Pakistan has introduced a 10 percent tax on money transfers to non-residents lacking a permanent establishment within the country who derive income from various financial services.
KARACHI: Significant changes have been made to sales tax laws through Finance Act, 2022 and that are applicable from July 01, 2022. PwC A.F. Ferguson & Co interpreted the changes made to Sales Tax Act, 1990 through the Finance Act, 2022, which are as follow: READ MORE: Key changes to income tax laws through Finance […]
KARACHI: The Finance Act, 2022 has made significant changes to Income Tax Ordinance, 2001, which are applicable from July 01, 2022. Following are the significant changes in Income Tax Ordinance, 2001 through Finance Act, 2022 as explained by PwC A.F. Ferguson & Co.: READ MORE: Non-ATL retailers to pay double amount of fixed tax 1. […]
ISLAMABAD: Small retailers or a shopkeepers have to pay double the amount of fixed tax in case of not appearing on the Active Taxpayers List (ATL). The federal government through the Finance Bill, 2022 introduced a scheme of fixed tax for small retailers. However, the National Assembly approved the bill with certain changes in the […]
KARACHI: About four years jail term has been prescribed for tempering data of Pakistan Single Window (PSW). According to Finance Act, 2022 certain amendments have been made to Customs Act, 1969 to prescribed fine and penalty for attempting to tamper or making unauthorized entry to the online data of PSW. According to the Finance Act, […]
ISLAMABAD: National Assembly (NA) has approved a levy of Rs50 per liter on each petroleum product. The assembly allowed the government to include the levy in the prices of petroleum products up to Rs50 per liter of each product. READ MORE: All tax proposals of IT sector accepted: FBR The National Assembly passed the Finance […]
ISLAMABAD: The Federal Board of Revenue (FBR) has said all pressing demands of IT sector have been accepted in the budget 2022/2023. In a statement issued on Monday, the FBR has taken an exception to a statement issued by Pakistan Software Houses Association (P@SHA) dated June 25, 2022. It has reported some facts regarding the […]
ISLAMABAD: The salaried class in Pakistan is in shock over the recent changes announced by the government and revert its decision to exempt income of salaried persons up to Rs1.2 million. The government on June 10, 2022 presented the federal budget 2022/2023 announced major tax relief for salaried class by enhancing threshold from Rs600,000 to […]
ISLAMABAD: Pakistan on Friday introduced a fixed tax regime for jewelers and decided to impose the fixed tax on gold shops measures a certain area. Finance Minister Miftah Ismail while addressing on the floor of the house, stated that only twenty two gold shops out of thirty thousand are registered. “A fixed tax will be […]
KARACHI: A budget anomaly committee comprising of leading businessmen of Pakistan on Friday recommended lifting ban on import of luxury items. “As ban imposed on import of luxury items was for a temporary period hence, it needs to be lifted and imports may be controlled through tariff rationalization,” according to recommendations of the anomaly committee […]