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2024–25 Pakistan Federal Budget
The 2024–25 Pakistan Federal Budget was the financial statement of the Government of Pakistan, Government of Pakistan's estimated receipts and expenditures for the fiscal year that ran from 1 July 2024 to 30 June 2025. On 12 June 2024, finance minister Muhammad Aurangzeb presented the federal budget with a total outlay of Rs18.877 trillion, proposed Rs2,000bn in new taxes, and government deficit restrictions under International Monetary Fund conditions. The same day, a copy of the finance bill was moved in the Senate of Pakistan, Senate. On 28 June 2024, the National Assembly of Pakistan, National Assembly passed the finance bill. On 30 June 2024, President Asif Ali Zardari gave assent to the finance bill. On 20th May 2025, after assessing the third quarter of the current Fiscal Year, from January to March 2025, the Pakistan Bureau of Statistics published a report that showed Pakistan's Gross domestic product (GDP) increased positively by 2.4%. This led to Pakistan's GDP incr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Emblem Of Pakistan
The State Emblem of Pakistan was adopted in 1954 and National emblem, symbolises the Islamic republic, ideological foundation of the Pakistan, country, the basis of its economy, cultural heritage, and guiding principles. History Punjabi artist Abdur Rahman Chughtai was the designer of the first state emblem for Pakistan. On 18 May 1948, the design was approved by Muhammad Ali Jinnah, governor-general of Pakistan. The second design was adopted in 1954. It was designed by Meraj Muhammad, an artist from Dera Ghazi Khan, who was an alumnus of the National College of Arts, Mayo School of Arts. Design The four components of the emblem are a crescent and star crest above an Escutcheon (heraldry), escutcheon, which is surrounded by a wreath, below which is a scroll. The crest and the green color of the emblem are considered traditional symbols of Islam. The quartered shield in the center shows cotton, wheat, Camellia sinensis, tea, and jute, which were the major crops of Pakistan at i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utility Stores Corporation
The Utility Stores Corporation of Pakistan (USCP) is a Pakistani state-owned enterprise that operates chain stores throughout the country that provide basic commodities to the general public at prices which are lower than the open market because the government subsidizes them.Utility stores further reduce prices of subsidized items Daily Times, Published 21 June 2016, Retrieved 8 December 2017 It is the largest chain-store entity in the country with 5,939 locations. Utility Stores Corporation is governed by a and headed by a |
Advance Tax Ruling
An advance tax ruling is a tool for multinational corporations A multinational corporation (MNC; also called a multinational enterprise (MNE), transnational enterprise (TNE), transnational corporation (TNC), international corporation, or stateless corporation, is a corporate organization that owns and cont ... and for individual taxfilers for clarifying and conforming particular taxation arrangements. A written interpretation of tax laws is issued by tax authorities to corporations and individuals who request clarification of taxation arrangements. An advance tax ruling binds tax authorities to comply with the tax arrangements set out in the ruling. Advance tax rulings are common in numerous countries. The Luxembourg Leaks provide insight into the practice of advance tax rulings in Luxembourg used by corporations as a tool for devising strategies that help them avoid taxes. See also * Advance pricing agreement * Private letter ruling References External linksWant to avoid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Withholding
Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. In most jurisdictions, tax withholding applies to employment income. Many jurisdictions also require withholding taxes on payments of interest or dividends. In most jurisdictions, there are additional tax withholding obligations if the recipient of the income is resident in a different jurisdiction, and in those circumstances withholding tax sometimes applies to royalties, rent or even the sale of real estate. Governments use tax withholding as a means to combat tax evasion, and sometimes impose additional tax withholding requirements if the recipient has been delinquent in filing tax returns, or in industries where tax evasion is perceived to be common. Typically, the withheld tax is treated as a payment on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdictio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dividend Tax
A dividend tax is a tax imposed by a jurisdiction on dividends paid by a corporation to its shareholders (stockholders). The primary tax liability is that of the shareholder, though a tax obligation may also be imposed on the corporation in the form of a withholding tax. In some cases the withholding tax may be the extent of the tax liability in relation to the dividend. A dividend tax is in addition to any tax imposed directly on the corporation on its profits. Some jurisdictions do not tax dividends. To avoid a dividend tax being levied, a corporation may distribute surplus funds to shareholders by way of a share buy-back. These, however, are normally treated as capital gains, but may offer tax benefits when the tax rate on capital gains is lower than the tax rate on dividends. Another potential strategy is for a corporation not to distribute surplus funds to shareholders, who benefit from an increase in the value of their shareholding. These may also be subject to capital gain ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Invoice
An invoice, bill, tab, or bill of costs is a commercial document that includes an itemized list of goods or services furnished by a seller to a buyer relating to a sale transaction, that usually specifies the price and terms of sale, quantities, and agreed-upon prices and terms of sale for products or services the seller had provided the buyer. Payment terms are usually stated on the invoice. These may specify that the buyer has a maximum number of days to pay and is sometimes offered a discount if paid before the due date. The buyer could have already paid for the products or services listed on the invoice. To avoid confusion and consequent unnecessary communications from buyer to seller, some sellers clearly state in large and capital letters on an invoice whether it has already been paid. From a seller's point of view, an invoice is a ''sales invoice''. From a buyer's point of view, an invoice is a ''purchase invoice''. The document indicates the buyer and seller, but ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
KIBOR
The Karachi Interbank Offered Rate (KIBOR) is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the Karachi wholesale (or "interbank") money market. The banks used it as a benchmark in their lending to corporate sector. It is also known as the benchmark rate and is published by Financial Market Association of Pakistan. History Karachi Interbank Offered Rate (KIBOR) was first introduced in September 2001. In February 2004, KIBOR became the benchmark rate for corporate lending in Pakistan. Process It is quoted daily by participating banks on Reuters at 11:30 am. With 20 member banks, KIBOR rates are calculated by averaging the middle twelve rates, excluding the four highest and four lowest quotes. Tenors * 1 week * 2 weeks * 1 month * 3 months * 6 months * 9 months * 1 year See also *LIBOR *Euribor *Leverage (finance) *Margin (finance) In finance, margin is the collateral that a holder of a financial instrum ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zero-rated Supply
In economics, zero-rated supply refers to items subject to a 0% VAT tax on their input supplies. The term is applied to items that would normally be taxed under valued-added systems such as Europe's Value Added Tax (VAT) or Canada Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, making it the world's List of coun ...'s Goods and Services Tax (GST). Examples of these items include most exports, basic groceries, and prescription drugs. Under the Indian 2016 GST Act, any supplies (supply should be defined in accordance with GST India) made by a registered dealer as an export (both goods or services) or supply to an SEZ qualifies for Zero Rated Supplies in GST. This attracts zero rate of taxation and ITC (Input Tax Credit) can also be explained through the e-portal of GST Council. External links Radburn Financial's Defi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sales Tax
A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase. When a tax on goods or services is paid to a governing body directly by a consumer, it is usually called a use tax. Often laws provide for the Tax exemption, exemption of certain goods or services from sales and use tax, such as food, education, and medicines. A value-added tax (VAT) collected on goods and services is related to a sales tax. See Value-added tax#Comparison with sales tax, Comparison with sales tax for key differences. Types Conventional or retail sales tax is levied on the sale of a good to its final good, final end-user and is charged every time that item is sold retail. Sales to businesses that later resell the goods are not charged the tax. A purchaser who is not an end-user is usually issued a "resale certificate" by the taxing authority and required to provide the cer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tariff
A tariff or import tax is a duty (tax), duty imposed by a national Government, government, customs territory, or supranational union on imports of goods and is paid by the importer. Exceptionally, an export tax may be levied on exports of goods or raw materials and is paid by the exporter. Besides being a source of revenue, import duties can also be a form of regulation of International trade, foreign trade and policy that burden foreign products to encourage or safeguard domestic industry. Protective tariffs are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade. Tariffs can be fixed (a constant sum per unit of imported goods or a percentage of the price) or variable (the amount varies according to the price). Tariffs on imports are designed to raise the price of imported goods to discourage consumption. The intention is for citizens to buy local products instead, which, according to support ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Fiscal Pact
National may refer to: Common uses * Nation or country ** Nationality – a ''national'' is a person who is subject to a nation, regardless of whether the person has full rights as a citizen Places in the United States * National, Maryland, census-designated place * National, Nevada, ghost town * National, Utah, ghost town * National, West Virginia, unincorporated community Commerce * National (brand), a brand name of electronic goods from Panasonic * National Benzole (or simply known as National), former petrol station chain in the UK, merged with BP * National Book Store, a bookstore and office supplies chain in the Philippines * National Car Rental, an American rental car company * National Energy Systems, a former name of Eco Marine Power * National Entertainment Commission, a former name of the Media Rating Council * National Motor Vehicle Company, Indianapolis, Indiana, USA 1900–1924 * National Radio Company, Malden, Massachusetts, USA 1914–1991 * National Supermarket ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
