Minimum tax regime withdrawn on commercial imports
Minimum tax regime has been withdrawn on commercial imports by the government of Pakistan. The importers of finished goods were subject to pay 5 percent minimum tax.
Minimum tax regime has been withdrawn on commercial imports by the government of Pakistan. The importers of finished goods were subject to pay 5 percent minimum tax.
The government has granted powers to Commissioner Inland Revenue at the Federal Board of Revenue (FBR) to issue assessment order of past ten years on discovery of undisclosed offshore assets.
The Federal Board of Revenue (FBR) has announced its intent to roll out a special tax procedure tailored for small traders and shopkeepers in the country.
Loss carry forward allowed for three years on disposal of securities has been introduced through an amendment to the Income Tax Ordinance, offering relief to investors in the stock exchange.
The tax on undistributed profits, which had been introduced in the Finance Act of 2017, will not be applicable beyond the tax year 2019.
On Wednesday, Finance Minister Asad Umar took the floor of the house to present a comprehensive economic reform package aimed at promoting investment and exports in Pakistan.
On Wednesday, the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) recorded a notable gain of 156 points, closing at 40,058 points as opposed to the previous day’s closing at 39,902 points.
Karachi: The Pakistan Stock Exchange (PSX) has issued a directive requiring stock brokers to submit clients’ assets segregation statements duly verified by statutory auditors.
Karachi: The Pakistani Rupee (PKR) exhibited stability in the interbank foreign exchange market on Wednesday, maintaining its previous day’s closing level against the US Dollar (USD).
Islamabad: In a move aimed at enhancing accessibility and understanding of tax regulations among traders and the business community, the Federal Board of Revenue (FBR) has unveiled the first-ever Urdu version of the Customs Act, 1969.