KARACHI: Sindh Governor Kamran Khan Tessori has approved the Sindh Finance Bill, which has now come into effect starting July 1. According to sources, one of the key provisions in the bill is the exemption of motorcycles from mandatory insurance requirements. In the finance bill, the motorcycle has been exempted from the condition of mandatory … Read more
ISLAMABAD: The federal cabinet has approved the Finance Bill for the upcoming fiscal year during a meeting chaired by Prime Minister Muhammad Shehbaz Sharif. The cabinet granted approval to the bill with certain amendments. Additionally, the cabinet gave in-principle approval to proposed changes in various laws, which have now been referred to the Cabinet Committee … Read more
NA session adjourned without vote on mini-budget bill The session will meet again on Monday, Feb 20 The bill was tabled by finance minister on Wednesday ISLAMABAD: The National Assembly (NA) session was adjourned on Friday without voting on the mini-budget bill, 2023. NA Speaker Raja Pervaiz Ashraf chaired the session. “The NA session has … Read more
KARACHI: The Federal Board of Revenue (FBR) on Monday invited the income tax proposals for the Federal Budget 2023/24. The revenue board said that it was engaged in formulating the proposals for the Finance Bill 2023. To benefit from the collective wisdom of all the stakeholders for improvement in the tax policy, proposals have been … Read more
RAWALPINDI: The Lahore High Court (LHC) has barred the collection of Rs 6,000 fixed monthly General Sales Tax (GST) in the electricity bills from lawyers. The LHC Rawalpindi bench heard the matter on the petition filed by Lahore High Court Rawalpindi Bar Association over the collection of sales tax from lawyer’s chambers. Justice Tariq Saleem … Read more
KARACHI: Earnings of the KSE-100 Index increased significantly, displaying a jump in quarterly profit of 19.9 per cent. However, almost all listed companies involved in manufacturing, assembling and production activities have complained of the supply chain challenges, which would take a toll on the demand and profitability. According to industry sources, the freight for spot … Read more
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to restore tax exemptions on solar panels, hybrid seeds, agri and industrial machinery in the larger national interest, a statement said. LCCI President Mian Nauman Kabir, Senior Vice President Mian Rehman Aziz Chan and Vice President Haris Ateeq said that the current … Read more
KARACHI: To win funding from the International Monetary Fund (IMF), Pakistan has passed a mid-year finance bill withdrawing exemptions of Rs350 billion on sales tax and a law to grant its central bank greater autonomy. The IMF set a condition of budgetary tightening for the revival of a stalled $6 billion package before the approval of … Read more
ISLAMABAD: Minister for Information and Broadcasting Chaudhry Fawad Hussain on Friday said the passage of the Finance (Supplementary) Bill, 2021, would not only resolve the financial difficulties faced by the country but also help deal with the deficits. “After the passage of this bill, there is no obstacle now in the way of the International … Read more
KARACHI: Pakistan has rejected the International Monetary Fund’s (IMF) demand of taking budgetary measures worth Rs700 billion, to avoid putting additional burden on the existing taxpayers, a government official said on Friday. In his speech at the Senate about the Federal Budget 2021/22, Finance Minister Shaukat Tarin said the Pakistan authorities had informed the IMF … Read more
KARACHI: The tax authorities have accepted an error in the proposal for an increase in the turnover tax on flour mills and said that the same would be rectified through an amendment in the Finance Bill 2021. In a statement, the Federal Board of Revenue (FBR) clarified that the table prescribing tax rates for a … Read more
KARACHI: The tax authorities will collect details of those banking customers who deposited over Rs10 million in their accounts during a month, bringing the high value transactions of undeclared income and assets on its radar, sources said on Monday. The sources in the Regional Tax Office (RTO) Karachi, a revenue collecting arm of the Federal … Read more
KARACHI: The deposits of the banking system have increased to a record high of Rs17.96 trillion by the end of May, owing to the stalled economic activities following a rise in coronavirus cases during the past couple of months. Previously, the banking deposits witnessed a record high of Rs17.90 trillion in March 2021, according to … Read more
KARACHI: The elimination of withholding tax on certain banking transactions would cost the tax authorities around Rs28 billion annually, besides hampering the efforts of compliance through the filing of income tax returns. The Finance Bill, 2021 has proposed to delete around 12 different provisions of withholding taxes, which is aimed at providing relief to the … Read more
KARACHI: The federal government has increased the income tax rate to 15 percent from the existing 10 percent on the income generated from the profits on bank deposits, sources in the Federal Board of Revenue (FBR) said on Monday. Through the Finance Bill, 2021, a major change has been made by increasing the tax rate … Read more
KARACHI: Small and Medium Enterprises (SMEs) would be able to avail exemption from audit if they opt for the Final Tax Regime (FTR), the Finance Bill has proposed. It is proposed that SMEs can also opt to be taxed under the FTR. The said option is required to be exercised at the time of returns … Read more
