(PKRevenue.com) – The Federal Board of Revenue (FBR) has proposed a significant measure to combat tax evasion by suggesting the suspension of sales tax (ST) registration for individuals and entities issuing flying invoices.
(more…)Tag: budget proposals
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Realtors Oppose Any New Property Tax in 2024-25 Budget
Realtors have staunchly opposed any proposed tax hikes on property transactions in the forthcoming 2024-25 budget. The government has hinted at the possibility of imposing additional taxes on the real estate sector as part of its commitments to the International Monetary Fund (IMF), prompting significant backlash from industry stakeholders.
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Withholding Tax on Bank Cash Withdrawals May Rise to 0.9%
Karachi, May 26, 2024 – Pakistan is likely to increase the withholding tax rate on bank cash withdrawals from 0.6 percent to 0.9 percent. This proposed amendment is expected to be a key component of the Federal Board of Revenue (FBR)’s forthcoming budget for 2024-25.
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FBR Proposes Reforms to Curb Frauds by Battery Manufacturers
Islamabad, May 26, 2024 – In a decisive move to clamp down on pervasive tax frauds, the Federal Board of Revenue (FBR) has proposed significant reforms in the budget for 2024-25 aimed at lead battery manufacturers.
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FBR Mulls Mandatory Sales Tax Deposit by Online Retailers
Islamabad, May 26, 2024 – The Federal Board of Revenue (FBR) is considering a new measure that would require online retailers to deposit sales tax, according to sources within the FBR.
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OICCI Recommends Abolishing Windfall Profit Tax on Banks
Karachi, May 26, 2024 – The Overseas Investors Chamber of Commerce and Industry (OICCI) has recommended the abolition of the windfall profit tax on banks in its proposals for the Budget 2024-25.
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Foreign Investors Urge Beverage Industry Protection in Pakistan
Karachi, May 26, 2024 – Foreign investors operating in Pakistan have called for the protection of the beverage industry and demanded a level playing field comparable to other sectors within the food industry.
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OICCI Advises Pakistan Avoid Further Increase in Cigarette Taxes
Karachi, May 26, 2024 – The Overseas Investors Chamber of Commerce and Industry (OICCI) has advised Pakistan to avoid further increases in taxes on cigarettes.
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PBC Demands Transparent Fixation of Import Trade Price
Karachi, May 26, 2024 – The Pakistan Business Council (PBC) has called on authorities to ensure a transparent system for fixing import trade prices. In its proposals for the upcoming Budget 2024-25, the PBC highlighted that commercial importers are undermining the domestic industry through widespread under-invoicing and dumping of imported products.
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FBR Proposes Capital Gains Tax Levy on Used Cars Sale
Islamabad, May 25, 2024 – In a significant move poised to impact the automotive market, the Federal Board of Revenue (FBR) has proposed the introduction of a capital gains tax (CGT) on the sale of used cars.
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