In a significant overhaul of the sales tax audit process, the Finance Bill 2024 proposes a complete revamp of Section 25 of the Sales Tax Act 1990.
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Pakistan Revenue delivers the latest taxation news, covering income tax, sales tax, and customs duty. Stay updated with insights on tax policies, regulations, and financial developments in Pakistan.
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Capital Gains Tax on Disposal of Securities Increased
In a significant fiscal policy shift, the Finance Bill 2024 has proposed an increase in the capital gains tax (CGT) on the disposal of securities. Effective for securities acquired on or after July 1, 2024, the tax rate for gains realized by individuals appearing on the Active Taxpayers’ List (ATL) at both the time of acquisition and disposal will be set at 15 percent. This development marks a substantial change aimed at enhancing revenue collection from the financial sector.
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Tax Hike Shock: 100% Increase in Lower Salary Brackets
A storm of controversy has erupted in Pakistan following the introduction of sweeping tax reforms in the recently unveiled Finance Bill 2024. The most contentious aspect of the bill is a significant tax hike for individuals within the lower salary bracket, raising their tax liabilities by a staggering 100%.
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Finance Bill 2024 Suggests 6-Month Jail for Defaulting Retailers
The Finance Bill 2024 has proposed stringent measures for shopkeepers and retailers, recommending imprisonment of up to six months for those failing to register with the Federal Board of Revenue (FBR). This proposal aims to enforce compliance and ensure a broader tax base in Pakistan.
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FBR to Set Minimum Import Value for Income Tax Collection
Karachi, June 18, 2024 – The Federal Board of Revenue (FBR) is set to gain new powers to determine the value of imported goods for collecting advance income tax. This shift in authority is outlined in the recently presented Finance Bill 2024.
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SRB Clarifies Sales Tax on Health and Education Services
Karachi, June 16, 2024 – The Sindh Revenue Board (SRB) has addressed recent reports regarding the implementation of a 15 percent sales tax on health and education services in Sindh, effective from the next fiscal year.
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Tax Exemption Certificate Revocation Sparks Outrage
PkRevenue.com – A storm is brewing in the tax community as the Finance Bill 2024 proposes to revoke the power of Commissioners of Inland Revenue to issue tax exemption certificates.
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FBR Unveils Strategy to Achieve Rs 12.97 Trillion Target in 2024-25
The Federal Board of Revenue (FBR) is gearing up to achieve an ambitious tax collection target of Rs 12.97 trillion for the fiscal year 2024-25, according to the recently released budget documents.
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Senators Reject Hike in Tax Rates for Salaried Class
In a decisive move, senators have rejected the proposed increase in tax rates for the salaried class in the 2024-25 budget, following a comprehensive review of contributions from various sectors.
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FBR Forms Committees to Resolve Finance Bill 2024 Anomalies
Islamabad, June 15, 2024 – The Federal Board of Revenue (FBR) announced the formation of two high-powered committees on Saturday, tasked with identifying and resolving anomalies in the Finance Bill 2024.
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