April 19, 2024

Pkrevenue.com

Pakistan Revenue

Category: 2019-2020

FBR advised to stop issuing revision in sales tax rates on petroleum products
Jun 4
2019-2020, Budget, Taxation

FBR advised to stop issuing revision in sales tax rates on petroleum products

KARACHI: Federal Board of Revenue (FBR) has been advised to stop practice of issuing revision in sales tax on petroleum products on monthly basis. The Overseas Investors Chamber of Commerce and Industry (OICCI) in tax proposals for budget 2019/2020, presented suggestions regard powers to issue notifications for change in rate of sales tax – Section […]

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FBR suggested abolishing regulatory duty on import of phrma raw materials
Jun 2
2019-2020, Budget, Taxation, Trade & Industry

FBR suggested abolishing regulatory duty on import of phrma raw materials

KARACHI: Federal Board of Revenue (FBR) has been suggested to abolish regulatory duty and reduce customs duty on import of raw materials by pharmaceutical industry. Overseas Investors Chamber of Commerce and Industry (OICCI) in its tax proposals for budget 2019/2020 said that through the Finance Act 2008, custom duty on pharmaceutical raw materials was reduced […]

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Chemical merchants advocate FTR continuation for commercial importers
Jun 1
2019-2020, Budget, Pakistan Customs, Taxation

Chemical merchants advocate FTR continuation for commercial importers

KARACHI: Chemical merchants have strongly advocated continuation of Final Tax Regime (FTR) for commercial importers in the upcoming budget. In a statement issued on Saturday Shahid Vaseem, Chairman, Pakistan Chemicals & Dyes Merchants’ Association (PCDMA), said that because commercial importers pay 6 percent advance non-adjustable tax at import stage, whereas industrial importers of same raw […]

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Hafeez Shaikh discusses budget proposals with chambers of commerce and industries
May 31
2019-2020, Budget, Trade & Industry

Hafeez Shaikh discusses budget proposals with chambers of commerce and industries

ISLAMABAD: Dr. Abdul Hafeez Shaikh, Adviser to Prime Minister on Finance and Revenue on Thursday met presidents of various chamber of commerce and industries to discuss proposals for budget 2019/2020. The Presidents and representatives of Lahore, Faisalabad, Sialkot, Karachi and Federation of Chambers of Commerce and Industry were at the meeting. The representatives of various […]

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ICAP proposes restricting powers of Directorate General Intelligence and Investigation
May 30
2019-2020, Budget, Taxation

ICAP proposes restricting powers of Directorate General Intelligence and Investigation

KARACHI: Institute of Chartered Accountants of Pakistan (ICAP) has proposed restricting powers of Directorate General of Intelligence and Investigation (I&I) as multiple powers of tax authorities are causing hardship for taxpayers. The ICAP in its tax proposals for budget 2019/2020 said that the Federal Board of Revenue (FBR) through SRO 115 (I)/2015 dated February 09, […]

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