 29, 2024 – In a surprising move aimed at generating more tax revenue, the government has imposed a 10 percent surcharge on income tax for individuals earning over Rs 10 million.
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Pakistan has intensified its fiscal measures by increasing the tax burden on the nation as it seeks approval for the 2024-25 budget. The government has added further amendments to the earlier proposed Finance Bill 2024, imposing additional taxes to meet revenue targets.
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Islamabad, June 28, 2024 – National Assembly of Pakistan on Friday passed the 2024-25 budget, maintaining a normal tax regime for exporters despite significant criticism.
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Islamabad, June 28, 2024 – The National Assembly on Friday approved the budget for fiscal year 2024-25, presented by the ruling Pakistan Muslim League-Nawaz (PML-N).
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