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:
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.
The Federal Board of Revenue (FBR) has received recommendations to strengthen the enforcement of income tax return filing by members of professional bodies.
The Federal Board of Revenue (FBR) is considering implementing special measures to examine taxpayers who filed their annual returns without making any tax payments.
The Revenue and Reform Mobilization Commission (RRMC) has proposed a simplified sales tax return system to bolster compliance among taxpayers.
In a bid to address the escalating issue of illegal transfer of foreign currencies outside Pakistan, the Pakistan Hotels Association has submitted proposals for the budget of 2023-2024.
The Karachi Tax Bar Association (KTBA) has presented a tax proposal aimed at providing relief to charitable and non-profit organizations engaged in charitable activities.
The Karachi Tax Bar Association (KTBA) has recently highlighted the issue of undescribed timelines under the Sales Tax Law in Pakistan.
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has recently put forward a recommendation for a dollar amnesty scheme to address the issue of exchange rate volatility in the country.
Islamabad: Foreign investors have advised Pakistan to refrain from introducing new taxes in the forthcoming budget for 2023-24, expressing concerns over the potential negative impact on the country’s formal business sector.