• Mon. May 22nd, 2023

Govt looks to tap into undistributed reserves of firms

ISLAMABAD: The government is considering imposing an advance tax of 5 percent and 7.5 percent respectively on un-distributed reserves for both listed and unlisted companies in the upcoming fiscal year 2023-24 budget, with the intention of generating an estimated Rs337.9 billion in tax revenue. The Resource and Revenue Mobilization Commission (RRMC), which supports this proposal, presented its report to Minister for Finance Ishaq Dar.

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