Welcome to our monthly issue of Tax Insights on the Income Tax and Sales Tax in Pakistan. This month, we present you important information on amendments introduced in fiscal laws through the Finance (Supplementary) Act, 2023, proposed changes in the Income Tax Rules, 2002, which focus on maintaining records of beneficial owners. In addition, we have updates on Sales Tax, including an increase in the standard rate and enhanced taxes on luxury items. Don’t miss out on the latest update on the integration of Tier 1 retailers with Federal Board of Revenue‘s (FBR) POS system and the elimination of the monthly sales tax return reporting option for the pharmaceutical industry. Stay informed with our insights and follow us for more updates.