Pakistan Lower House Considers 2023 Finance Bill

The Pakistani lower house of Parliament (National Assembly) June 9 accepted for consideration the 2023 finance bill. The bill includes measures to: 1) define small and medium-sized enterprises (SMEs) as businesses with turnover not exceeding 800 million Pakistani rupees (US$2.8 million) in a tax year; 2) impose an additional tax of up to 50 percent, for up to five years beginning with 2023, on income attributable to an unexpected economic factor; 3) impose an advance tax of 0.6 percent on cash withdrawals exceeding an aggregate of 50,000 rupees (US$174) in a single day, made by people whose names don’t appear ...