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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Pakistan advised to include pension income in tax regime
An international advisory firm, Adam Smith International, has recommended that Pakistan expand its income tax framework to encompass pension income.
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Potential impact of tax levy on undistributed profits
According to analysts at Arif Habib Limited, the government is considering new taxation measures in the upcoming budget, including the imposition of a tax on undistributed profits (reserves) of corporates.
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