Corona sharpens budget, shrunken receipts, shrunken tax targets, disappointing for govt employees, masses

KARACHI. COVID 19 or Corona pandemic has hit the Pakistan,s economy hard like other countries of the world leading to a shrunken economy, shrunken receipts, shrunken tax targets and no relief to millions of government employees and disappointing or no measures for small businesses.  Laying a 7.137 trillion budget with… Continue reading

Federal budget proposes harsh penalties for persons involved in smuggling

KARACHI: In order to eliminate smuggling, the government has proposed harsh punishments for persons involved in smuggling goods in or out of Pakistan. If the value of the smuggled goods is from Rs150,001 to Rs3,000,000 (both inclusive); such goods shall be liable to confiscation and any person concerned in the… Continue reading

Government simplifies withholding tax regime

KARACHI: To augment efforts towards simplification of the withholding tax regime, the government has deleted several withholding tax provisions including collection collection of advance tax on education related expenses remitted abroad; tax on steel melters and composite units; withdrawal of balance under pension fund; tax on local purchase of cooking… Continue reading