Islamabad, May 29, 2023: In a meeting with the Association of Builders and Developers of Pakistan (ABAD), Senator Mohammad Ishaq Dar, the Federal Minister for Finance and Revenue, announced the government’s commitment to introduce a business-friendly budget aimed at supporting the masses and bolstering economic growth. The gathering took place in Islamabad on Monday.
(more…)Tag: budget proposals
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ICAP Proposes Rationalizing Tax Rates for Salary Income
The Institute of Chartered Accountants of Pakistan (ICAP) has suggested the rationalization of tax rates on the income of salaried individuals in their proposals for the budget 2023-2024.
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Proposal to Abolish Withholding Tax Regime for Listed Companies
The Institute of Chartered Accountants of Pakistan (ICAP) has recommended the removal of the withholding tax burden imposed on listed companies by the Federal Board of Revenue (FBR).
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ICAP Recommends Separate Bench at Higher Courts for Tax Cases
The Institute of Chartered Accountants of Pakistan (ICAP) has proposed the establishment of a separate bench dedicated to tax cases at all higher courts.
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Chartered Accountants Demand KIBOR+3% for Delayed Refund Payments
Chartered Accountants in Pakistan have raised concerns over the delayed refund payments by the Federal Board of Revenue (FBR). The Institute of Chartered Accountants of Pakistan (ICAP) has proposed that the FBR should pay interest at the Karachi Interbank Offered Rate (KIBOR) plus 3 percent for delayed refunds.
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Pakistan advised to increase sales tax rate to 18% for fashion textile
In the run-up to the budget for the fiscal year 2023-2024, Adam Smith International’s REMIT (Revenue, Mobilization, Investment, and Trade) program for Pakistan has recommended an increase in the sales tax rate on fashion textile retailers from 12 percent to 18 percent.
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ICAP recommends steps to prevent smuggling in CPEC trade
The Institute of Chartered Accountants of Pakistan (ICAP) has put forth recommendations to ensure that foreign trade conducted through the China Pakistan Economic Corridor (CPEC) remains free from smuggling and illegal activities.
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FBR receives suggestion to introduce fixed tax regime for small retailers
The Federal Board of Revenue (FBR) in Pakistan has received a proposal from the Institute of Chartered Accountants of Pakistan (ICAP) suggesting the implementation of a fixed tax regime for small retailers.
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ICAP proposes tax refunds for salaried individuals directly to bank accounts
The Institute of Chartered Accountants of Pakistan (ICAP) has put forward recommendations to streamline the tax refund process for salaried individuals to their bank accounts and strengthen whistle blower protection.
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ICAP proposes measures to identify tax evaders and broaden tax base
The Institute of Chartered Accountants of Pakistan (ICAP) has put forward a set of recommendations to the authorities aimed at identifying tax evaders and expanding the tax base.
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