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Government scraps windfall tax on petrol, diesel, and ATF exports

The windfall tax was introduced in July 2022 when the Russia-Ukraine war and Western sanctions lead to surging crude oil prices, hugely profiting oil companies

Windfall tax is a special tax on domestic crude oil production which aims to capture revenue from the windfall gains of oil producers(Representational Image/Pixabay)
Published on Dec 02, 2024 03:40 PM IST

Cash-strapped Pakistan won't impose more taxes this year: Report

Pakistan's Prime Minister Shehbaz Sharif is facing public criticism for raising taxes and energy costs to meet the conditions of the IMF loan package

Pakistan's tax revenue goal is of 13 trillion rupees ($47 billion) for the financial year ending in June 2025(Representational Image/Pixabay)
Published on Nov 18, 2024 04:48 PM IST

ITR deadline: Has income tax return deadline for audit cases been extended?

The Income Tax department had earlier, extended the deadline by 15 days from the original deadline of October 31, 2024

The Income Tax Department has not extended the November 15, 2024 deadline for filing income tax returns (ITR) by taxpayers subject to audit and also for other designated ones(Representative Image)
Published on Nov 16, 2024 03:35 PM IST

China moves to tax the ultra-rich for overseas investment gains

China is enforcing a tax on overseas investment gains for the ultra-rich, targeting individuals with significant offshore assets.

Wealthy Chinese are facing a new tax on overseas investment gains, with potential levies up to 20%. This initiative supports President Xi's campaign for wealth equality and is part of efforts to enhance government revenue as economic growth slows.
Published on Oct 15, 2024 07:59 AM IST
Bloomberg |

Trump's latest pitch to voters: Reciprocal tax against India's 'high tariffs'

Donald Trump criticized India's high tariffs, vowing to introduce a reciprocal tax if re-elected.

Republican presidential nominee former President Donald Trump arrives for a campaign rally at Grand Sierra Resort and Casino, (AP)
Published on Oct 12, 2024 07:31 AM IST
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