In a notable fiscal shift, the cost of tax exemptions and concessions in Pakistan surged by 73% to reach Rs 3.88 trillion during the fiscal year 2023-24, as highlighted in the Pakistan Economic Survey 2023-24 released on Tuesday.
Karachi, July 13, 2023 – The Federal Board of Revenue (FBR) has announced an extension of income tax exemption totaling Rs12.24 billion on pensions disbursed to civil servants and military personnel.
Islamabad, June 19, 2023 – The Federal Board of Revenue (FBR) has announced that the cost of exemptions and concessions in Pakistan expanded to 3.36 percent of the GDP during the fiscal year 2021-2022.
ISLAMABAD: Pakistan on Wednesday granted exemption of income tax and sales tax on imports of tomato and onion during next four months. In this regard, the Federal Board issued notifications in this regard. The FBR issue SRO 1639(I)/2022 to allow withholding income tax exemption on import of tomato and onion imported till December 31, 2022. […]
ISLAMABAD: Pakistan has granted five-year tax exemption on income derived from cinema operations in order to promote local film industry. The tax exemption has been granted under Income Tax Ordinance, 2001 by amendment made through Finance Act, 2022. READ MORE: Advance tax on immovable property enhanced by 100% The Federal Board of Revenue (FBR), the […]
ISLAMABAD: The cost of tax exemptions has been estimated at Rs1.76 trillion during the fiscal year 2021/2022 as compared with Rs1.31 trillion in the preceding fiscal year, according to Economic Survey of Pakistan released on Thursday. The cost of exemptions and concessions under sales tax has increased to Rs1.014 trillion during fiscal year 2021/2022 as […]
KARACHI: Ismail Suttar, Chairman, Salt Manufacturers Association of Pakistan (SMAP) has urged the government not to levy taxes on Iodized salt through mini-budget as the Covid-19 pandemic has already hit the salt export market badly due to rising freight costs and supply chain disruptions. READ MORE: Mini-budget: FBR to generate Rs4.5bn through tax rate increase […]
ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn all the appeals pertaining to income tax exemption on inward foreign remittances. In order to implement the decision the revenue body issued, Circular No. 05 – Foreign Remittances – Exemption. “In order to win the trust of the taxpayers and spare the public resources for more productive […]
KARACHI: Ismail Suttar, President, Employers’ Federation of Pakistan, and Chairman of Salt Manufacturers’ Association of Pakistan (SMAP), while appreciating the people-friendly Federal Budget of 2020-21, appealed to the Finance Minister, Shaukat Tareen to reconsider for exemption raw salt from tax regime. In an appeal to the Finance Minister, EFP Chief stressed that table salt is […]
KARACHI: Pakistan Business Council (PBC) has said that the premature reversal of tax exemption hurt the investor sentiments. In a letter sent to Finance Minister Shaukat Tarin, the PBC said that the recent reversal of tax exemptions, some which had just a few years to run, and others which were conceptually aimed at promoting scale […]