Pakistan is taking a significant step in advancing its tax policy development by establishing the International Centre of Tax Excellence.
(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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Finance Bill 2023 Proposes Tax Credit for Construction of New Houses
The Finance Bill 2023 aims to boost the construction industry by introducing a tax credit for the construction of new houses.
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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.
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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.
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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 law.
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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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