Commission Recommends Amendments to Taxation on Prizes and Winnings
In a significant move, a high powered tax commission has put forth a series of recommendations aimed at amending the taxation on prizes and winnings.
In a significant move, a high powered tax commission has put forth a series of recommendations aimed at amending the taxation on prizes and winnings.
Karachi Tax Bar Association (KTBA) has proposed amendments to ease in tax challane issuance while raising concerns over the difficulties faced by taxpayers in obtaining copies of challans from withholding agents.
Karachi Tax Bar Association (KTBA) has made a compelling case for the government to abolish the tax on deemed income by proposing an amendment to the Finance Bill 2023.
The Reform and Revenue Mobilization Commission (RRMC) has proposed the implementation of a marking and monitoring system in the petroleum sector to combat the rampant smuggling of petroleum products in Pakistan.
The Pakistan Stock Exchange (PSX) has recommended to the government the introduction of an investment and saving accounts scheme as part of its proposals for the 2023-2024 budget.
Pakistan is reviewing a proposal to impose significantly higher tax rates on non-filer religious travelers as part of its efforts to bring undocumented money into the formal economy.
As Pakistan prepares for the federal budget of 2023-2024, advisory firm Adam Smith International, under its REMIT (Revenue, Mobilization, Investment, and Trade) project, has recommended further taxation on the tobacco industry.
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.
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.
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).