Pakistan amends tax laws to legalize money transfers

Jun 12

Budget 2022-2023, Money & Banking, Taxation, Top stories

Pakistan amends tax laws to legalize money transfers

ISLAMABAD: Pakistan has amended tax laws to grant approval of legal banking channels to money transfer by money transfer operators and bureaus. The country presented budget 2022/2023 on June 10, 2022 and amended tax laws to grant approval the money transfer made through operators, bureaus and exchange companies. Through Finance Bill, 2022 amendment made to […]

by Mrs. Anjum Shahnawaz

Fixed tax rates for retailers, payable through electricity bills

Jun 12

Budget 2022-2023, Taxation

Fixed tax rates for retailers, payable through electricity bills

ISLAMABAD: The government has announced a fixed tax regime for small retailers, which will be collected their monthly electricity bills. The fixed tax regime has been proposed through budget 2022/2023, which was announced on June 10, 2022. Through Finance Bill, 2022 amendment has been made to Income Tax Ordinance, 2001 to propose special provisions relating […]

by Mrs. Anjum Shahnawaz

Pakistan amends laws to hunt tax evaders living abroad

Jun 11

Budget 2022-2023, Taxation

Pakistan amends laws to hunt tax evaders living abroad

ISLAMABAD: Pakistan has proposed to amend tax laws to bring wealthy citizens living abroad and evading tax. The amendment has been proposed through budget 2022/2023, which was presented on June 10, 2022. READ MORE: CGT up to 15% slapped on immovable properties According to budget documents, criteria for the resident person for the purpose of […]

by Mrs. Anjum Shahnawaz

CGT up to 15% slapped on immovable properties

Jun 11

Budget 2022-2023, Taxation

CGT up to 15% slapped on immovable properties

The federal government has implemented capital gains tax (CGT) ranging up to 15 percent on the disposal of immovable properties within one year of purchase.

by Mrs. Anjum Shahnawaz

Tax imposed on deemed income from immovable properties

Jun 11

Budget 2022-2023, Taxation

Tax imposed on deemed income from immovable properties

ISLAMABAD: A tax rate at 20 per cent has been imposed on deemed income from immovable properties through a new section introduced to Income Tax Ordinance, 2001. The government announced federal budget 2022/2023 on June 10, 2022 and introduced new tax on a person having more than one immovable property. A person having more than […]

by Mrs. Anjum Shahnawaz

Pakistan amends tax laws for foreign digital transfers

Jun 11

Budget 2022-2023, Taxation

Pakistan amends tax laws for foreign digital transfers

ISLAMABAD: Pakistan has amended tax laws related to digital transfers of money to non-residents for various financial services. The country on June 10, 2022 presented its federal budget for the fiscal year 2022/2023. The amendment has been brought into the Income Tax Ordinance, 2001 through Finance Bill, 2022. READ MORE: Pakistan imposes tax on high […]

by Mrs. Anjum Shahnawaz

Pakistan imposes tax on high net-worth individuals

Jun 11

Budget 2022-2023, National, Taxation, Top stories

Pakistan imposes tax on high net-worth individuals

ISLAMABAD: Pakistan has imposed an additional rate of tax on high net-worth individuals for poverty alleviation. The country on June 10, 2022 presented its federal budget for the fiscal year 2022/2023. The budget was presented amid severe financial crisis. READ MORE: Finance Bill defines beneficial owner under tax laws Finance Minister Miftah Ismail urged the […]

by Mrs. Anjum Shahnawaz

Finance Bill defines beneficial owner under tax laws

Jun 11

Budget 2022-2023, Taxation

Finance Bill defines beneficial owner under tax laws

ISLAMABAD: The Finance Bill 2022 has defined ‘beneficial owner’ for the purpose of treatment of tax under Income Tax Ordinance, 2001. Amendments have been proposed in the Section 2 of the Income Tax Ordinance, 2001 through introduction of Finance Bill, 2022 on June 10, 2022. READ MORE: Pakistan reduces salary tax slabs to 7 in […]

by Mrs. Anjum Shahnawaz

Pakistan reduces salary tax slabs to 7 in budget 2022/23

Jun 11

Budget 2022-2023, Taxation, Top stories

Pakistan reduces salary tax slabs to 7 in budget 2022/23

ISLAMABAD: Pakistan has reduced the number of tax slabs for salaried persons through Finance Bill 2022 in the budget 2022/2023. According to the Finance Bill, 2022 the government announced the reduction of salary tax slabs as well as incentive in tax payment for persons falling in the income range of Rs600,000 to Rs1.2 million. READ […]

by Mrs. Anjum Shahnawaz

Budget 2022/2023: Salient features of customs duty act

Jun 11

Budget 2022-2023, Pakistan Customs

Budget 2022/2023: Salient features of customs duty act

ISLAMABAD: Following are salient features of amendments made to Customs Act, 1969 through Finance Bill, 2022. GUIDING PRINCIPLES (a) Remove anomalies in cascading structure of tariff. (b) Promote and protect domestic industry by introducing targeted interventions. (c) Rationalizing tariffs on industrial raw materials / intermediate goods. READ MORE: Budget 2022/2023: Salient features of sales tax […]

by Mrs. Anjum Shahnawaz