Collectors’ power to determine customs values withdrawn

KARACHI: The government has withdrawn the power of Collector of Customs in determination of customs value on his own motion through Finance Bill 2019. Read more »

Non-ATL persons to pay double amount of withholding tax on prize bond winning

ISLAMABAD: The government has increased withholding tax by 100 percent on winning of prize bonds for persons not on Active Taxpayers List (ATL). Read more »

Commissioners IR empowered to conduct audit of taxpayers every year

KARACHI: Commissioners of Inland Revenue have been empowered to conduct audit of a registered taxpayer every year after removal of restriction through Finance Bill 2019. Read more »

Commercial importers to file income returns after removal of FTR

ISLAMABAD: Commercial importers will require to file return of income and statement of assets to the tax authorities after the removal of final tax regime. Read more »

Karachi Chamber highlights budget anomalies, urges rectification

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Junaid Esmail Makda, while highlighting various Sales Tax and Income Tax anomalies unveiled in the Federal Budget 2019-2020, appealed Prime Minister Imran Khan,... Read more »

Finance Bill 2019: Revised CGT rates on sale of securities

ISLAMABAD: The Finance Bill 2019 has proposed revised rates of Capital Gain Tax (CGT) on sale of securities under Section 37A of the Income Tax Ordinance, 2001. Read more »

Finance Bill 2019: severe punishment proposed for offshore tax evasion

ISLAMABAD: The government has proposed severe punishment for tax evasion through Finance Bill 2019. Read more »

Finance Bill 2019: CGT on immovable properties revamped

ISLAMABAD: The capital gain tax on the immovable properties has been revamped through Finance Bill 2019 in order to streamline taxation on gains at the time of sale of immovable properties. Read more »

Finance Bill 2019: Money withheld of persons not appearing on ATL to be treated as unexplained

ISLAMABAD: The government has taken harsh stance against persons having taxable income but not on the tax roll. Read more »

Finance Bill 2019: Law prohibits FBR officials from taking action against amnesty declarants

ISLAMABAD: The officials of Federal Board of Revenue (FBR) have been restricted from taking any action against persons, who availed tax amnesty scheme 2019. Read more »

Punjab presents Rs2,300 billion surplus budget for 2019/2020

LAHORE: The Punjab government on Friday presented total outlay Rs2,300 billion budget for fiscal year 2019/2020 with Rs233 billion surplus for the fiscal year. Read more »

Sindh announces 15pc increase in salary, pension for 2019/2020

KARACHI: The Sindh government on Friday announced increase in salary and pension by 15 percent and also enhanced the minimum wage rate at Rs17,500 per month. Read more »