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To update the tax laws and bring the country's tax laws into line with international standards, the Income Tax Ordinance 2001 was promulgated on 13 September 2001. [3] It became effective from 1 July 2002. Following the recent budget, the Income Tax Ordinance as amended up to June 30, 2024 and the updated Finance Act 2024 are now available. [4]
The Punjab Finance Department is a department of the Government of Punjab, Pakistan. It is responsible for supervision and control of provincial finances, preparation of provincial budget, formulation of financial rules and management of public debt. [1] It is headed by a provincial minister with the coordination of a finance secretary.
The budget included funding for a number of development initiatives to increase the nation's economic growth rate. The original outlays for the PDSP being estimated at Rs. 2.66 trillion for the development programme, which included a Rs 950 billion federal Public Sector Development Programme (PSDP), that was approved by the Annual Plan Coordination Committee (APCC). [5]
Exemption from Service Tax (Section 7, 26 and Second Schedule of the SEZ Act). There were about 143 SEZs (as of June 2012) operating throughout India , by February 2016 this had risen to 187. [ 29 ] 634 SEZs have been approved for implementation by the Government of India (as of June 2012).
There has been a strong demand for streamlining VAT administration through citizen-centric, service-oriented processes, and establishing a certain degree of standardisation with respect to Commercial Tax (CT) administration. Since the CT departments mainly interface with businesses and often account for 60−70 per cent of the total revenue of ...
The 2024–25 Pakistan Federal Budget is a financial statement of the government's estimated receipts and expenditures for the fiscal year that runs from 1 July 2024 to 30 June 2025. [ 1 ] [ 2 ] On 12 June 2024, finance minister Muhammad Aurangzeb presented the federal budget with a total outlay of Rs18.877 trillion. [ 3 ]
In Pakistan, the SEZ Act was established on 13 September 2012, alongside the subsequent notification of SEZ Rules within the same year. [ 1 ] [ 2 ] SEZs in Pakistan
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