ISLAMABAD: Finance Minister Muhammad Aurangzeb has unveiled significant changes to the country’s tax system and Federal Board of Revenue (FBR) policies in Pakistan.
Addressing the budget debate in the National Assembly session, the finance minister said that the powers of the FBR have been reviewed, and arrests will not be made without a court warrant in cases up to 50 million.
He added that a three-member FBR committee will be required for arrests instead of an officer.
Furthermore, he stated that individuals above 75 years old are now exempt from tax, and a tax will be imposed on pensions exceeding 10 million.
“No withholding tax will be levied on personal residences for 15 years, and there will be a 20 percent tax on investment in government securities,” he added.
The finance czar added that the tax on income between 600,000 and 1,200,000 will be reduced to 1%. “E-commerce businesses will be subject to a simplified tax system with limited tax liability.”
He said that the business environment is improving and that the industrial policy will be launched soon.
ISLAMABAD: The prices of various smartphones in the country are likely to drop by Rs…
MUZAFFARABAD: The Azad Kashmir High Court has ordered the restoration of the Pakistan Tehreek-e-Insaf (PTI) election…
KARACHI: The Iranian Rial continues to face significant challenges internationally due to sanctions and economic conditions. It…
KARACHI: The price of gold in Pakistan has decreased by more than Rs 10,000, according…
ISLAMABAD: The Pakistan Telecommunication Authority (PTA) has issued a warning for mobile phone users against…
ISLAMABAD: Iranian President Dr. Masoud Peshkeskian met President Asif Ali Zardari and Prime Minister Shehbaz…