Karachi, November 25, 2023 – The Federal Board of Revenue (FBR) has enforced new restrictions on the deduction of entertainment expenditures when computing corporate taxes for the tax year 2024.
KARACHI: The proposed corporate tax rate for banks may erode earnings of the sector by up to 20 per cent on annual basis. The government presented federal budget on June 10, 2022 and proposed enhancement in tax rates for banking companies. READ MORE: Pakistan slaps 45% corporate tax on banks The government announced various taxation […]
ISLAMABAD: Pakistan has slapped corporate income tax at 45 per cent on banks, which is raised from 35 per cent. The country presented its federal budget on June 10, 2022 and introduced tax measures for boosting revenue collection. READ MORE: Tax rates for business individuals, AOPs during TY2023 Through Finance Bill, 2022 the tax rate […]
The Federal Board of Revenue (FBR) has recently released the updated income tax rates applicable to companies for the tax year 2022.
KARACHI: Inequality in tax rates for corporate and non-corporate businesses has discouraging corporatization in the country, Pakistan Stock Exchange (PSX) noted in its proposals for budget 2021/2022. The stock exchange pointed out that corporate business profits are taxed twice: once at company level at 29 percent and on dividend distribution at 15 percent. As compare […]
KARACHI: Federal Board of Revenue (FBR) has been proposed to bring down the corporate tax rate for banks at par with other corporate sector and also treatment of super tax for banking companies aligned with other taxpayers. The banks are paying 35 percent income tax whereas the corporate tax rate for other sectors is 29 […]
KARACHI: Federal Board of Revenue (FBR) has been urged to gradually reduce the corporate tax rate to 25 percent by tax year 2023. Overseas Investors Chamber of Commerce and Industry (OICCI) in its tax proposals for budget 2020/2021 recommended consolidation of all federal taxes in one lump sum. The government previously announced a policy for […]
KARACHI: Raising the tax rate is not the right solution for enhancing revenue as it will discourage expansion and industrialization but the actual solution lies in broadening the tax net, Junaid Makda, President, Karachi Chamber of Commerce and Industry (KCCI) said in a statement on Saturday. The broadening of the tax base will subsequently share […]
The government of Pakistan has undertaken a strategic initiative to gradually reduce corporate income tax rates, aiming to bring them down to 25% by the tax year 2023 and onwards.