FBR chairman agrees on abolishing withholding tax on raw materials

KARACHI: Shabbar Zaidi, Chairman, Federal Board of Revenue (FBR) on Saturday asked business community to provide list of raw material for reducing tax rates on import stage. Read more »

PTBA suggests 5-year policy for gradually reducing sales tax rate

KARACHI: Pakistan Tax Bar Association (PTBA) has suggested gradually reduction of sales tax rate under five-year policy and for first year the sales tax rate should be brought down to 15 percent... Read more »

Exemption on import of telecom equipment demanded to encourage investment

KARACHI: Foreign and multinational companies have demanded the Federal Board of Revenue (FBR) to exempt sales tax and customs duty on import of telecom equipment in order to encourage investment in this... Read more »

Black money invested in immovable properties allowed whitening at just 1.5 percent of tax

KARACHI: The government has allowed whitening of money investment in immovable properties at nominal income tax rate of 1.5 percent on declaration made by June 30, 2019. Read more »

PTBA recommends eliminating 12 provisions of withholding tax in next budget

KARACHI: Pakistan Tax Bar Association (PTBA) has recommended abolishing 12 different provisions of withholding income tax in order reduce the cost of business. Read more »

Sales tax rate in Pakistan highest in region: ACCA

KARACHI: Association of Chartered Certified Accountants (ACCA) has said that the existing sales tax rate of 17 percent in Pakistan is the highest in the region. Read more »

FBR recommended to exempt income tax on mortgage loans to facilitate salaried persons

KARACHI: Federal Board of Revenue (FBR) has been recommended to exempt income tax on mortgage loans in order to facilitate salaried persons. Read more »

Amnesty Scheme -2019: text of presidential ordinance

ISLAMABAD: The amnesty scheme announced by the government for foreign and domestic undeclared assets a day earlier has been launched through promulgation of presidential ordinance on Wednesday. Read more »

PTBA recommends outsourcing potential taxpayers profiling to data mining company

KARACHI: Pakistan Tax Bar Association (PTBA) has suggested the Federal Board of Revenue (FBR) to outsource the preparation of profiling potential taxpayers to a data mining company for broadening of tax base. Read more »

Amnesty Scheme 2019 unveiled; 4pc tax for documenting hidden assets; applicable till June 30

ISLAMABAD: The federal government finally announced tax amnesty scheme 2019 for people having undisclosed assets to become part of documented economy. The scheme has been announced at four percent of tax to... Read more »

IR officers barred from suspending registration, raiding business premises of tax defaulters

ISLAMABAD: The offices of Inland Revenue have been barred from taking harsh action against tax defaulters such as suspending registration and raiding business premises on suspicions of tax evasion. Read more »

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. Read more »