Pakistan Revenue
Tax experts have raised questions regarding the proposed enhancement of the foreign currency threshold for the money whitening scheme outlined in the Finance Bill of 2023.
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Following are the highlights of income tax amendments proposed through Finance Bill, 2023. These highlights are prepared by experts of KPMG Taseer Hadi & Co. Chartered Accountants.
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In a recent development, concerns have been raised by experts regarding the proposed immunity in the Finance Bill, 2023, which allows individuals to bring dollars into Pakistan.
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Islamabad, June 14, 2023: The Senate Standing Committee on Finance and Revenue recently conducted a comprehensive review of the proposed customs duty amendments introduced through the Finance Bill 2023.
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Tax experts at A F Ferguson have provided insights into the reintroduction of tax on bonus shares through the Finance Bill of 2023.
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The higher rate of super tax, originally introduced in the Finance Act 2022, has now been extended to encompass all taxpayers across various sectors, according to the newly proposed Finance Bill of 2023.
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The Finance Bill 2023 has come under scrutiny from PwC – A. F. Ferguson Chartered Accountancy Firm, as it is seen as a budget that primarily focuses on taxing already taxed sectors. According to the renowned financial consulting firm, the budget does not bring about substantial changes in the tax policy and fails to address […]
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In a significant development, the National Clearing Company of Pakistan Limited (NCCPL) has been granted the authority to collect super tax on capital gains.
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The Finance Bill 2023 has introduced a proposal to reduce tax rates on additional advances for Information Technology (IT) services and IT-enabled services in Pakistan. The aim is to promote and support the growth of the IT sector. The key provisions related to this proposal are as follows:
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The government of Pakistan has announced a new minimum tax rate of 1% for companies listed on the Pakistan Stock Exchange (PSX). This proposal is part of the amendments to tax rates related to the Minimum Tax under the Income Tax Ordinance, 2001, as outlined in the Finance Bill, 2023.
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