tax
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Budget 2024-25: Govt likely to revise tax slabs for high-paid employees | The Express Tribune
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[ad_1] ISLAMABAD: The upcoming federal budget for 2024-25 is expected to see tax hikes and the removal of unnecessary exemptions, including a sales tax on petroleum products and revised income tax slabs for high-paid employees. According to documents, Rs2.1 trillion is allocated for defence and Rs9.7 trillion for debt servicing. Development projects will receive Rs1.5…
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Local experts challenge IMF’s tax plan with innovative reforms | The Express Tribune
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[ad_1] ISLAMABAD: Contrary to the International Monetary Fund’s (IMF) recommendation to increase tax rates in the next budget to collect an additional Rs2 trillion, Pakistan’s renowned local experts on Monday unveiled a package that proposes generating Rs1.2 trillion more by reducing income tax rates while withdrawing some exemptions. A consortium of notable Pakistani tax experts…
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High corporate tax rates – a barrier to MNCs | The Express Tribune
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[ad_1] KARACHI: Approximately 210 multinational companies (MNCs) in Pakistan operating in sectors like tobacco, oil, auto, pharmaceuticals, banking and others contribute a third of the total tax collection and make a major contribution to the national exchequer. They also reinvest in their respective units or inject capital into some new ones. Moreover, they make investments…
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Over 7,000 SIMs ‘unblocked’ after filing of tax returns
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[ad_1] A representational image showing mobile phone Sims. — AFP/File ISLAMABAD: The Federal Board of Revenue’s (FBR) move to block SIMs of non-filers has yielded results as over 7,000 tax payers filed their returns, it emerged on Wednesday. The FBR sources told Geo News that telecom operators unblocked as many as 7,167 SIMs, calling it…
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Experts advocate for taxing all sectors to broaden tax base
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[ad_1] Economic experts participate in ‘Great Debate’ live on Geo News. — screengrab/GeoNews/YouTubE The financial experts and representatives of major trade associations have stressed on inclusion of all the sectors into tax net in a bid to achieve a broader tax base as Geo News organised the Great Debate programme to bring out the best…
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Tax sectors with higher GDP share: OICCI | The Express Tribune
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[ad_1] LAHORE: Major overseas investors, in their taxation proposals for the upcoming budget for fiscal year 2024-25, have asked the federal government to consider taxing the untapped sectors which have a high potential and a huge share in the country’s gross domestic product (GDP). These sectors include immovable property, undocumented non-corporate businesses, transport and construction…
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Solar energy: Govt denies fixed tax reports, hints at revising rates
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[ad_1] Several solar panels can be seen in this picture. — AFP/File Refuting a report claiming the government plans to impose fixed tax on solar power, the Power Division on Saturday said there is no truth to the news. Reports were circulating on social media platforms that a summary had been moved to introduce the…
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FBR plans to block mobile SIMs of tax evaders | The Express Tribune
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[ad_1] ISLAMABAD: The Federal Board of Revenue (FBR) has decided to block 500,000 mobile phone SIMs of tax evaders as the decision has been endorsed by its chairman. In this regard, the FBR has sent relevant rules to the officers concerned. According to sources, the FBR has identified two million tax evaders, but mobile service…
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Overhauling Pakistan’s tax system | The Express Tribune
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[ad_1] KARACHI: I A Mayburov (2007) defines the Tax System as ‘a system that is a principle-based integral unity of its main interconnected and interrelated elements. These elements are the regulatory legal basis of taxation, the set of taxes and fees, the payers of taxes and fees, and the mechanism of tax administration’. Considering these…
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Tax exemptions of Rs50b defy IMF | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan has granted a Rs50 billion annual income tax exemption to two government departments, violating the International Monetary Fund (IMF) programme and its own tax law. This decision faced resistance from tax authorities despite being approved through two Acts of Parliament. Official documents show that the Pakistan Civil Aviation Authority (PCCA) and Pakistan…
