Bill focuses very low on revenue collection: former FBR Member

KARACHI: The finance supplementary budget has very nominal impact on revenue collection and it mainly focuses on industrial growth, said a former Member of Federal Board of Revenue (FBR). Read more »

Bill to further empower FBR to tighten noose around undisclosed offshore assets

ISLAMABAD: Federal Board of Revenue (FBR) on Monday said that the proposals in the Finance Supplementary (Second Amendment) Bill, 2019 to further empower the revenue authority for tightening noose around undisclosed offshore... Read more »

FBR asks business community to suggests measures to stop tax fraud

ISLAMABAD: Federal Board of Revenue (FBR) has asked business community to suggest measures for eliminating tax fraud, fake and flying invoices, plugging loopholes in the tax system. Read more »

Reform package exempts withholding tax for rupee accounts receiving foreign remittances

KARACHI: The new reform package has allowed exemption from collection of withholding tax on cash withdrawals from a bank account maintained in local currency where deposits are made through foreign remittances. Read more »

Bill proposes valuation in US Dollar for imported mobile phones to collect smart phone levy

KARACHI: The Finance Supplementary (Second Amendment), 2019 has proposed to determine the valuation of imported mobile phones in US Dollar for collection of levy on smart phones. Read more »

Customs, regulatory duties on 135 tariff lines to be reduced / eliminated for raw materials

ISLAMABAD: The government has identified 135 customs tariff lines for eliminating or reducing customs duty, additional customs duty and regulatory duty for enhancing export and industrial output.     In his speech... Read more »

Changes to sales tax exemptions proposed

KARACHI: The government has proposed changes through Finance Supplementary (Second Amendment) Bill, 2019 to exemptions allowed under sales tax laws to various sectors. Read more »

FBR invites customs related budget proposals for 2019/2020

ISLAMABAD: Federal Board of Revenue (FBR) on Friday invited customs related proposals for federal budget 2019/2020. Read more »

Rs6.8 billion revenue loss estimated on implementation of reform package: FBR

ISLAMABAD: The proposed Finance Supplementary (Second Amendment) Bill, 2019 or reform package will negatively impact the revenue collection to the tune of Rs6.8 billion, Federal Board of Revenue (FBR) said in a... Read more »

FED rates revised for locally manufactured, imported vehicles

KARACHI: The government has enhanced Federal Excise Duty (FED) rates up to 30 percent on imported vehicles through Finance Supplementary (Second Amendment) Bill, 2019. Read more »

Sales tax rates revised for imported mobile phones

KARACHI: The government has revised the sales tax on mobile phones at the time of import or local supply and sales tax chargeable at the time of registration of IMEI number by... Read more »

Sales tax refunds: 3-year promissory notes to bear 10 percent annual profit

KARACHI: The government will issue promissory notes for payment of sales tax refunds and an annual profit of 10 percent will be given on these financial instruments, sources in Federal Board of... Read more »