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

Jun 15

2019-2020, Budget, Taxation

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. In this regard the law has been introduced under which persons not appearing on the Active Taxpayers List (ATL) and their amount withheld on transactions will be treated as unexplained. Commissioners of Inland Revenue, Federal Board of […]

by Mrs. Anjum Shahnawaz

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

Jun 15

2019-2020, Budget, Taxation

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. The Finance Bill 2019 proposed to insert Section 120B to Income Tax Ordinance, 2001 to prohibit tax officials from taking any such action. The proposed law reads as follow: “120B. Restriction […]

by Mrs. Anjum Shahnawaz

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

Jun 14

2019-2020, Budget, National

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. Punjab Finance Minister Makhdoom Hashim Jawan Bakht on floor of the house presented the budget said that total volume of the budget for fiscal year 2019/2020 was Rs2,300 billion up from […]

by Faisal Shahnawaz

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

Jun 14

2019-2020, Budget, National

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. Presenting provincial budget on the floor of the house, Sindh Chief Minister Syed Murad Ali Shah said that the output of government is directly related to the performance of […]

by Faisal Shahnawaz

Sindh unveils Rs1,217bn budget for 2019/2020

Jun 14

2019-2020, Budget

Sindh unveils Rs1,217bn budget for 2019/2020

KARACHI: The Sindh government on Friday unveiled Rs1,217 billion budget for fiscal year 2019/2020. Announcing the budget for next fiscal year, Syed Murad Ali Shah, Chief Minister, Sindh said that the total receipts of the province for the financial year 2019-20 are estimated at Rs1,217 billion against an estimated expenditure of Rs1,217 billion. He said […]

by Faisal Shahnawaz

Consumers allowed 5pc cash back of sales tax paid on retail purchases

Jun 13

2019-2020, Budget, Taxation

Consumers allowed 5pc cash back of sales tax paid on retail purchases

ISLAMABAD: Consumers have been allowed to get five percent cash back on the total amount of sales tax charged against purchases from retail outlets. Through Finance Bill, 2019 a major change has been introduced to Sales Tax Act, 1990 in order to widening the sales tax base and prevent sales tax evasion. The Finance Bill […]

by Faisal Shahnawaz

FBR estimates additional revenue of Rs2 billion through changes in super tax

Jun 13

2019-2020, Budget, Exclusive, Taxation

FBR estimates additional revenue of Rs2 billion through changes in super tax

ISLAMABAD: Federal Board of Revenue (FBR) has estimated additional revenue of Rs2 billion through proposed changes in law related to super tax. The changes have been introduced to Section 4B of Income Tax Ordinance, 2001 through Finance Bill 2019. The FBR in explanation to the Finance Bill said that presently brought forward depreciation and business […]

by Faisal Shahnawaz

Finance Bill 2019: Special regime for steel sector abolished; normal tax at 17pc imposed

Jun 13

2019-2020, Budget, Taxation

Finance Bill 2019: Special regime for steel sector abolished; normal tax at 17pc imposed

ISLAMABAD: The government has abolished special sales tax procedure for steel sector through Finance Bill 2019 and imposed 17 percent federal excise duty in sales tax mode. According to amendment proposed to Federal Excise Act, 2005 through Finance Bill 2019, normal tax of 17 percent ad valorem has been proposed on supply of steel billets, […]

by Faisal Shahnawaz

Duty exemption on foreign bandwidth services withdrawn

Jun 13

2019-2020, Budget, IT & Telecom, Taxation

Duty exemption on foreign bandwidth services withdrawn

The Federal Board of Revenue (FBR) has announced the withdrawal of duty exemption on foreign bandwidth services provided by telecom operators.

by Faisal Shahnawaz

Finance Bill 2019: 12th Schedule introduced to levy 3pc value addition sales tax on all imported goods

Jun 13

2019-2020, Budget, Taxation

Finance Bill 2019: 12th Schedule introduced to levy 3pc value addition sales tax on all imported goods

ISLAMABAD: The government has proposed Twelfth Schedule to Sales Tax Act, 1990 to streamline imposition of 3 percent value addition tax on imported goods. The schedule has been proposed to make part of the Act through Finance Bill, 2019. According to the schedule, (1) The sales tax on account of minimum value addition as payable […]

by Faisal Shahnawaz