FBR recommended tax exemption to inter-corporate dividend

May 23

2019-2020, Budget, Taxation

FBR recommended tax exemption to inter-corporate dividend

KARACHI: Federal Board of Revenue (FBR) has been suggested to allow tax exemption to inter-corporate dividend for promoting group formation and consolidation and strengthen the overall corporate structure in Pakistan. Pakistan Tax Bar Association (PTBA) – the umbrella of tax bars in the country – in its tax proposals for budget 2019/2020, said that through […]

by Faisal Shahnawaz

FBR advised to restore tax credit to sales tax registered persons

May 23

2019-2020, Budget, Taxation

FBR advised to restore tax credit to sales tax registered persons

KARACHI: Federal Board of Revenue (FBR) has been proposed to restore tax credit to sales tax registered persons for documentation of the economy. In its tax proposals for budget 2019/2020, the Pakistan Tax Bar Association (PTBA) said that the provisions of this section were applicable in case of sales made to the sales tax registered […]

by Faisal Shahnawaz

FBR restructuring proposed to make autonomous body

May 22

2019-2020, Budget, Taxation, Trade & Industry

FBR restructuring proposed to make autonomous body

KARACHI: The government has been proposed to make Federal Board of Revenue (FBR) as an autonomous body on similar line as State Bank of Pakistan. The Overseas Chamber of Commerce and Industry (OICCI) in its budget proposals for 2019/2020 suggested restructuring of FBR as an independent governing body. It suggested that FBR should be made […]

by Faisal Shahnawaz

FBR suggested reducing income tax rate for banks

May 21

2019-2020, Budget, Taxation

FBR suggested reducing income tax rate for banks

KARACHI: Federal Board of Revenue (FBR) has been advised to reduce income tax rates for banking companies in line with general corporate tax rates. The Overseas Investors Chamber of Commerce and Industry (OICCI) in its tax proposals for budget 2019/2020, said that the banking sector tax rates have not been reduced in line with the […]

by Faisal Shahnawaz

PTBA urges benefits for taxpayers opting out of PTR

May 21

2019-2020, Budget, Taxation

PTBA urges benefits for taxpayers opting out of PTR

KARACHI: Pakistan Tax Bar Association (PTBA) has urged the tax authorities to give benefits to persons opting out of presumptive tax regime (PTR). In its proposals for budget 2019/2020, the apex tax bar said that through Finance Act, 2012 positive steps were taken for opting out of presumptive tax regime in respect of sale of […]

by Faisal Shahnawaz

ICAP suggests reviewing extra tax on electricity, gas consumption by industrial, commercial consumers

May 20

2019-2020, Budget, Taxation

ICAP suggests reviewing extra tax on electricity, gas consumption by industrial, commercial consumers

KARACHI: Institute of Chartered Accountants of Pakistan (ICAP) has suggested the tax authorities to review imposition of extra sales tax on electricity and gas as this levy is passed unnecessarily to consumers by utility companies. The ICAP in its tax proposals for budget 2019/2020 submitted to Federal Board of Revenue (FBR) said that in terms […]

by Faisal Shahnawaz

Additional advance tax proposed on all type of motor vehicles to discourage premium

May 20

2019-2020, Budget, Taxation

Additional advance tax proposed on all type of motor vehicles to discourage premium

The Overseas Chamber of Commerce and Industry (OICCI), representing foreign investors and multinational companies in Pakistan, has proposed the imposition of an additional advance tax of Rs100,000 on all types of motor vehicles sold before registration.

by Faisal Shahnawaz

PTBA recommends retaining alternative corporate tax or minimum tax

May 19

2019-2020, Budget, Taxation

PTBA recommends retaining alternative corporate tax or minimum tax

KARACHI: Pakistan Tax Bar Association (PTBA) has recommended the tax authorities to retain either Alternative Corporate Tax (ACT) or minimum tax, as existence of both regimes is inappropriate. In its tax proposals for budget 201.9/2020, the PTBA said that the introduction of ACT, via the Finance Act, 2014, placed an additional burden on the corporate […]

by Faisal Shahnawaz

FBR advised to stop treating taxpayers unfairly

May 19

2019-2020, Budget, Taxation

FBR advised to stop treating taxpayers unfairly

KARACHI: Federal Board of Revenue (FBR) has been urged to stop unfair treatment of compliant taxpayers. The taxpayers should be rewarded instead of harassing them for being compliant. Institute of Chartered Accountants of Pakistan (ICAP) in its tax proposals for budget 2019/2020, said that at present, existing tax payers are confronted with complex laws and […]

by Faisal Shahnawaz

Higher duty rates proposed for car, luxury items import

May 18

2019-2020, Budget, Taxation

Higher duty rates proposed for car, luxury items import

KARACHI: The Federal Board of Revenue (FBR) has been suggested to impose higher rates of duties on import of non-essential and luxury items in order to reduce current account deficit. Association of Chartered Certified Accountants (ACCA) in its tax proposals for budget 2019/2020 said that tangible measures should be taken to reduce the import burden. […]

by Faisal Shahnawaz