The higher rate of super tax, originally introduced in the Finance Act 2022, has now been extended to encompass all taxpayers across various sectors, according to the newly proposed Finance Bill of 2023.
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Stay updated on taxation news, tax laws, FBR policies, compliance, audits, income tax, sales tax, and fiscal developments in Pakistan.
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Sindh Province Transfers Property Tax Collection to Local Councils
Karachi – In a significant development towards decentralization and empowering local governance, the Government of Sindh has announced the transfer of property tax collection authority to local councils.
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PwC – A. F. Ferguson Criticizes Budget as Taxing Already Taxed Sectors
The Finance Bill 2023 has come under scrutiny from PwC – A. F. Ferguson Chartered Accountancy Firm, as it is seen as a budget that primarily focuses on taxing already taxed sectors. According to the renowned financial consulting firm, the budget does not bring about substantial changes in the tax policy and fails to address the issue of undocumented sectors contributing to the tax gap.
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NCCPL Authorized to Collect Super Tax on Capital Gains
In a significant development, the National Clearing Company of Pakistan Limited (NCCPL) has been granted the authority to collect super tax on capital gains.
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Finance Bill 2023 Proposes Reduced Tax Rates on Additional Advances for IT Sector
The Finance Bill 2023 has introduced a proposal to reduce tax rates on additional advances for Information Technology (IT) services and IT-enabled services in Pakistan. The aim is to promote and support the growth of the IT sector. The key provisions related to this proposal are as follows:
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Finance Bill 2023 Introduces New Tax Slabs for Super Tax
Islamabad, June 10, 2023: The recently introduced Finance Bill, 2023 has brought forth new tax slabs for the super tax applicable for various tax years. The rates mentioned below are applicable for tax year 2022 and onwards:
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New Provision Requires Employers of Foreign Workers to Pay Advance Tax
The Finance Bill 2023 has proposed a significant provision that mandates employers or agencies of foreign workers to pay advance tax. This development aims to streamline taxation processes and ensure compliance with the Income Tax Ordinance, 2001.
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Pakistan Introduces International Centre of Tax Excellence
Pakistan is taking a significant step in advancing its tax policy development by establishing the International Centre of Tax Excellence.
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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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