Updates on Tax Laws, Economy and Stock Market in Pakistan
Revised tax rates salary income for tax year 2025 will put additional burden 0f Rs. 70 billion on the salaried taxpayers Government has presented Federal Budget for the fiscal year 2024-25 on 12th of June 2024 setting target tax collection of Rs.12,970 billion. Among other measures, there is a huge increase in proposed income tax … Read more
Rental Income Tax Rates in Pakistan for Tax Year 2024 Income generated from renting out properties, such as land or buildings, is subject to taxation by the guidelines outlined in sections 15 and 16 of the Income Tax Ordinance 2001. The rental income tax rates for income during the fiscal year 2023-24 are specified in … Read more
Income from salary means any income that is earned/received by a person against services rendered about his employment. The Salary Income Tax Rates 2024 are given in the First Schedule, Part I, Division I, clause (1A) of the Income Tax Ordinance 2001 What is Salary Salary income refers to any earnings received by an individual … Read more
The Finance Act 2023 has been passed on the 26th of June 2023 with various changes and budgetary reforms including higher rates of tax, regulatory duties, and long-awaited reforms in the pension rules. Finance Act 2023 has been passed by the National Assembly and approved by the President on 26th of June 2023 with certain … Read more
Federal Budget for FY 2023-24 has been announced by the Government on the 9th of June 2023 (Friday). Due to the prevailing economic condition of the country and the delayed finalization of the IMF program, coupled with the political situation of the country, the budget was considered to be a difficult one. However, a mid-way … Read more
The Reforms and Revenue Mobilization Commission (RRMC) has proposed an advance tax on the accumulated profits and reserves of the companies in Pakistan in the coming budget for the fiscal year 2023-24. The Federal Budget for the year 2023-24 is to be announced on the 9th of June 2023. The imposition of the advance … Read more
Interim relief has been granted by the Supreme Court of Pakistan against deemed income tax in Pakistan on real estate imposed by section 7E of the Income Tax Ordinance 2001. The special bench made the interim decision of the supreme court of Pakistan on Wednesday 22nd of March 2023. The bench allowed the taxpayers payment … Read more
The rate of GST on luxury items including certain food items in Pakistan has been increased to 25% from the existing 18%. The government has increased the rate of GST (General Sales Tax) on the sale of luxury items including certain food items and household goods from 18% to 25% on the value of taxable … Read more
Mini Budget 2023 Pakistan presented on 15th February 2023 imposing new taxes and increase in existing tax rates through Finance Supplementary Bill 2023 Consequent to the discussions with the IMF regarding the ninth review of an IMF Extended Fund Facility, the Finance Supplementary Bill 2023 has been presented in the parliament and announced by the … Read more
Capital gain tax 2023 on the gain or profit earned on the disposal of securities is taxable at the rates as specified in Division VII of Part I of the First Schedule of the Income Tax Ordinance 2001. The capital gain tax 2023 on the sale of securities is described in Section 37-A of the … Read more