Chartered Accountants in Pakistan have raised concerns over the delayed refund payments by the Federal Board of Revenue (FBR). The Institute of Chartered Accountants of Pakistan (ICAP) has proposed that the FBR should pay interest at the Karachi Interbank Offered Rate (KIBOR) plus 3 percent for delayed refunds.
(more…)Category: Budget
This is parent category of budget presented by Pakistan government. Here you will find year-wise federal and provincial budgets.
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Pakistan advised to increase sales tax rate to 18% for fashion textile
In the run-up to the budget for the fiscal year 2023-2024, Adam Smith International’s REMIT (Revenue, Mobilization, Investment, and Trade) program for Pakistan has recommended an increase in the sales tax rate on fashion textile retailers from 12 percent to 18 percent.
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ICAP recommends steps to prevent smuggling in CPEC trade
The Institute of Chartered Accountants of Pakistan (ICAP) has put forth recommendations to ensure that foreign trade conducted through the China Pakistan Economic Corridor (CPEC) remains free from smuggling and illegal activities.
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FBR receives suggestion to introduce fixed tax regime for small retailers
The Federal Board of Revenue (FBR) in Pakistan has received a proposal from the Institute of Chartered Accountants of Pakistan (ICAP) suggesting the implementation of a fixed tax regime for small retailers.
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ICAP proposes tax refunds for salaried individuals directly to bank accounts
The Institute of Chartered Accountants of Pakistan (ICAP) has put forward recommendations to streamline the tax refund process for salaried individuals to their bank accounts and strengthen whistle blower protection.
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ICAP proposes measures to identify tax evaders and broaden tax base
The Institute of Chartered Accountants of Pakistan (ICAP) has put forward a set of recommendations to the authorities aimed at identifying tax evaders and expanding the tax base.
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Pakistan advised to include pension income in tax regime
An international advisory firm, Adam Smith International, has recommended that Pakistan expand its income tax framework to encompass pension income.
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Potential impact of tax levy on undistributed profits
According to analysts at Arif Habib Limited, the government is considering new taxation measures in the upcoming budget, including the imposition of a tax on undistributed profits (reserves) of corporates.
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Pakistan banks call for reduction in income tax rate to 29%
KARACHI: In an effort to create a level playing field, the Pakistan Banks Association (PBA) has proposed a phased reduction in the tax rate for banks from 39 percent to 29 percent, bringing it in line with other sectors of the economy.
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Pakistan Considers Enhancing Tax Rates for Commercial Importers
In a bid to offset the costs of imported goods, Pakistan is contemplating an increase in tax rates for commercial importers. A high-powered commission, led by Finance Minister Muhammad Ishaq Dar, has recommended raising the tax rates under section 148 of the Income Tax Ordinance, 2001.
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