tax
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CPEC to help increase tax receipts | The Express Tribune
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[ad_1] QUETTA: Balochistan Minister for Finance Sardar Abdur Rehman Khaitran said on Wednesday that the China-Pakistan Economic Corridor (CPEC) will enhance the provincial government’s tax collection. Speaking at a post-budget news conference, the minister predicted that the CPEC projects and development of mining sector would increase tax and non-tax revenue of the province inthe future.…
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Turnover tax on traders ‘unbearable’ | The Express Tribune
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[ad_1] KARACHI: A turnover tax of 1.25% on traders, distributors and dealers is unbearable as profit margins are barely 2% on market sales and the tax will continue to discourage the SMEs from getting registered under the sales tax regime, said Federation of Pakistan Chambers of Commerce and Industry (FPCCI) acting President Shabbir Mansha. “Taxes…
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100% increase in vehicle registration tax approved | The Express Tribune
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[ad_1] ISLAMABAD: Senate Standing Committee on Finance has approved 100 per cent increase in the vehicle registration tax for non-filers and directed the Federal Board of Revenue (FBR) that whatever legislation is done should be brought in the form of a bill and not through ordinances.The Senate panel met under the chairmanship of Saleem Mandviwalla…
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IT export tax to hamper youth’s potential | The Express Tribune
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[ad_1] KARACHI: Professionals and experts from the information technology sector have voiced fear that the proposed tax on IT exports in the budget for FY23 will largely hamper the earning potential of the youth. Of the Rs9.5 trillion federal budget, Rs6,331 million has been allocated for the IT and Telecom Division while Rs5,716 million has…
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No new tax imposed | The Express Tribune
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[ad_1] The government of Punjab has announced that it is not imposing any new tax in the provincial budget for fiscal year 2022-23, presented before the house on Wednesday. However, the provincial government has changed some taxation ratios through the proposed Finance Bill. An upward revision in tax ratios has mainly been made for luxury…
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Tax relief of billions for bourse | The Express Tribune
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[ad_1] ISLAMABAD: The government has given billions of rupees in income tax relief to the stock market by lowering the capital gains tax rates on sale of shares after holding them for two years and has completely abolished the tax by the sixth year. The billions of rupees relief has been given by rejecting a…
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Govt mulls doubling toll tax on motorways | The Express Tribune
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[ad_1] ISLAMABAD: The federal government is considering collecting double toll tax on motorways used by single-driver cars to mitigate the energy crisis and the impact of higher fuel prices. It is also mulling over a plan under which vehicles may ply roads on alternative days based on odd and even number plates. The cabinet, in…
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Tax increase to compound problems for auto sector | The Express Tribune
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[ad_1] KARACHI: In the budget for FY23, Finance Minister Miftah Ismail has proposed an increase in the advance tax on luxury vehicles that will leave a further negative impact on the auto sector, which is already facing an import ban for improving the balance of payments. The minister of finance proposed increase in the tax…
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Tax rate for banking companies enhanced to 42% | The Express Tribune
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[ad_1] KARACHI: The PML-N led coalition government has increased the rate of taxes on commercial banks’ windfall gains (profit) after they apparently defied the directives to reduce the high interest rate on financing to the government. “The banking sector has earned windfall gains due to higher interest rates and risk-free investment in government securities (like…
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PTI govt gave Rs5.2tr tax breaks in four years | The Express Tribune
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[ad_1] ISLAMABAD: The previous government of Pakistan Tehreek-e-Insaf (PTI) gave away a record Rs1.76 trillion in tax exemptions to the affluent and foreign investors during the outgoing fiscal year, taking the total cost of such exemptions in four years to a whopping Rs5.2 trillion. The Pakistan Economic Survey 2021-22 revealed that there was a 34%,…
