Irfan Iqbal Sheikh, the President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has expressed his concerns about the government’s lack of consultation with the business community regarding the upcoming federal budget for 2023-24.
(more…)Category: Trade & Industry
This section covers news on trade and industry. Pakistan Revenue is committed to providing the latest updates on business trends.
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Foreign investors urge Pakistan to simplify withholding tax regime
Foreign investors in Pakistan are urging for a simplified withholding tax regime in the upcoming budget for 2023-2024.
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Pakistan’s tobacco industry faces challenges amidst excise increases and duty evasion
In February 2023, Pakistan’s Finance (Supplementary) Bill 2023 introduced a significant excise increase for the tobacco industry, resulting in the highest-ever excise duty on tier-1 and tier-2 cigarette brands.
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OICCI proposes increase in salaried tax exempt income threshold
The Overseas Investors Chamber of Commerce and Industry (OICCI) has submitted its proposals for the upcoming budget 2023-2024 to the Federal Board of Revenue (FBR).
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FPCCI urges restoration of stability, demands neutral economic agenda for Pakistan
President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Irfan Iqbal Sheikh, has called for the restoration of stability, certainty, and law and order in the country.
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PBC terms super tax as penalty on documented sector
The Pakistan Business Council (PBC) has expressed its dissatisfaction with the imposition of super tax on corporate profits, describing it as a penalty on the documented sector.
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Private sector credit offtake plunges 80% during 10MFY23
Unfriendly economic conditions have had a significant impact on the private sector credit offtake in Pakistan, with bank loans falling by 80 percent during the first ten months of the 2022-2023 fiscal year.
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FPCCI demands immediate discontinuation of foreign exchange fines on exporters
The President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Irfan Iqbal Sheikh, has called on the State Bank of Pakistan (SBP) to immediately discontinue the practice of commercial banks and Authorized Dealers charging 3 to 9 percent in foreign exchange fines or lien-marking on exporters’ accounts for unfounded but deemed delays in the realization of their export proceeds.
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Measures proposed to tackle under-invoicing by commercial importers
The Pakistan Business Council (PBC) has proposed several measures to the Federal Board of Revenue (FBR) in order to tackle the problem of under-invoicing by commercial importers.
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PBC proposes massive tax burden on non-filers in upcoming budget
The Pakistan Business Council (PBC) has proposed increasing the burden on non-filers of income tax in the upcoming budget 2023-2024.
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