Tag: levy
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Govt slashes petrol price by Rs3.05, raises diesel by Rs8.95 per litre
Due to changes in oil prices on the global market, the government announced a revision in petroleum prices on Sunday. According to a statement released by the Finance Division, the cost of petrol has been reduced by Rs3.05 a litre for the first half of August 2022. Petrol will now be sold for Rs227.19 per…
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Govt may cut petrol price by Rs11 per litre today
The price of petrol may be reduced by Rs11 per litre by the government, according to sources privy to the matter. According to Dawn, the cost of petrol is anticipated to drop by Rs11 per litre, while the cost of high-speed diesel is anticipated to rise by Rs8 per litre. Petrol is currently available for…
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Petroleum prices may increase by Rs28.44 on Monday
The Oil and Gas Regulatory Authority (OGRA) has calculated a price increase for petroleum products of up to Rs28.44 per litre that could go into effect on August 1. According to regulatory agency sources, the estimated ex-depot price of gasoline may increase by Rs6.53, high-speed diesel (HSD) by Rs28.44, kerosene oil (SKO) by Rs11.02, and…
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Imposing super tax on the rich will reduce budget deficit: Miftah
The government’s recently announced indirect tax (super tax) is intended to assist the country in increasing tax revenue and lowering the budget deficit, according to Finance Minister Miftah Ismail. He was relating to the large industries’ 10 per cent super tax or poverty alleviation tax. 13 industries, including LNG terminals, sugar, cement, steel, textile, tobacco,…
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IMF remains concerned over Pakistan’s budget 2022-23
The International Monetary Fund (IMF) has expressed concern regarding Pakistan’s newly announced budget, according to Finance Minister Miftah Ismail, however the government is convinced it can implement adjustments to appease the lender. According to Miftah Ismail, Pakistan is expecting to sign a staff-level agreement with the IMF this month. The government officially launched a Rs9.5…
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Here are the latest income tax rates and slabs for salaried class
In the budget for fiscal year 2022-23, the government has exempted those earning up to Rs100,000 per month from paying income tax, up from Rs50,000 last year. For the salaried income group, the latest budget is a mishmash as the government reduced tax rates and the number of slabs while eliminating available credit through the omission…
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Getting a new car? Check out the new advance tax imposed on your favourite vehicle
The government has released the fiscal budget for 2022-23, which includes several changes, including a 200 per cent advance tax on the purchase of cars with engine displacements greater than 1600cc for non-filers. This decision is likely to possess a considerable effect on the sales of several cars in Pakistan, which have already witnessed multiple price hikes…
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Direct taxes target predicted at Rs2,560 billion for FY 22-23
In an attempt to meet the Federal Board of Revenue’s (FBR) revenue collection target of Rs7,255 billion for the upcoming fiscal year, the direct taxes target has been predicted at Rs2,560 billion, up from Rs2,182 billion in 2021-22. According to Brecorder, the indirect taxes (net) estimates were predicted at Rs4,695 billion in the macroeconomic framework…
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Additional tax to be levied on high-earning businesses
In the budget (2022-23), the government intends to impose a time-limited levy or additional income tax on the yearly income earned by the steel industry, pharmaceutical business, and other profit-generating segments, as well as increase the minimum tax from two to six percent on the import of edible oil According to reliable sources, the government…
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CNG prices pushed to Rs140 per kg for sales tax collection
The Federal Board of Revenue (FBR) has raised the sales tax rate on compressed natural gas (CNG) supplies to customers. On Tuesday, the FBR published S.R.O. 587(I)/2022 to replace S.R.O. 39(I)/2022, which was issued on January 8, 2022. It has amended the value of compressed natural gas (CNG) supply to consumers in order to charge…