Karachi, June 18, 2023 – The tax concession provided to retailers and jewelers through the Finance Bill, 2023 has come under scrutiny, with critics arguing that it is aimed at appeasing certain political groups in light of the upcoming general elections.
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Find top stories in this section. Pakistan Revenue brings you the latest and most important news from Pakistan and around the world, keeping you informed with key updates and insights.
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President Alvi Calls for Adoption of AI-Based Solutions in Pakistan’s Industries
Islamabad, June 17, 2023: President Dr. Arif Alvi emphasized the urgent need for Pakistan’s business and industrial sectors to embrace Artificial Intelligence (AI)-based solutions to address their challenges and enhance efficiency and productivity.
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FPCCI Urges Immediate Resolution to Anomalies in Budget 2023-24
Karachi, June 17, 2023: The President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Irfan Iqbal Sheikh, has called upon the government to promptly address the anomalies present in the recently announced Budget 2023-24.
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Pakistan Responds to IMF Concerns: Addressing Budget 2023-24 Issues
In response to concerns raised by the International Monetary Fund (IMF) regarding Pakistan’s budget for the fiscal year 2023-24, the country’s finance minister issued a statement on Friday, addressing the issues raised and reaffirming Pakistan’s commitment to the IMF program.
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Tax Experts Express Concerns over Increase in Threshold for Money Whitening
Tax experts have raised questions regarding the proposed enhancement of the foreign currency threshold for the money whitening scheme outlined in the Finance Bill of 2023.
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FBR Takes Action Against Sputnik Shoes Outlets in Karachi for Tax Evasion
Karachi, June 16, 2023: The Federal Board of Revenue (FBR) has taken strict measures against Sputnik Shoes by sealing their outlets in Karachi due to their persistent tax evasion over the years.
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Pakistan’s Petroleum Import Bill Plunges by 22%
Islamabad, June 16, 2023 – The import bill for Pakistan’s petroleum group has experienced a significant decline of 22% due to falling international oil prices and reduced domestic demand.
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Weekly Prices Experience 0.2% Inflation in Pakistan
Islamabad, June 16, 2023 – The Pakistan Bureau of Statistics (PBS) reported a 0.2 percent increase in weekly prices of essential items for the week ending on June 15, 2023, compared to the previous week.
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Pakistan Expected to Raise Petrol Prices from July 2023 to Boost Revenue
Pakistan is expected to implement a petrol price hike starting from July 2023, during the fiscal year 2023/2024. The decision stems from the government’s ambitious goal of collecting approximately Rs870 billion in petroleum levies to enhance revenue generation, as outlined in budget documents.
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Highlights of Amendments To Income Tax Introduced Through Finance Bill 2023
Following are the highlights of income tax amendments proposed through Finance Bill, 2023. These highlights are prepared by experts of KPMG Taseer Hadi & Co. Chartered Accountants.
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