MR.x Updates

The federal government exempted freelancers from sales tax registration and returns on annual exports of up to $24,000 in the budget 2023-24.
Ishaq Dar stated during his budget speech in the National Assembly that IT and IT Enabled Services are the fastest growing sectors of the economy and have a significant share of exports; however, due to global economic problems, this sector is also suffering.
He stated that he continues to believe that this sector will be a growth engine in the coming years. In terms of Free Lancers doing business, Pakistan ranks second in the world. To address their problems and the problems of the sector as a whole, the following steps are being taken: to increase exports, a 0.25% income tax concession is in effect. According to the finance minister, this facility will be extended until June 30, 2026. Freelancers used to have trouble collecting monthly sales tax returns. Free Lancers have been exempted from sales tax registration and returns on exports up to $24,000 per year to help the business environment.

Customs duty on raw materials for solar panel manufacturing has been abolished.
According to the finance bill, the customs duty on raw materials for the manufacture of solar panel batteries has been abolished.
The duty on the import of solar panel machinery has been abolished, the duty on the raw material of solar panel inverter has also been abolished.
The total size of the budget for the next financial year 2023-24 is 14 thousand 460 billion rupees.