April 23, 2024

Pkrevenue.com

Pakistan Revenue

Category: 2019-2020

FBR advised making declaration of fund source mandatory for foreign remittances
May 14
2019-2020, Budget, Taxation

FBR advised making declaration of fund source mandatory for foreign remittances

KARACHI: Federal Board of Revenue (FBR) has been advised to make it mandatory the declaration of source of funds for foreign remittances. Association of Chartered Certified Accountants (ACCA) in its tax proposals for budget 2019/2020 recommended changes to Section 111(4) of Income Tax Ordinance, 2001 regarding foreign exchange remitted from outside Pakistan. The association recommended […]

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KTBA suggests full fledged VAT, reduction in sales tax rate to 10pc
May 13
2019-2020, Budget, Taxation

KTBA suggests full fledged VAT, reduction in sales tax rate to 10pc

KARACHI: Karachi Tax Bar Association (KTBA) has suggested the tax authorities for introduction of full fledged value-added tax (VAT) and reduction of sale tax rate up to 10 percent in order to discourage under invoicing, corruption and smuggling. The KTBA recently organized pre-budget seminar to formulate tax proposals for budget 2019/2020. Saud-ul-Hassan, Director Tax at […]

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FBR recommended imposing environmental tax on industries producing polluting materials
May 12
2019-2020, Budget

FBR recommended imposing environmental tax on industries producing polluting materials

KARACHI: Federal Board of Revenue (FBR) has been suggested to impose environmental tax on industries producing non-renewable and polluting materials. Pakistan has a wide range of industries, which are involved in usage and production of nonrenewable, polluting materials that are extremely harmful for our environment. “There are many entities, AOPs and sole proprietors who are […]

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ACCA opposes tax amnesty, recommends enforcement on available information
May 12
2019-2020, Budget, Taxation

ACCA opposes tax amnesty, recommends enforcement on available information

KARACHI: Association of Chartered Certified Accountants (ACCA) Pakistan has opposed tax amnesties and suggested the tax machinery to use available information with proper enforcement. “Tax Amnesties without proper penal clauses had been a failure. With the strengthening of OECD, they should be done away with and focus should instead be shifted on using the organization’s […]

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Omitting condition on input sales tax claim proposed where tax unpaid by supplier
May 11
2019-2020, Budget, Trade & Industry

Omitting condition on input sales tax claim proposed where tax unpaid by supplier

KARACHI: Pakistan Business Council (PBC) has suggested to omitting the condition of disallowing input tax adjustment where tax unpaid by supplier. In its tax proposals for budget 2019/2020, the PBC said that according to Section 8(1)(ca) of Sales Tax Act, 1990, input sales tax is not allowed where tax unpaid by supplier. “A taxpayer is […]

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Imposition of digital tax at 30 percent proposed
May 10
2019-2020, Budget, Taxation

Imposition of digital tax at 30 percent proposed

KARACHI: Federal Board of Revenue (FBR) has been proposed for imposing digital tax at 30 percent in the budget 2019/2020. Chartered Accountants have suggested the imposition of digital tax from next tax year as OECD had started thinking of appropriately taxing the digitalized economy. Institute of Chartered Accountants of Pakistan (ICAP) in its budget proposals […]

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PBC presents tax proposals for reducing cost of doing business
May 10
2019-2020, Budget, Trade & Industry

PBC presents tax proposals for reducing cost of doing business

KARACHI: Pakistan Business Council (PBC) has suggested measures for reducing cost of doing business and promoting manufacturing and industrialization. In its tax proposals for budget 20119/2020, the PBC suggested following measures for reducing cost of doing business: Exemption from collection of Withholding tax under section 148 at import stage & exemption for manufacturing concerns under […]

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ACCA suggests making FBR immovable property values in line with fair market value to stop asset undervaluation
May 9
2019-2020, Budget, Taxation

ACCA suggests making FBR immovable property values in line with fair market value to stop asset undervaluation

KARACHI: Association of Chartered Certified Accountants (ACCA) Pakistan has urged the Federal Board of Revenue (FBR) to bring the immovable property values in line with fair market values to discourage under-valued asset declarations. In its tax proposals for budget 2019/2020, the association said that there is a general tendency to undervalue assets leading to tax […]

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