Following are the salient features introduced to Sale Tax through Finance Bill, 2023, according to Pakistan Budget 2023-24 revealed on Friday.
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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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Finance Bill 2023 – Income Tax Salient Features
Following are the salient features introduced to Income Tax Ordinance, 2001 through Finance Bill, 2023, according to Pakistan Budget 2023-24 revealed on Friday.
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Pakistan Grants Rs2.24 Trillion as Tax Exemption and Concessions During FY23
Islamabad, June 8, 2023 – Pakistan has witnessed a significant increase in the cost of tax exemptions and concessions, reaching a staggering amount of Rs2.24 trillion, according to the estimates presented in the Pakistan Economic Survey 2022-23, released on Thursday. This figure represents a sharp rise of over 51 percent compared to the previous fiscal year.
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Customs Seizes 1.78 Million Illicit Cigarette Sticks Valued at Rs79 Million in Day-Long Operation
In a significant operation conducted by the Directorate of Customs Intelligence and Investigation (I&I), approximately 1.78 million illicit cigarette sticks, worth an estimated Rs79 million, were confiscated in a single day during an intensive anti-smuggling campaign.
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Peshawar Customs Destroys Huge Quantity of Confiscated Goods
Peshawar, June 7, 2023 – The Directorate of Intelligence and Investigation-Customs in Peshawar organized a significant event on June 7, 2023, at Azakhel, District Nowshera, where a massive quantity of confiscated goods was destroyed.
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Massive Tax Evasion Unveiled: Rs956 Billion Lost in Five Key Sectors of Pakistan
Islamabad, June 7, 2023: An international research body, Ipsos, has uncovered a staggering amount of Rs956 billion annual in tax evasion within five key sectors of Pakistan. The report shed light on tax evasion occurring in the real estate, tea, cigarette, tires and oil lubricants, and pharmaceutical industries.
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Pakistan Budget FY24: Key Taxation Measures Likely Through Finance Bill 2023
Pakistan is set to present its budget for the fiscal year 2023-2024, and experts have highlighted key taxation measures that may be included in the Finance Bill 2023. Here are the anticipated taxation measures as outlined by Insight Securities:
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FBR Releases Draft Rules for Real-Time Tracking and Monitoring of Cargo
Islamabad, June 6, 2023: The Federal Board of Revenue (FBR) Tuesday recently released draft rules for the tracking and monitoring of various types of cargo.
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FBR Urged to Ensure Strict Return Filing Compliance Among Professional Body Members
The Federal Board of Revenue (FBR) has received recommendations to strengthen the enforcement of income tax return filing by members of professional bodies.
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FBR to Scrutinize Taxpayers for Nil Payment, Targets Underreporting
The Federal Board of Revenue (FBR) is considering implementing special measures to examine taxpayers who filed their annual returns without making any tax payments.
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