New withholding tax card for imported mobile phones proposed

KARACHI: The government has proposed new withholding tax rates for imported mobile phones through Finance Supplementary (Second Amendment) Bill, 2019, presented on January 23, 2019. Read more »

Super tax rate enhanced for banks; non-banks to be exempted from tax year 2020

KARACHI: The government has enhanced rate of super tax for banking companies to 4 percent till the tax year 2021. Read more »

No advance tax on sale, purchase of shares from February 01

KARACHI: The government has abolished a provision for collection of advance tax at 0.02 percent on sale and purchase of shares in stock exchange. Read more »

Setting up transfer pricing directorate withdrawn

KARACHI: The government has withdrawn setting up Directorate General of Transfer Pricing that was established to conduct audit for determination of transfer price at arm’s length transactions. Read more »

Non-filers allowed motor vehicle purchase on enhanced tax rates

KARACHI: In order to generate sizeable revenue during the current fiscal year the government has lifted the ban on non-filers for purchasing motor vehicles. Read more »

Withholding agents relaxed; require filing statements biannually

KARACHI: The government has eased burden on withholding agents of filing withholding statement on monthly basis. Read more »

Minimum tax regime withdrawn on commercial imports

KARACHI: The government has withdrawn the five percent minimum tax applicable on importer of finished goods. Read more »

Commissioner empowered to issue assessment order of past ten years on discovery of undisclosed offshore assets

KARACHI: The government has empowered Commissioner of Inland Revenue, Federal Board of Revenue (FBR) to make assessment orders of past ten tax years where undisclosed offshore assets discovered. Read more »

FBR to notify special procedure for small traders, shopkeepers

KARACHI: Federal Board of Revenue (FBR) will notify special procedure for payment of taxes and filing returns by small traders and shopkeepers. Read more »

Loss carry forward allowed for three years on disposal of securities

KARACHI: The government has provided relief to investors of stock exchange by allowing carry forward the losses for three years on disposal of securities. Read more »

Tax on undistributed profits not to applicable beyond tax year 2019

KARACHI: The tax on undistributed profits will not be applicable beyond tax year 2019 as limit has been introduced through Finance Supplementary (Second Amendment) Bill, 2019 presented in the National Assembly on... Read more »

Reform Package 2019: Withholding tax on cash withdrawal for filers abolished; super tax withdrawn; non-filers allowed purchase of motor vehicles

ISLAMABAD: Finance Minister Asad Umar on Wednesday presented economic reform package for promoting investment and exports. Read more »