The Senate of Pakistan has rejected the government’s budget proposal to increase the tax burden on salaried and non-salaried business individuals. It also proposed excluding the asset details of a financially independent spouse from the wealth statement of filers. On Monday, the upper house of Parliament sent its recommendations to the National Assembly (NA) for incorporation in the Finance Bil
Pakistani currency depreciated Rs0.11 and hit over three-month low at Rs278.62 against the US dollar in the inter-bank market on Monday in the wake of a surge in demand for the foreign currency in the domestic market. According to the State Bank of Pakistan’s (SBP) data, the rupee had closed at Rs278.51 against the greenback on Friday. Exchange Companies Association of Pakistan (ECAP), however,
The Senate proposed a total of 128 recommendations, including nine concerning the Public Sector Development Programme (PSDP) for the year 2024-25, to the National Assembly for inclusion in the Finance Bill 2024 during a session on Monday. These recommendations will be forwarded to the National Assembly, which will decide whether or not to incorporate them into the Finance Bill. Of the total
The commerce ministry has formed a special committee to assess proposals from exporters amidst opposition parties’ rejection of the government’s proposed tax measures. Ahead of the passage of the Finance Bill 2024 in the parliament, Commerce Minister Jam Kamal Khan held a meeting on Monday to address concerns raised by the All Export Association of Pakistan. The National Assembly will likely
The Federal Board of Revenue (FBR) has initiated nationwide audits of urea/fertiliser dealers to ensure compliance with income tax regulations and accurate tax payments. In this regard, notices for audit have been issued for 437 cases, the FBR announced on Monday. The audit proceedings are swiftly underway and will be finalised in the near future. In addition, notices to all non-filers have