Advance tax on immovable property purchase enhanced to 250% for non-filers

Jun 13

Budget 2022-2023, Taxation

Advance tax on immovable property purchase enhanced to 250% for non-filers

ISLAMABAD: Pakistan has announced a sharp increase in advance tax on purchase of immovable property to 250 per cent for persons not filing income tax returns. The country presented budget 2022/2023 on June 10, 2022 and announced various taxation measures to boost revenue collection. The Finance Bill, 2022 proposed the sharp increase in advance tax […]

by Mrs. Anjum Shahnawaz

Pakistan massively increases taxation on motor vehicles

Jun 13

Automotive, Budget 2022-2023, Taxation

Pakistan massively increases taxation on motor vehicles

ISLAMABAD: Pakistan has massively increased the amount of tax on purchase of motor vehicles from July 01, 2022. The country presented its federal budget 2022/2023 on June 10, 2022 and took various taxation measures to boost revenue collection. Finance Minister Miftah Ismail while presenting the budget stated that in continuation of our policy to shift […]

by Mrs. Anjum Shahnawaz

New rates of capital gain tax on disposal of securities

Jun 12

Budget 2022-2023, Stock & Commodity, Taxation

New rates of capital gain tax on disposal of securities

ISLAMABAD: The government has proposed new rates of capital gain tax on disposal of securities traded at Pakistan Stock Exchange (PSX). Pakistan presented its federal budget on June 10, 2022 and introduced various taxation measures to boost revenue collection. READ MORE: Pakistan slaps 45% corporate tax on banks Through Finance Bill, 2022 proposed to revise […]

by Mrs. Anjum Shahnawaz

Pakistan slaps 45% corporate tax on banks

Jun 12

Budget 2022-2023, Money & Banking, Taxation

Pakistan slaps 45% corporate tax on banks

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 […]

by Mrs. Anjum Shahnawaz

Tax rates for business individuals, AOPs during TY2023

Jun 12

Budget 2022-2023, Taxation

Tax rates for business individuals, AOPs during TY2023

ISLAMABAD: Finance Bill, 2022 has proposed to revise tax rates for business individuals and Association of Persons (AOPs) during Tax year 2023. The government presented its federal budget 2022/2023 and introduced various changes to taxation laws to ensure documentation and plug revenue leakages. READ MORE: Pakistan reintroduces advance tax on foreign payments Through Finance Bill, […]

by Mrs. Anjum Shahnawaz

Exchange companies to withhold tax on payment to MTOs

Jun 12

Budget 2022-2023, Taxation

Exchange companies to withhold tax on payment to MTOs

ISLAMABAD: Exchange companies have been brought under the ambit of withholding tax and now they are required to deduct tax on payment to international money transfer operators (MTOs). The change has been proposed through budget 2022/2023, which was presented on June 10, 2022. Through Finance Bill, 2022 amendments suggested to Section 152 of the Income […]

by Mrs. Anjum Shahnawaz

Salaried persons denied adjustments against deduction

Jun 12

Budget 2022-2023, Taxation

Salaried persons denied adjustments against deduction

ISLAMABAD: Salaried persons have been denied adjustment of tax credits against the deduction at source. The amendment has been introduced through Finance Bill, 2022. The government on June 10, 2022 presented federal budget 2022/2023 and announced various taxation measures. The Finance Bill, 2022 proposed amendment to sub-section 1 of Section 149 of Income Tax Ordinance, […]

by Mrs. Anjum Shahnawaz

Pakistan restores final tax regime for importers

Jun 12

Budget 2022-2023, Taxation

Pakistan restores final tax regime for importers

ISLAMABAD: The present coalition government has accepted demand of business community and in the budget 2022/2023 brought importers back into final tax regime. Through Finance Bill, 2022 important amendment has been suggested to Section 148 of the Income Tax Ordinance, 2001. READ MORE: New ADR mechanism introduced to facilitate taxpayers Previously, PTI government after consultation […]

by Mrs. Anjum Shahnawaz

New ADR mechanism introduced to facilitate taxpayers

Jun 12

Budget 2022-2023, Taxation

New ADR mechanism introduced to facilitate taxpayers

ISLAMABAD: A new mechanism of Alternate Dispute Resolution (ADR) has been introduced through Finance Bill, 2022 to facilitate taxpayers. The government on June 10, 2022 presented the federal budget 2022/2023. Through the budget various taxation measures and facilitation steps have been taken. Through the Finance Bill, 2022 amendment to Section 134A of Income Tax Ordinance, […]

by Mrs. Anjum Shahnawaz

FBR to disable mobile SIMs on non-filing of tax returns

Jun 12

Budget 2022-2023, Taxation

FBR to disable mobile SIMs on non-filing of tax returns

ISLAMABAD: Finance Bill 2022 has proposed to empower Federal Board of Revenue (FBR) to disable mobile phone SIMs of non-filers of annual tax return. Besides, it is also proposed to empower the FBR to disconnect connections of electricity and gas of non-filers. READ MORE: Pakistan amends tax laws to legalize money transfers The amendment has […]

by Mrs. Anjum Shahnawaz