Tag: ICAP

Chartered accountants urge Pakistan to enforce tax return filing for foreign residents staying more than 183 days annually. ISLAMABAD: The Institute of Chartered Accountants of Pakistan (ICAP) has recommended making income tax return filing mandatory for foreign nationals residing in Pakistan for more than 183 days during a tax year.

Chartered accountants call for lower sales tax rates and wider incentives to boost documentation and expand the sales tax net. The Institute of Chartered Accountants of Pakistan (ICAP) has expressed concern over a decline in active sales tax registrations and urged the government to reduce sales tax rates in the federal budget 2026-27 to encourage […]

Chartered accountants propose comprehensive regulation and taxation framework for cryptocurrencies in Budget 2026-27 to expand tax base and improve oversight. The Institute of Chartered Accountants of Pakistan (ICAP) has urged the government to introduce a comprehensive taxation and regulatory framework for crypto assets in the upcoming Budget 2026-27, citing rapid growth in digital asset adoption […]

Chartered accountants seek revision of outdated cash payment thresholds to reflect inflation and ease compliance burden on businesses. The Institute of Chartered Accountants of Pakistan (ICAP) has proposed increasing cash transaction limits for salary payments and other business expenditures through amendments to the Income Tax Ordinance, 2001, as part of its recommendations for the federal […]

Chartered accountants’ body calls for clearer rules and alignment of advance tax mechanism for builders and developers. The Institute of Chartered Accountants of Pakistan (ICAP) has proposed amendments relating to taxation of builders and developers under Section 7F of the Income Tax Ordinance, 2001, in its budget proposals for 2026-27.

Chartered accountants’ body seeks mandatory 48-hour notice and transparent audit selection to protect taxpayer rights. The Institute of Chartered Accountants of Pakistan (ICAP) has proposed that tax authorities should be required to issue prior notice before entering taxpayers’ business premises for audit and monitoring purposes.

Chartered accountants’ body proposes raising daily cash withdrawal limit to Rs75,000 for non-filers amid inflation and higher business cash-flow needs. The Institute of Chartered Accountants of Pakistan has proposed increasing the daily cash withdrawal threshold for withholding tax collection in the federal budget for fiscal year 2026-27.

Chartered accountants’ body proposes CPI-based adjustment of salary tax slabs to ease burden on salaried class amid persistent inflation. The Institute of Chartered Accountants of Pakistan has proposed linking salary tax slabs with Consumer Price Index (CPI) inflation in the federal budget 2026-27 to reduce the growing tax burden on salaried individuals.