Trends - Finance Act 2023 - Business Recorder

Finance Act 2023

Reducing financial burden: SNGPL proposes amendments to tax laws

ISLAMABAD: Sui Northern Gas Pipeline Company Limited (SNGPL) has proposed amendments to tax laws to reduce financial...

Updated 13 Mar, 2024 09:36am

Foreign exchange transactions: Cabinet approves levy of 40pc tax on banks’ windfall profits

ISLAMABAD: The caretaker federal cabinet, on the recommendation of the Federal Board of Revenue (FBR), approved...

Updated 16 Nov, 2023 09:51am

Forex deals: Tax on windfall profits of banks likely

ISLAMABAD: The government is likely to invoke provisions of the Finance Act, 2023, to impose tax on windfall...

Updated 15 Nov, 2023 09:49am

Imported auto parts: IHC orders Customs Collectorate to release containers

ISLAMABAD: The Islamabad High Court (IHC) directed Customs Collectorate Islamabad to release the imported containers...

Updated 14 Oct, 2023 05:24pm

Opinion

Super tax for tax year 2023: hiked rate cannot be applied with retrospective effect

In our Technical Release 1/2023 relating to the Finance Act, 2023, which was issued on June 9, 2023, our view was...

Updated 26 Sep, 2023 07:32am

Business & Finance

Workshop on taxation organised at CBD Punjab Complex

LAHORE: In a bid to foster financial literacy and raise awareness about tax implications among its employees, Punjab...

Published 24 Aug, 2023 06:22am

Real estate sector: FBR chief says no exemption or concession possible

ISLAMABAD: Chairman Federal Board of Revenue (FBR) Malik Amjad Zubair Tiwana has categorically conveyed to the real...

Updated 07 Aug, 2023 09:18am

Working out new rates of immovable properties: On Dar’s directive, FBR to hold talks with realtors today

ISLAMABAD: Finance Minister Ishaq Dar Friday directed the Federal Board of Revenue (FBR) to immediately convene a...

Updated 05 Aug, 2023 03:08pm

NA panel told: Property transfers, registration halted due to Section 7E ITO

ISLAMABAD: The registration and transfers of immovable properties across Pakistan has been totally stopped after...

Updated 03 Aug, 2023 09:14am

Project-to-project basis: Developers and builders to pay advance tax: FBR

ISLAMABAD: The new advance tax imposed on developers and builders would be paid on a project-to-project basis. The...

Updated 01 Aug, 2023 09:24am

Over Rs50,000 cash withdrawals thru credit cards/ATMs: Non-filers to pay 0.6pc WHT: FBR

Through Income Tax Circular 2 of 2023, FBR has explained important amendments made in the Income Tax Ordinance, 2001 (the Ordinance) through Finance Act 2023

Updated 30 Jul, 2023 09:49am

Supplies to unregistered persons: ‘Further Tax’ rate raised to 4pc

ISLAMABAD: The Federal Board of Revenue (FBR) has increased the rate of ‘Further Tax’ from three to four percent on...

Updated 26 Jul, 2023 09:08am

Goods under brand name, trademark: Bulk supplies chargeable to GST: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) will charge sales tax on bulk supplies of goods made under brand names...

Updated 25 Jul, 2023 10:03am

Tax on immovable properties: FBR urged to give taxpayers online declaration option

ISLAMABAD: The Federal Board of Revenue (FBR) should introduce an option for the taxpayers in the online declaration...

Updated 24 Jul, 2023 09:29am

Restaurants/eateries: Credit/debit card payments allowed at reduced 5pc ST

ISLAMABAD: The government has taken a significant documentation measure by allowing credit/debt card payments at a...

Updated 10 Jul, 2023 08:57am

Salaried class launches drive against tax hike

ISLAMABAD: Salaried class has launched a campaign against the substantial increase in the incidence of tax on...

Updated 09 Jul, 2023 09:53pm

FBR to ‘sell’ excise rules, general orders, departmental rulings to public

ISLAMABAD: The Federal Board of Revenue (FBR) will “sell” federal excise rules, general orders and departmental...

Updated 06 Jul, 2023 08:39am

Opinion

Super tax and tax on bonus: misinterpretation of basic accounting—I

In the Finance Act 2023 many amendments have been proposed. This article is restricted to two important measures...

Published 05 Jul, 2023 06:00am

Rate of advance income tax for commercial importers hiked

KARACHI: The government has increased the rate of advance income tax for commercial importers from 5.5% to 6%....

Updated 05 Jul, 2023 08:55am

Sale and purchase of immovable properties: FBR implements revised rates of withholding tax

ISLAMABAD: The Federal Board of Revenue (FBR) from July 1, 2023, implemented upward revised rates of withholding...

Updated 05 Jul, 2023 08:53am

Value of Rs5m or more: 3pc advance tax to be collected on registration of EVs

ISLAMABAD: The advance tax at the rate of 3 percent would be collected at the time of registration of electric...

Updated 04 Jul, 2023 09:11am

Business & Finance

From one customs field formation to another: FBR empowered to transfer investigations of criminal cases

ISLAMABAD: The Federal Board of Revenue (FBR) has been empowered to immediately transfer the investigation of...

Published 04 Jul, 2023 05:07am

Tax on windfall profits: FBR to face legal complications

ISLAMABAD: The Federal Board of Revenue (FBR) will face legal complications to collect new tax on windfall profits...

Updated 03 Jul, 2023 08:59am

Erstwhile tribal areas: Tax, duty exemption extended by one year

ISLAMABAD: The government has granted one-year extension in exemption from duties and taxes for the erstwhile tribal...

Updated 03 Jul, 2023 08:55am

Income of shareholder of company: 10pc tax paid on bonus shares to be ‘final tax’

ISLAMABAD: Ten percent tax paid on bonus shares would be the “final tax”, on the income of the shareholder of the...

Updated 02 Jul, 2023 03:17pm

Shares transactions of listed cos: Procedure of capital gain on disposal of securities to remain applicable

ISLAMABAD: The procedure of capital gain on disposal of securities will remain applicable on transactions of shares...

Updated 29 Jun, 2023 03:25pm

Business & Finance

Amendments enacted by Finance Act, 2023 vis-à-vis those proposed in Finance Bill 2023–II

SALES TAX
INCREASE IN RATE OF FURTHER TAX

Published 29 Jun, 2023 04:19am

‘Tax on Deemed Income basis’ on immovable properties: Exemption only for persons appearing on Active Taxpayers’ List

ISLAMABAD: The exemption from payment of “Tax on Deemed Income basis” on immovable properties would only be...

Updated 28 Jun, 2023 09:00am

Business & Finance

Erstwhile tribal areas: One-year extension in exemption of taxes withdrawn

ISLAMABAD: The Finance Act 2023 has withdrawn one-year extension in exemption from duties and taxes for the ...

Published 28 Jun, 2023 06:31am

Business & Finance

Islamabad Capital Territory: FBR to charge 15pc ST on electric power transmission services

ISLAMABAD: The Federal Board of Revenue (FBR) will charge 15 percent sales tax on Electric Power Transmission...

Published 28 Jun, 2023 06:31am

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Dec 30	278.58
USD PKR Interbank Buying / Dec 30	278.43
USD to Japanese Yen / Dec 30	157.92
USD to Swiss Franc / Dec 30	0.90
Pound Sterling to USD / Dec 30	1.26
Euro to USD / Dec 30	1.04

Stock	Volume
S&P 500 / Dec 27	5,970.84
Nasdaq / Dec 27	19,238.48
Dow Jones / Dec 27	42,992.21
India Sensex / Dec 30	78,209.98
Tokyo Nikkei / Dec 30	39,894.54
Hang Seng / Dec 30	20,041.42
FTSE 100 / Dec 30	8,116.01
Germany DAX 30 / Dec 30	19,935.78

Item	Value
Gold 10 Grams PKR / Dec 27	234,225
Karachi Cotton PKR/37.32 KG / Dec 28	17,785
Petrol/Litre / Dec 30	252.10
Crude Oil USD/Barrel / Dec 30	70.32
Gold Spot USD/Ounce / Dec 30	2,612.39
Diesel/Litre / Dec 30	255.38

Gainers
Losers
Leaders

Stock	Price
Cnergyico PK / Dec 30 Cnergyico PK Limited(CNERGY)	7.52 ▲ 1.00 (15.34%)
Sec. Inv. Bank / Dec 30 Security Investment Bank Limited(SIBL)	8.99 ▲ 1.00 (12.52%)
Abdullah Shah / Dec 30 Abdullah Shah Ghazi Sugar Mills Limited(AGSML)	7.20 ▲ 0.79 (12.32%)
Dost Steels Ltd. / Dec 30 Dost Steels Limited(DSL)	6.70 ▲ 0.72 (12.04%)
Telecard Limited / Dec 30 Telecard Limited(TELE)	9.63 ▲ 1.00 (11.59%)
Media Times Ltd / Dec 30 Media Times Limited(MDTL)	2.40 ▲ 0.24 (11.11%)
I.C.C. Ind. / Dec 30 ICC Industries Limited(ICCI)	10.03 ▲ 1.00 (11.07%)
B.O.Punjab / Dec 30 The Bank of Punjab(BOP)	10.48 ▲ 1.00 (10.55%)
Idrees Tex. / Dec 30 Idrees Textile Mills Limited(IDRT)	14.27 ▲ 1.30 (10.02%)

Stock	Price
National Silk / Dec 30 The National Silk & Rayon Mills Limited(NSRM)	49.90 ▼ -5.54 (-9.99%)
Olympia Mills / Dec 30 Olympia Mills Limited(OML)	36 ▼ -3.99 (-9.98%)
Maqbool Tex. / Dec 30 Maqbool Textile Mills Limited(MQTM)	28.50 ▼ -2.56 (-8.24%)
Shahzad Tex. / Dec 30 Shahzad Textile Mills Limited(SZTM)	27.50 ▼ -2.37 (-7.93%)
Al-Khair Gadoon / Dec 30 Al-Khair Gadoon Limited(AKGL)	38.50 ▼ -3.21 (-7.70%)
Dewan Textile / Dec 30 Dewan Textile Mills Limited(DWTM)	6.90 ▼ -0.56 (-7.51%)
Engro Poly(Pref / Dec 30 Engro Poly(Pref)(EPCLPS)	11.10 ▼ -0.90 (-7.50%)
Habib Sugar / Dec 30 Habib Sugar Mills Limited(HABSM)	79 ▼ -5.26 (-6.24%)
First Tri-Star Mod. / Dec 30 First Tri-Star Modaraba(FTSM)	14.35 ▼ -0.90 (-5.90%)

Stock	Volume
Cnergyico PK / Dec 30 Cnergyico PK Limited(CNERGY)	125,453,825 ▲ 1.00
Fauji Foods Ltd / Dec 30 Fauji Foods Limited(FFL)	104,428,605 ▲ 0.32
WorldCall Telecom / Dec 30 Worldcall Telecom Limited(WTL)	96,647,456 ▲ 0.13
B.O.Punjab / Dec 30 The Bank of Punjab(BOP)	84,168,029 ▲ 1.00
Silk Bank Ltd / Dec 30 Silkbank Limited(SILK)	48,777,302 ▲ 0.08
K-Electric Ltd. / Dec 30 K-Electric Limited(KEL)	45,290,268 ▲ 0.19
TRG Pak Ltd / Dec 30 TRG Pakistan Limited(TRG)	40,065,544 ▼ -3.15
Pak Elektron / Dec 30 Pak Elektron Limited(PAEL)	36,275,641 ▲ 4.05
Hascol Petrol / Dec 30 Hascol Petroleum Limited(HASCOL)	34,627,314 ▼ -0.09

Markets →

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Finance Act 2023

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