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 law.
(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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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.
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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.
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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.
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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.
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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.
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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 budget.
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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).
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Pakistan Unveils Rs14.46 Trillion Budget for FY 2023-24, Focusing on Relief and Growth
Islamabad, June 9, 2023 – Minister for Finance and Revenue, Muhammad Ishaq Dar, presented the highly anticipated Federal Budget for the fiscal year 2023-24 in the National Assembly on Friday. The budget, with a total outlay of Rs14.46 trillion, aims to provide relief to the nation while setting a realistic target of 3.5% real GDP growth despite the existing economic challenges.
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Finance Bill 2023 Unveils Comprehensive Amendments to Income Tax Ordinance
Islamabad, June 9, 2023: The Pakistan Budget 2023-24, presented on Friday, has brought forth several amendments to the Income Tax Ordinance, 2001 through the Finance Bill 2023.
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