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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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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Pakistan Targets 3.5% GDP Growth for Fiscal Year 2023-24
Islamabad, June 9, 2023: The Pakistani government has set a target of 3.5 percent GDP growth for the fiscal year 2023-24, according to sources at the Ministry of Planning, Development, and Special Initiatives.
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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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Pakistan Economic Survey 2022-23: Only 0.29% GDP Growth Achieved
Islamabad, June 8, 2023: According to Finance Minister Ishaq Dar, Pakistan’s Gross Domestic Product (GDP) achieved a meager growth of only 0.29 percent during the fiscal year 2022-2023. This announcement was made during the unveiling of the Pakistan Economic Survey 2022-23 at a press conference.
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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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Pakistani Rupee Extends Losses for Fourth Consecutive Session Against US Dollar
Karachi, June 7, 2023: The Pakistani Rupee (PKR) has experienced a fourth consecutive session of losses against the US dollar, closing at PKR 286.88 in the interbank foreign exchange market on Wednesday.
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Pakistan Budget Preview For Fiscal Year 2023-2024
Karachi, June 7, 2023 – Pakistan is gearing up to announce its crucial budget for the Fiscal Year 2023-2024 on June 9, 2023. This budget holds significant importance as the country faces multiple crises, including devastating floods and a deteriorating external account position, compounded by political challenges.
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SBP Extends Facility Allowing Freelancers to Keep 35% of Export Earnings in FCY Accounts
Karachi, June 7, 2023 – The State Bank of Pakistan (SBP) has announced an extension of the facility that allows freelancers in the Information Technology (IT) sector to retain 35% of their export earnings in their foreign currency (FCY) accounts.
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PM Shehbaz Sharif Directs Mega Incentives for IT Sector in Budget 2023-24
ISLAMABAD: Prime Minister Shehbaz Sharif has issued directives to include substantial incentives for Pakistan’s Information Technology (IT) sector in the fiscal budget for 2023-24, aiming to bolster the country’s IT exports.
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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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