Islamabad, June 10, 2023: The recently introduced Finance Bill, 2023 has brought forth new tax slabs for the super tax applicable for various tax years. The rates mentioned below are applicable for tax year 2022 and onwards:
(more…)Tag: Finance Bill 2023
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Pakistan Imposes 10% Income Tax on Bonus Shares Issued by Companies
The government of Pakistan has introduced a new measure through the Finance Bill, 2023, which imposes a 10 percent income tax on the issuance of bonus shares by companies to their shareholders. This tax is implemented under a new section, 236Z, of the Income Tax Ordinance, 2001.
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New Provision Requires Employers of Foreign Workers to Pay Advance Tax
The Finance Bill 2023 has proposed a significant provision that mandates employers or agencies of foreign workers to pay advance tax. This development aims to streamline taxation processes and ensure compliance with the Income Tax Ordinance, 2001.
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Pakistan Introduces International Centre of Tax Excellence
Pakistan is taking a significant step in advancing its tax policy development by establishing the International Centre of Tax Excellence.
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Finance Bill 2023 Proposes Tax Credit for Construction of New Houses
The Finance Bill 2023 aims to boost the construction industry by introducing a tax credit for the construction of new houses.
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Tax Exemptions Introduced for Qualified Investments under Foreign Investment Act
The Finance Bill 2023 has brought forth a new section, 44A, to the Income Tax Ordinance, 2001. This section provides exemptions for taxes on income, withholding taxes, minimum and final taxes, as well as certain provisions of the Ordinance, for qualified investments as specified in the Foreign Investment (Promotion and Protection) Act, 2022.
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Finance Bill 2023 Introduces Additional Tax on Unexpected Income, Profits, and Gains
The Finance Bill 2023 has introduced a new section, 99D, to the Income Tax Ordinance, 2001, enabling the government to impose an additional tax on certain income, profits, and gains.
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FBR Empowered to Recover Outstanding Liabilities under Other Laws
KARACHI: In a notable development, the Federal Board of Revenue (FBR) has been granted the authority to recover outstanding liabilities under various statutes or laws. Section 146D of the Income Tax Ordinance, 2001, now empowers the Commissioner (Inland Revenue) to recover such liabilities and deposit the proceeds into the designated account specified in the respective law.
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FBR Exempts Foreign Inflows Up To $100,000 From Scrutiny
In a significant development, the Federal Board of Revenue (FBR) has introduced an amendment through the Finance Bill, 2023, indicating that it may not scrutinize foreign inflows up to $100,000 in a year.
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Regulatory Duty on Second-Hand Clothing Abolished in Finance Bill 2023
ISLAMABAD: Pakistan has taken steps to provide relief to the underprivileged segment of society by abolishing the regulatory duty on the import of second-hand clothing.
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