Karachi, Pakistan – July 7, 2024 – The Finance Act, 2024 has ushered in a significant change aimed at expediting the resolution of customs-related disputes. The Act amends Section 194 of the Customs Act, 1969, outlining a revised structure for the Customs Appellate Tribunal (CAT).
(more…)Tag: Finance Act 2024
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Pakistan Cracks Down on Nuclear Smuggling with New Laws
Karachi, July 6, 2024 – Pakistan has taken a significant step towards bolstering national and international security by introducing stricter penalties for the smuggling of nuclear and radioactive materials.
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Pakistan Customs Gets Teeth to Fight Money Laundering in Trade
Karachi, July 5, 2024 – Pakistan is taking a significant step towards combating money laundering in foreign trade with the establishment of a new directorate within the Pakistan Customs department.
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Finance Act, 2024: Intelligence Bureau to Assist Pakistan Customs
Karachi, July 5, 2024 – The Finance Act, 2024, has empowered the officers of Pakistan Customs to seek assistance from the Intelligence Bureau (IB) for resolving particular cases.
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Finance Act, 2024: Rs100M Penalty for Failure in ITGO Compliance
Karachi, July 3, 2024 – The Finance Act, 2024, has introduced significant penalties for utility providers failing to comply with the Income Tax General Order (ITGO). The government has recommended a penalty of up to Rs 100 million for non-compliance.
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Finance Act, 2024: Investigative Tax Audit Proposal Dropped
Karachi, July 2, 2024 – The Finance Act, 2024 has brought notable changes to the proposed tax audit procedures, particularly in the realm of investigative audits for sales tax fraud. Originally slated under the Finance Bill 2024, the contentious proposal to empower Inland Revenue officers to conduct investigative audits in cases suspected of tax fraud has been officially scrapped.
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Finance Act, 2024: Sales Tax Exemption on Gold Import
Karachi, July 2, 2024 – The Pakistani government has introduced a significant change in its tax regime through the Finance Act, 2024, by exempting sales tax on the import of gold under the entrustment scheme. This move aims to facilitate the import of gold, which is expected to have positive implications for the jewelry industry and the overall economy.
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Finance Act, 2024: FED Doubles on Cement
Karachi, July 1, 2024 – In a significant move impacting the construction and real estate sectors, the federal government has doubled the federal excise duty (FED) on the sale of cement through the Finance Act, 2024.
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Finance Act, 2024: Federal Excise Duty on Cigarettes
Karachi, July 1, 2024 – In a significant move aimed at regulating the tobacco industry, the Finance Bill, 2024 has proposed an increase in the retail price for different tiers of cigarettes manufactured in Pakistan.
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Finance Act 2024: Tax on Export of Goods
Karachi, July 1, 2024 – Pakistan has introduced a normal tax regime for exporters through the Finance Act 2024, detailing the new tax rates on the export of goods. This shift marks a significant change from the previous final tax regime, aiming to streamline and rationalize the tax structure for exporters.
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