The Finance Act 2023 was enacted 26 June 2023 after passage by the National Assembly and assent of the president.
Certain changes to the original bill (Finance Bill 2023) that was tabled on 9 June 2023 include:
- Enhancement of tax rates for individuals and partnerships earning more than PKR 2.4 million in a year
- Increase in advance tax on purchase/sale of property
- Imposition of 5% federal excise duty (tax) on fertilizer
- Withdrawal of many concessions proposed earlier, including a reduction in rate of minimum tax for listed companies, exemptions for agro-based small and medium-sized enterprises, and a tax credit for newly constructed houses
Source KPMG
