The government has increased the withholding tax to 2.5 percent for non-filers under Section 236H of the Finance Act 2024 which has made the cement business unsustainable given the current market conditions besides the new turnover taxes imposed on dealers and retailers. All Pakistan Cement Dealers Chairman Sajid Chaudhry highlighted concerns that taxes and PoS […]
The new program, which needs to be validated by the Fund’s Executive Board, should enable Pakistan to “cement macroeconomic stability and create conditions for stronger, more inclusive and resilient growth,” according to a statement. The agreement is subject to approval by the IMF’s executive board. “The program aims to capitalize on the hard-won macroeconomic stability […]
International Monetary Fund (IMF) officials held virtual negotiations with the provincial officials of Pakistan for the new loan program. Sources said the IMF officials urged the provincial authorities to slap a tax on agricultural income, which the provinces of Pakistan reportedly agreed upon. The provincial governments of all four provinces of Pakistan sought time to […]
The federal government jacked up the FED on the international flights in the budget 2024-25. According to the notification, the FED on economy and economy plus tickets has risen by 150 percent. In a letter to Pakistan’s finance ministry, the IATA has demanded to immediately roll back the imposition of 150pc tax on international air […]
In a statement, the flour mill owners said they would shut down the mill across Pakistan from Thursday if their demands were not met. Chairman Flour Mills Association Sindh Aamir Abdullah in his statement said they will stop the washing and grinding of the wheat from July 10 (tomorrow) and will go on a complete […]
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 […]
