Increase in Monetary Limit of Foreign Remittances
According to Finance Minister Ishaq Dar, businesses that take advantage of customers to generate unusual profits will be subject to the new rule on windfall gains taxes. The government has not announced any amnesty programmes for Pakistanis living abroad.
At the post-budget press conference on Saturday, the minister responded to a question about (Additional tax on certain income, profits, and gains) under new section 99D of the Income Tax Ordinance 2001 by saying that the provision would be used against industries that would burden their customers’ wallets unnecessarily. Although we haven’t specifically named any industries, the tax would be applied to any industries or market segments that take advantage of their clients in order to generate large profits.
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After the Super Tax was rationalised, he claimed that the choice had been carefully considered and that the tax rate shouldn’t exceed 50%. In 2023–2024, an additional Super Tax tax would bring in Rs. 31 billion.
When necessary, the government would have the authority to use the clause in section 99D of the Income Tax Ordinance of 2001. The windfall gain tax will be applied to industries making remarkable profits by taking advantage of their clients. The relevant statute will be accessible to the FBR for enforcement in this regard.
Dar claimed that the government has been urged to raise the amount of money that can be sent abroad as remittances by the whole business community. This was a sincere and righteous demand made by the business sector, and it should be backed. The amount of a foreign remittance that can be sent from outside of Pakistan has been increased by the government from five million rupees to the rupee equivalent of $100,000 for the purposes of section 111(4), which prohibits enquiring about the type and source of illogical assets and income.
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Section 111 of the Income Tax Ordinance has been revised, however the change is not a new policy. Ishaq Dar stated that the change to section 111 of the Income Tax Ordinance of 2001 is not an amnesty plan.
The Federal Board of Revenue (FBR) would be able to reach the given revenue collection target of Rs. 9.2 trillion for 2023–24, according to the minister. The taxation measures of Rs. 200 billion have been implemented to promote documentation and impose additional costs on those who fail to submit taxes and those who work in the informal economy. The net income tax measures make up 175 billion rupees of the 200 billion rupees in total taxation. The majority of the measures would promote economic recordkeeping and the elimination of taxes system irregularities.
According to him, the budget for 2023–24 does not include a 9 percent sales tax on processed milk. It was an outdated document that the government had not approved. In a similar vein, he denied claims that the import of edible oil was subject to a sales tax. The sales tax on edible oil imports has not been eliminated.
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