LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) held a significant seminar titled “Post Budget Session - Federal Budget 2023-24: Implications and Way Forward.”

The event, chaired by LCCI President Kashif Anwar, aimed to shed light on the various aspects of the recently passed federal budget and its potential implications. Distinguished speakers, including President of the Institute of Chartered Accountants of Pakistan (CFA), Muhammad Ali Latif, and renowned Chartered Accountants Rafaqat Hussain and Faisal Iqbal Khawaja, shared their insights and perspectives on the budget’s amendments, tax implications, and relief measures.

President Kashif Anwar commenced the seminar by highlighting the numerous new amendments introduced in the federal budget. He expressed concerns about the imposition of various new taxes, and he lamented that several relief initially announced during the budget speech were later withdrawn. President Anwar emphasized that the primary objective of the seminar was to enlighten attendees about the different aspects of the Federal Budget 2023-24.

Chartered Account-ant Rafaqat Hussain delivered a detailed presentation on the budget, focusing on the tax structure. Hussain revealed that income tax accounted for a significant portion, standing at 45% of all taxes. Additionally, he highlighted that customs duty accounted for 13%, federal excise duty constituted 6%, and sales tax made up 36% of the total tax revenue.

Hussain also mentioned that unbranded dairy products would be exempt from taxes. Notably, he mentioned that following an agreement with the International Monetary Fund (IMF), all amendments relating to the Information Technology (IT) sector had been reversed.

Copyright Business Recorder, 2023