Karachi, June 3, 2023 – Local auto assemblers have strongly opposed a budget proposal for the fiscal year 2023-24 that suggests levying the Withholding Tax (WHT) based on invoice prices of motor vehicles instead of engine capacity. Industry representatives argue that this change could further distress an already struggling auto sector, leading to a decline in sales.
(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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ICAP Urges Tax Authorities to Revise Tax Rates and Regimes in Budget 2023-2024
Institute of Chartered Accountants of Pakistan (ICAP) has raised concerns over the current tax rates and tax regimes in the country, urging the tax authorities to revisit them in the upcoming budget for the fiscal year 2023-2024.
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KTBA President highlights key tax proposals for budget 2023-2024
Syed Zafar Ahmed, President of the Karachi Tax Bar Association (KTBA), has recently submitted a series of important tax proposals for inclusion in the upcoming Finance Bill 2023.
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KTBA Proposes Amendments for Fairer Tax Recoveries via Frozen Bank Accounts
Karachi Tax Bar Association (KTBA) has proposed significant amendments to the existing laws concerning tax recoveries through the freezing of bank accounts.
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KTBA Opposes Income Tax Deduction on Gross Salary
Karachi, June 1, 2023 – The Karachi Tax Bar Association (KTBA) has expressed its opposition to taxing salary income based on the gross amount.
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Pakistan Considers Restricting Cash Transactions Above Rs. 10,000 at Retail Outlets
In an effort to promote the documentation of the economy, the government of Pakistan is contemplating imposing restrictions on cash transactions exceeding Rs. 10,000 at retail outlets.
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Commission Recommends Amendments to Taxation on Prizes and Winnings
In a significant move, a high powered tax commission has put forth a series of recommendations aimed at amending the taxation on prizes and winnings.
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Karachi Tax Bar Association Proposes Amendments to Ease Tax Challan Issuance
Karachi Tax Bar Association (KTBA) has proposed amendments to ease in tax challane issuance while raising concerns over the difficulties faced by taxpayers in obtaining copies of challans from withholding agents.
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KTBA Suggests Abolishing Tax on Deemed Income
Karachi Tax Bar Association (KTBA) has made a compelling case for the government to abolish the tax on deemed income by proposing an amendment to the Finance Bill 2023.
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Tax Reform Commission Recommends Measures to Counter Petroleum Smuggling
The Reform and Revenue Mobilization Commission (RRMC) has proposed the implementation of a marking and monitoring system in the petroleum sector to combat the rampant smuggling of petroleum products in Pakistan.
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