Karachi, Pakistan – June 21, 2024 – Pakistan’s business community is calling for a reevaluation of a key provision in the recently unveiled Finance Bill 2024. The proposed change, a shift from a fixed tax regime for exporters to a regular tax system, has raised concerns and prompted a high-level meeting at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
(more…)Category: Budget
This is parent category of budgets presented by Pakistan government. Here you will find year-wise federal and provincial budgets.
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Exporters in Scramble to Avoid Tax Regime Shakeup
Islamabad, June 21, 2024 – Pakistan’s export sector is in a state of flux as exporters scramble to negotiate a way out of the proposed changes to their tax regime outlined in the Finance Bill 2024.
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FBR Officials Authorized Best Judgement Assessment in Sales Tax
ISLAMABAD, June 21, 2024 — In a significant move to streamline tax administration and compliance, the Federal Board of Revenue (FBR) officials have been granted the authority to make best judgement assessments in sales tax cases.
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Salaried Class Up in Arms Over Tax Hike in Finance Bill 2024
Pakistan’s salaried class has erupted in protest against the proposed tax hikes outlined in the recently unveiled Finance Bill 2024. The Salaried Class Alliance, a representative body for salaried workers, has submitted a scathing critique to the newly formed FBR technical anomaly committee.
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Finance Bill 2024 Enlarges Scope of Sales Tax Fraud Definition
Islamabad, Pakistan (June 19, 2024) — The Finance Bill 2024 has proposed significant changes to the definition of sales tax fraud, expanding its scope to encompass a wider array of activities.
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Finance Bill 2024 Revamps Sales Tax Audit
In a significant overhaul of the sales tax audit process, the Finance Bill 2024 proposes a complete revamp of Section 25 of the Sales Tax Act 1990.
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Capital Gains Tax on Disposal of Securities Increased
In a significant fiscal policy shift, the Finance Bill 2024 has proposed an increase in the capital gains tax (CGT) on the disposal of securities. Effective for securities acquired on or after July 1, 2024, the tax rate for gains realized by individuals appearing on the Active Taxpayers’ List (ATL) at both the time of acquisition and disposal will be set at 15 percent. This development marks a substantial change aimed at enhancing revenue collection from the financial sector.
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Tax Hike Shock: 100% Increase in Lower Salary Brackets
A storm of controversy has erupted in Pakistan following the introduction of sweeping tax reforms in the recently unveiled Finance Bill 2024. The most contentious aspect of the bill is a significant tax hike for individuals within the lower salary bracket, raising their tax liabilities by a staggering 100%.
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Finance Bill 2024 Suggests 6-Month Jail for Defaulting Retailers
The Finance Bill 2024 has proposed stringent measures for shopkeepers and retailers, recommending imprisonment of up to six months for those failing to register with the Federal Board of Revenue (FBR). This proposal aims to enforce compliance and ensure a broader tax base in Pakistan.
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FBR to Set Minimum Import Value for Income Tax Collection
Karachi, June 18, 2024 – The Federal Board of Revenue (FBR) is set to gain new powers to determine the value of imported goods for collecting advance income tax. This shift in authority is outlined in the recently presented Finance Bill 2024.
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