Karachi, June 10, 2023: The Sindh province has made a momentous announcement today, revealing substantial raises in salary and pension for government employees, as well as an increase in the minimum wages for individuals working in the private sector.
(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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Sindh Unveils Budget 2023-24 with a Total Outlay of Rs2.25 Trillion
Karachi, June 10, 2023: The Sindh government Saturday announced the provincial budget for the fiscal year 2023-24, focusing on key areas of development and growth. With a total outlay of approximately Rs2.25 trillion, the budget reflects a 31 percent increase compared to the previous fiscal year’s estimates of Rs1.71 trillion.
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PwC – A. F. Ferguson Criticizes Budget as Taxing Already Taxed Sectors
The Finance Bill 2023 has come under scrutiny from PwC – A. F. Ferguson Chartered Accountancy Firm, as it is seen as a budget that primarily focuses on taxing already taxed sectors. According to the renowned financial consulting firm, the budget does not bring about substantial changes in the tax policy and fails to address the issue of undocumented sectors contributing to the tax gap.
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Post Budget Briefing: Dar Expresses Confidence in Achieving 3.5% GDP Growth Target
Islamabad, June 10, 2023: Finance Minister Senator Mohammad Ishaq Dar on Saturday expressed strong confidence in the government’s ability to achieve the targeted 3.5 percent growth of Gross Domestic Product (GDP) for the fiscal year 2023-24.
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NCCPL Authorized to Collect Super Tax on Capital Gains
In a significant development, the National Clearing Company of Pakistan Limited (NCCPL) has been granted the authority to collect super tax on capital gains.
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Finance Bill 2023 Proposes Reduced Tax Rates on Additional Advances for IT Sector
The Finance Bill 2023 has introduced a proposal to reduce tax rates on additional advances for Information Technology (IT) services and IT-enabled services in Pakistan. The aim is to promote and support the growth of the IT sector. The key provisions related to this proposal are as follows:
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Government Introduces 1% Minimum Tax Rate for PSX Listed Companies
The government of Pakistan has announced a new minimum tax rate of 1% for companies listed on the Pakistan Stock Exchange (PSX). This proposal is part of the amendments to tax rates related to the Minimum Tax under the Income Tax Ordinance, 2001, as outlined in the Finance Bill, 2023.
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Finance Bill 2023 Introduces New Tax Slabs for Super Tax
Islamabad, June 10, 2023: The recently introduced Finance Bill, 2023 has brought forth new tax slabs for the super tax applicable for various tax years. The rates mentioned below are applicable for tax year 2022 and onwards:
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Pakistan Imposes 10% Income Tax on Bonus Shares Issued by Companies
The government of Pakistan has introduced a new measure through the Finance Bill, 2023, which imposes a 10 percent income tax on the issuance of bonus shares by companies to their shareholders. This tax is implemented under a new section, 236Z, of the Income Tax Ordinance, 2001.
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New Provision Requires Employers of Foreign Workers to Pay Advance Tax
The Finance Bill 2023 has proposed a significant provision that mandates employers or agencies of foreign workers to pay advance tax. This development aims to streamline taxation processes and ensure compliance with the Income Tax Ordinance, 2001.
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