FBR updates, income tax, budgets and markets for Pakistan
53 articles
Withholding Tax on Cash Withdrawals from Banks implemented. In Pakistan, the recent federal budget was announced on 9th June 2023. In this budget Government of Pakistan proposed to implement again withholding tax…
New Salary Chart Budget 2023-24 | Revised Pay Scale for All. Here we will provide a new salary chart and revised Pay Scale chart of Salary for all Govt Employees which has…
Salary Tax Slab 2023-24 Pakistan. The recent annual budget announced by the Government of Pakistan for the financial year 2023-2024. The budget was announced on 9th June 2023 by Finance Minister Ishaq…
30pc Increase in Salaries of Govt Employees Expected. Today budget 2023-2024 for the next financial year is expected to be announced by Finance Minister Ishaq Dar. It is likely that the Federal…
PM Calls on Cabinet Meeting Tomorrow on Upcoming Budget. Prime Minister of Pakistan Shehbaz Sharif has called upon a meeting of the federal cabinet tomorrow before the presentation of the upcoming budget.…
Government Employees Likely to Get Increase in Salary in Budget. Ashfaq Tola, Who is Chairman of the Reforms & Resource Mobilization Commission, informed on Wednesday that government employees are likely to get…
When Budget 2023-24 will be Announced. We all know that the new financial year starts in the month of July and ends in June. Tax year 2023 is near to end and…
Balochistan High Court Issues Notices to FBR Regarding Section 7E. The Balochistan High Court (BHC), on Tuesday, issued notices to the Federal Board of Revenue (FBR) relating to the constitutionality of Section…
Revised Pay Scales 2022-23 and Budget 2022-23 Pakistan Salary Increase. Government of Pakistan Finance Division (Regulation Wing) issued Notification regarding revised basic Pay Scales 2022-23 and Allowances on 01-07-2022. Further, Federal Government…
A bad news for salaried class in the shape of considerable high Revised Salary Income Tax Rates 2022-23 in the amended Finance Bill 2022. This change will be experienced by salaried class…
The bill has proposed to introduce the definition of beneficial owner in budget for the financial year 2022-2023. Every company and Association of Persons (AOP) is proposed to electronically submit details of…
According to Section 235 of The Income Tax Ordinance, 2001: Lesco will issue advance tax certificate under section 235 of the Income Tax Ordinance, 2001. To obtain LESCO electricity bill tax deduction…
After massive hike in petrol prices twice in a week, and increase in electricity prices, now Oil and Gas Regulatory Authority (OGRA) on Friday allowed an increase of up to 45 percent…
The Federal Board of Revenue (FBR) has started budget preparation exercise for 2022-2023. In this regard, the FBR has issued a letter to all Chamber of Commerce and Industry seeking customs-related budget…
The National Assembly has passed the Finance (Supplementary) Bill 2021, also known as the mini-budget, with a majority vote. The federal government proved a majority of 18 members in the National Assembly.…
Federal Minister for Finance and Revenue, Shaukat Tarin, has ruled out the speculations, being expressed by many, that the supplementary finance bill will cause an increase in inflation. Addressing a press conference,…
The government of Pakistan completed the mini-budget to the tune of Rs 360 billion that would smack 17% General Sales Tax (GST) on around 140 vital expendable and manufacturing goods, as well…
Finance Act, 2013 shifted the property income (Property rental income) from fixed tax regime to normal tax regime for Individuals, AOPs and Companies. Finance Act, 2016 shifted it from normal tax regime…
There were 38 withholding tax provisions in the Income Tax Ordinance, 2001. This high number of provisions adds to complexity and creates undue burden of compliance on different withholding agents. It also…
Tax credit for person employing fresh graduates. First year depreciation allowance on specified assets @ 90% of cost of assets. Tax credit for enlistment on registered stock exchange. Certain tax credits for…