Pakistan’s salaried class unhappy over new tax changes

Jun 25

Budget 2022-2023, National, Taxation, Top stories

Pakistan’s salaried class unhappy over new tax changes

ISLAMABAD: The salaried class in Pakistan is in shock over the recent changes announced by the government and revert its decision to exempt income of salaried persons up to Rs1.2 million. The government on June 10, 2022 presented the federal budget 2022/2023 announced major tax relief for salaried class by enhancing threshold from Rs600,000 to […]

by Anjum Shah

Pakistan imposes fixed tax on gold shops

Jun 25

Budget 2022-2023, Taxation, Top stories

Pakistan imposes fixed tax on gold shops

ISLAMABAD: Pakistan on Friday introduced a fixed tax regime for jewelers and decided to impose the fixed tax on gold shops measures a certain area. Finance Minister Miftah Ismail while addressing on the floor of the house, stated that only twenty two gold shops out of thirty thousand are registered. “A fixed tax will be […]

by Anjum Shah

Committee recommends lifting import ban on luxury items

Jun 24

Budget 2022-2023, Taxation, Trade & Industry

Committee recommends lifting import ban on luxury items

KARACHI: A budget anomaly committee comprising of leading businessmen of Pakistan on Friday recommended lifting ban on import of luxury items. “As ban imposed on import of luxury items was for a temporary period hence, it needs to be lifted and imports may be controlled through tariff rationalization,” according to recommendations of the anomaly committee […]

by Faisal Shah

Jun 24

Taxation, Trade & Industry

FPCCI denounces super tax imposition

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has denounced the imposition of super tax by the government to generate additional revenue. FPCCI acting president Shabbir Mansha denounced imposition of 10 percent super tax on large industries; which already pay hefty corporate tax of 29 percent and generate millions of jobs in the […]

by Hamza Shah

Pakistan tax offices to work extended hours for revenue collection

Jun 24

Taxation

Pakistan tax offices to work extended hours for revenue collection

ISLAMABAD: Pakistan tax offices have been directed to work extended hours on the last two days of the current fiscal year i.e. June 29, 2022 and June 30, 2022 for collection of duty and taxes. The Federal Board of Revenue (FBR) on Friday directed that all Large Tax Offices (LTOs), Medium Tax Office (MTO), Corporate […]

by Anjum Shah

Pakistan slaps super tax on industries, individuals

Jun 24

Taxation, Top stories

Pakistan slaps super tax on industries, individuals

ISLAMABAD: Pakistan on Friday imposed a 10 per cent super tax on earnings of certain industrial sectors and on income of high net worth individuals. Prime Minister Shehbaz Sharif announced to impose the 10 percent super tax on over 12 large industries and also on affluent persons with more than Rs 150 million annual income […]

by Anjum Shah

Who needs to file Tax Year 2022 return in Pakistan?

Jun 24

Taxation

Who needs to file Tax Year 2022 return in Pakistan?

KARACHI: Income Tax Ordinance, 2021 has explained the category of persons who are required to file income tax return for tax year 2022. The Federal Board of Revenue (FBR) is set to issue finalized income tax return forms to start the filing process from July 01, 2022. In this regard the FBR has already issued […]

by Faisal Shah

Stock members asked to pay capital gain tax by June 30

Jun 23

Stock & Commodity, Taxation

Stock members asked to pay capital gain tax by June 30

KARACHI: Clearing members of Pakistan Stock Exchange (PSX) have been asked to pay Capital Gain Tax (CGT) on disposal of securities by June 30, 2022. National Clearing Company of Pakistan Limited (NCCP) in a notification on Thursday stated that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange for the […]

by Hamza Shah

Key tax measures taken through Finance Bill 2022

Jun 23

Budget 2022-2023, Taxation

Key tax measures taken through Finance Bill 2022

KARACHI: A leading chartered accountancy firm has highlighted tax measures taken by the government through Finance Bill, 2022. According to PwC A. F. Ferguson&Co. the Finance Bill 2022 represents the First Budget of the current coalition government which has been announced in extremely difficult economic conditions. Due to current account deficit and shortfall in local […]

by Faisal Shah

Procedure notified for TAD under Afghan transit trade

Jun 22

Pakistan Customs, Top stories

Procedure notified for TAD under Afghan transit trade

ISLAMABAD: The Federal Board of Revenue (FBR) has notified procedure for issuance of temporary admission document (TAD) under Afghan Transit Trade. The FBR issued SRO 802(I)/2022 to amend Customs Rules, 2001 by inserting new rule 482A. In March 2022, Pakistan and Afghanistan implemented movement of transit and bilateral trade through TAD for commercial vehicles. Under […]

by Anjum Shah