According to the notification of FBR, the new returns forms have been notified for salaried persons, association of persons (AoPs) companies, and business individuals. The electronic copies of returns for these categories were notified through an SRO949 of 2024. Through this notification, FBR has also made amendments to the income tax rules. Through another notification […]
In an interview with the Financial Times, he said that the “upcoming IMF program will not be our last fund program if we don’t bring our tax revenues up,” Aurangzeb maintained that he is hoping Pakistan will reach a staff-level agreement with the IMF this month, estimating the agreement to be worth $6-8 billion. He […]
According to the Statutory Regulatory Order (SRO), the regulatory duty has been increased on various items ranging from 5% to 55% under Finance Bill 2024, including Milk and cream (25%), Yogurt, butter, and nuts (20%), Natural honey (30%), Dates, figs, pineapples, and oranges (25%), Cherries (35%), Apples and lemons (45%), Corn (30%), Perfume and makeup […]
This change marks a shift from a fixed tax rate to a value-based tax system, as outlined in the Finance Bill 2024-25. IMF says budget 2024 approval ‘not enough’ and demands Pakistan to ‘Do more’ Under the new tax regime introduced in budget 2024-25, the tax on vehicles is no longer a fixed amount but […]
According to the Finance Bill 2024-25 passed by the National Assembly (NA) today, an excise duty of Rs12,500 will be imposed on economy and economy plus class tickets, while business and club class tickets will be taxed at a higher rate. For travel to the United States and Canada, foreign travelers with business and club […]
Minister for Finance and Revenue Muhammad Aurangzeb moved the motion for consideration of the Finance Bill, 2024 to give effect to the financial proposals of the federal government for the year, commencing on July 1, 2024. The motion was passed with a majority vote which led to the passage of Finance Bill-2024 after clause-by-clause reading […]
The Tajir Dost app was launched to tax retailers in Pakistan. Through the app, the government hopes to bring 3.5 million retailers into the tax net. Traders and shopkeepers can register under Section 181 of the Income Tax Ordinance 2001 via the Tax Asaan App, FBR’s web portal, or by visiting FBR’s tax facilitation centers. […]
A delegation from the Pakistan Business Council held discussions with FM Aurangzeb concerning the upcoming fiscal year’s budget. During the meeting, the delegation presented specific tax proposals and commended the government’s ongoing efforts. Aurangzeb assured the delegation that their recommendations were being carefully considered and would be taken into account as much as possible in […]
Out of the Rs70 billion, an amount of Rs30 billion will be the impact of increase in property valuations and the remaining Rs40 billion is estimated to be collected through a higher withholding tax on the revised valuations and the new withholding tax rates. The statement about property valuation was made during a meeting of […]
According to sources, Pakistan and the International Monetary Fund (IMF) have made significant progress in virtual negotiations. Sources revealed that the IMF expressed satisfaction over the tough economic decisions taken in the budget, acknowledging the positive role of political parties in the budget. Sources further added that the monetary fund also appreciated the limitation of […]
