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Table of Contents  Overview of the Federal Budget  The Federal Budget for ‘FY 2024-25’, with comprehensively extensive funding of Rs. 18.9 trillion, is widely considered to be a crucial fiscal plan for this year 2024 critically influencing Pakistan’s economic direction. It outlines clearly the government’s fiscal strategy to foster economic growth, ensure fiscal stability amid

In the rapidly evolving era of digitalization, Pakistan, though a late starter, is making significant strides in catching up with the digital transformation. The Government of Pakistan (GOP) has embarked on a mission to digitize various processes across multiple departments, thereby providing unprecedented convenience to its citizens. This digitalization effort encompasses a wide array of services,

The duty to file tax returns is an inherent responsibility of every citizen, regardless of their geographical location. In the context of Pakistan, this responsibility holds even more weightage due to the economic implications and benefits it brings to the individual and the nation. This article sheds light on the intricacies of becoming a tax

In the world of finance and taxation, there are few things as satisfying as receiving an income tax refund. It’s like a financial reward for your diligent tax compliance and a way to recoup some of your hard-earned money. In Pakistan, the process of claiming an income tax refund has been made easier and more

The Federal Board of Revenue (FBR) in Pakistan plays a significant role in the country’s financial landscape. One of its primary functions is overseeing the collection of income tax from individuals and companies. Filing income tax returns is an annual obligation for eligible taxpayers in Pakistan. To facilitate this process, the FBR sets specific deadlines

In Pakistan, managing your personal finances wisely is crucial for a secure and prosperous life. A key aspect of this financial management is effective tax planning and, more specifically, saving income tax. As we enter the fiscal year 2023-24, understanding the significance of saving income tax in Pakistan becomes increasingly important for several reasons.  Firstly,

The sales tax is a notion that dominates the world of financial transactions. This type of tax serves as a crucial source of revenue for governing bodies and is directly linked to the purchase of specific goods and services. The mechanics of this financial arrangement involve the seller acting as an intermediary, facilitating the collection

Taxation, a fundamental component of any modern state, is the means by which governments generate revenue to fund essential public services, infrastructure, and social welfare programs. In Pakistan, this system of compulsory contributions to state revenue has evolved over time, with its roots tracing back to the British colonial period. Today, the tax system in

Filing income tax returns (ITR) is an annual ritual that carries significant financial implications for individuals and businesses alike. Filing income tax returns is a shared responsibility that affects individuals and entities alike. The Federal Board of Revenue (FBR) has officially set September 30, 2023. It is the final date for filing income tax returns

The Pakistani business landscape has long been characterized by a preference for traditional business models such as sole proprietorship and associations of persons. The intricacies of company registration often deter entrepreneurs from taking this crucial step. Instead, they opt for familiar paths, failing to realize the potential advantages that come with registering a company.   Unlocking

Freelancing, with its flexibility and opportunities, is a popular choice for individuals looking to work independently. However, it also brings unique challenges, particularly when it comes to tax season. Freelancers in Pakistan, like small business owners, must navigate the intricacies of the tax code to fulfill their tax obligations.   Understanding Freelancer Taxation in Pakistan  Freelancers