Tax Exemptions Introduced for Qualified Investments under Foreign Investment Act

Jun 10

Budget 2023-2024, Taxation

Tax Exemptions Introduced for Qualified Investments under Foreign Investment Act

The Finance Bill 2023 has brought forth a new section, 44A, to the Income Tax Ordinance, 2001. This section provides exemptions for taxes on income, withholding taxes, minimum and final taxes, as well as certain provisions of the Ordinance, for qualified investments as specified in the Foreign Investment (Promotion and Protection) Act, 2022.

by Shahnawaz Akhter

Finance Bill 2023 Introduces Additional Tax on Unexpected Income, Profits, and Gains

Jun 10

Budget 2023-2024, Taxation

Finance Bill 2023 Introduces Additional Tax on Unexpected Income, Profits, and Gains

The Finance Bill 2023 has introduced a new section, 99D, to the Income Tax Ordinance, 2001, enabling the government to impose an additional tax on certain income, profits, and gains.

by Shahnawaz Akhter

FBR Empowered to Recover Outstanding Liabilities under Other Laws

Jun 10

Budget 2023-2024, Taxation

FBR Empowered to Recover Outstanding Liabilities under Other Laws

KARACHI: In a notable development, the Federal Board of Revenue (FBR) has been granted the authority to recover outstanding liabilities under various statutes or laws. Section 146D of the Income Tax Ordinance, 2001, now empowers the Commissioner (Inland Revenue) to recover such liabilities and deposit the proceeds into the designated account specified in the respective […]

by Shahnawaz Akhter

FBR Exempts Foreign Inflows Up To $100,000 From Scrutiny

Jun 10

Budget 2023-2024, Taxation, Top stories

FBR Exempts Foreign Inflows Up To $100,000 From Scrutiny

In a significant development, the Federal Board of Revenue (FBR) has introduced an amendment through the Finance Bill, 2023, indicating that it may not scrutinize foreign inflows up to $100,000 in a year.

by Shahnawaz Akhter

Regulatory Duty on Second-Hand Clothing Abolished in Finance Bill 2023

Jun 10

Budget 2023-2024, Taxation

Regulatory Duty on Second-Hand Clothing Abolished in Finance Bill 2023

ISLAMABAD: Pakistan has taken steps to provide relief to the underprivileged segment of society by abolishing the regulatory duty on the import of second-hand clothing.

by Faisal Shahnawaz

Budget 2023-24 lacks measures to stabilize economy: OICCI

Jun 10

Budget 2023-2024, Trade & Industry

Budget 2023-24 lacks measures to stabilize economy: OICCI

KARACHI: The recently announced budget for the fiscal year 2023-24 in Pakistan has drawn criticism from the Overseas Investors Chamber of Commerce and Industry (OICCI) for its lack of measures to stabilize the country’s economy.

by Faisal Shahnawaz

Pakistan Budget 2023-24: Salary and Pension Increased to Combat Inflation

Jun 9

Budget 2023-2024, National

Pakistan Budget 2023-24: Salary and Pension Increased to Combat Inflation

Islamabad, June 9, 2023: In an effort to support government employees amidst a significant surge in inflation, Finance Minister Ishaq Dar announced an increase in salary and pension during the presentation of the budget for the fiscal year 2023-24.

by Faisal Shahnawaz

Pakistan Implements 10% Withholding Tax on Foreign Payments via Cards

Jun 9

Budget 2023-2024, Money & Banking, Taxation

Pakistan Implements 10% Withholding Tax on Foreign Payments via Cards

Islamabad, June 9, 2023: Pakistan has introduced a withholding tax of up to 10 percent on individuals making foreign payments through debit and credit cards. Finance Minister Ishaq Dar announced the increase in tax rates during the presentation of the budget for the fiscal year 2023-24 on Friday.

by Mrs. Anjum Shahnawaz

Pakistan’s Business Community Criticizes Federal Budget, Deems it Unrealistic

Jun 9

Budget 2023-2024, Trade & Industry

Pakistan’s Business Community Criticizes Federal Budget, Deems it Unrealistic

Karachi, June 9, 2023 – Irfan Iqbal Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), representing the entire business community, expressed concern over the federal budget 2023-24, stating that it presents an unrealistic picture of the economy. The business community is particularly interested in uncovering any hidden taxes within the […]

by Faisal Shahnawaz

Pakistan Introduces Withholding Tax on Cash Withdrawal from Banks

Jun 9

Budget 2023-2024, Taxation

Pakistan Introduces Withholding Tax on Cash Withdrawal from Banks

Islamabad, June 9, 2023 – In a bid to enhance the documentation of the economy, Pakistan has implemented a withholding tax on cash withdrawals from banks. However, this tax will only apply to individuals who are not listed on the Active Taxpayers List (ATL) of the Federal Board of Revenue (FBR).

by Hamza Shahnawaz