All tax proposals of IT sector accepted: FBR

Jun 27

Budget 2022-2023, IT & Telecom, Taxation

All tax proposals of IT sector accepted: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) has said all pressing demands of IT sector have been accepted in the budget 2022/2023. In a statement issued on Monday, the FBR has taken an exception to a statement issued by Pakistan Software Houses Association (P@SHA) dated June 25, 2022. It has reported some facts regarding the […]

by Hamza Shahnawaz

Pakistan’s salaried class unhappy over new tax changes

Jun 25

Budget 2022-2023, National, Taxation, Top stories

Pakistan’s salaried class unhappy over new tax changes

ISLAMABAD: The salaried class in Pakistan is in shock over the recent changes announced by the government and revert its decision to exempt income of salaried persons up to Rs1.2 million. The government on June 10, 2022 presented the federal budget 2022/2023 announced major tax relief for salaried class by enhancing threshold from Rs600,000 to […]

by Mrs. Anjum Shahnawaz

Pakistan imposes fixed tax on gold shops

Jun 25

Budget 2022-2023, Taxation, Top stories

Pakistan imposes fixed tax on gold shops

ISLAMABAD: Pakistan on Friday introduced a fixed tax regime for jewelers and decided to impose the fixed tax on gold shops measures a certain area. Finance Minister Miftah Ismail while addressing on the floor of the house, stated that only twenty two gold shops out of thirty thousand are registered. “A fixed tax will be […]

by Mrs. Anjum Shahnawaz

Committee recommends lifting import ban on luxury items

Jun 24

Budget 2022-2023, Taxation, Trade & Industry

Committee recommends lifting import ban on luxury items

KARACHI: A budget anomaly committee comprising of leading businessmen of Pakistan on Friday recommended lifting ban on import of luxury items. “As ban imposed on import of luxury items was for a temporary period hence, it needs to be lifted and imports may be controlled through tariff rationalization,” according to recommendations of the anomaly committee […]

by Faisal Shahnawaz

Key tax measures taken through Finance Bill 2022

Jun 23

Budget 2022-2023, Taxation

Key tax measures taken through Finance Bill 2022

KARACHI: A leading chartered accountancy firm has highlighted tax measures taken by the government through Finance Bill, 2022. According to PwC A. F. Ferguson&Co. the Finance Bill 2022 represents the First Budget of the current coalition government which has been announced in extremely difficult economic conditions. Due to current account deficit and shortfall in local […]

by Faisal Shahnawaz

Pakistan announces massive tax reduction for salaried persons

Jun 20

Budget 2022-2023, Taxation, Top stories

Pakistan announces massive tax reduction for salaried persons

KARACHI: Pakistan has announced massive tax reduction for salaried persons in the budget 2022/2023. The country announced federal budget 2022/2023 on June 10, 2022 and announced massive reduction in tax on the income of salaried person, which may be applicable from July 01, 2022. Through Finance Bill, 2022 the tax slabs have been reduced to […]

by Faisal Shahnawaz

Pakistan decides 10% regulatory duty on petrol import

Jun 19

Budget 2022-2023, Finance, Pakistan Customs, Top stories

Pakistan decides 10% regulatory duty on petrol import

KARACHI: Pakistan has decided to impose regulatory duty at 10 per cent from July 01, 2022. The country presented its federal budget 2022/2023 on June 10, 2022 and proposed increase on regulatory duty on various imported goods. READ MORE: Penalty amount revised for late filing income tax returns The Finance Bill, 2022 suggested levying 10 […]

by Hamza Shahnawaz

Penalty amount revised for late filing income tax returns

Jun 18

Budget 2022-2023, Taxation

Penalty amount revised for late filing income tax returns

ISLAMABAD: Penalty amount has been revised for filing income tax returns after due date. The Finance Bill, 2022 proposed revision in penalty amount for late filing of income tax returns by salaried persons and other taxpayers. The government presented federal budget 2022/2023 on June 10, 2022 and proposed various amendments to tax laws for ensure […]

by Faisal Shahnawaz

Jun 14

Finance

FBR constitutes anomaly committees for Finance Bill 2022

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday constituted committees to remove anomalies in the Finance Bill, 2022. The FBR formed two separate committees i.e. technical and business to take input from stakeholders. READ MORE: FBR to disable mobile SIMs on non-filing of tax returns Term of Reference (TOR) is to: review the anomalies […]

by Faisal Shahnawaz

High tax may erode banks’ earnings up to 20%

Jun 14

Money & Banking, Taxation

High tax may erode banks’ earnings up to 20%

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 […]

by Hamza Shahnawaz