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The 2023–24 Pakistan federal budget was the Federal Budget implemented by the government of Pakistan for the fiscal year 2023–24. The revised budget was presented to Parliament on 25 June 2023 after Finance Minister Ishaq Dar introduced new taxation measures and expenditure cuts. The budget was accepted the next day.
The 2018 budget was considered to be a crucial one, [9] [10] [11] as it would be the first since the rollout of the Goods and Service Tax (GST) regime in India. [12] [13] [14] It was widely expected that the budget would either increase the exemption limit, or introduce a standard deduction for salaried people to reduce the tax burden, in addition to a reduction of the tax rate for the ₹ 5 ...
The Federal budget 2018–19 is the federal budget of Pakistan for the fiscal year beginning from 1 July 2018 and ending on 30 June 2019. [1] The budget was presented by finance minister Miftah Ismail on 28 April 2018, just months before the general elections scheduled in the country for the next government. [1]
In the budget 2025, tabled by the Finance Minister on 01.02.2025, the FM affirmed and said that the new direct tax code will be presented in the coming weak replacing Income Tax Act, 1961. [24] The union cabinet on 07.02.2025 cleared the new Income Tax Bill to replace the old Income Tax Act, 1961. [25]
In February 2023, Pakistani cabinet approved 'Finance Supplementary Bill 2023' for Mini Budget. [4] The budget for FY 2022-23 aimed to raise Rs. 7 trillion ($34.6 billion) in tax revenue, raise Rs. 372 billion ($1.8 billion) from Sukuk and Eurobonds , target a primary surplus of 0.2% of GDP, target a fiscal deficit of 49% of GDP and meet IMF ...
The Federal budget 2017–18 was the federal budget of Pakistan for the fiscal year beginning from 1 July 2017 and ending on 30 June 2018. [ 1 ] It was presented by Finance Minister Ishaq Dar on 26 May 2017 at the National Assembly with a total outlay of ₨. 4.75 tn .
The interim budget also has the authority to make changes to the tax regime, but historically, significant tax adjustments or new schemes are avoided due to the limited time in office. Essentially, it mirrors the first part of a Union budget, detailing the previous year's income and expenses, with only essential expenses documented until the ...
The corporate income tax rate was 29% for tax year 2019 and onwards, whereas the corporate tax rate is 35% for the banking industry for TY 2019. Alternative Corporate Tax (ACT) in Pakistan applies to all corporate entities and is the higher of 17% of accounting income or the corporate tax liability under the Income Tax Ordinance 2001, including ...