Withholding tax rates on imports updated through Finance Supplementary (Second Amendment) Act 2019

Apr 25

Taxation

Withholding tax rates on imports updated through Finance Supplementary (Second Amendment) Act 2019

KARACHI: Federal Board of Revenue (FBR) issued withholding tax rates on imports for tax year 2019 updated as per Finance Supplementary (Second Amendment) Act, 2019. The withholding tax rates updated up to March 09, 2019 on import under Section 148 of Income Tax Ordinance, 2001 as follow: The collector of customs shall collect withholding tax […]

by Faisal Shahnawaz

FBR outlines sales tax amendments through second supplementary finance act

Mar 20

FBR outlines sales tax amendments through second supplementary finance act

ISLAMABAD: Federal Board of Revenue (FBR) has summarized amendments to sales tax regime through Finance Supplementary (Second Amendment) Act, 2019 and directed the officials of Inland Revenue to take necessary action for implementation. The FBR said that to liquidate huge amount claimed by taxpayers in refunds which have been accumulated over a long time, the […]

by Mrs. Anjum Shahnawaz

FBR explains FED on motor vehicles under Second Amendment Act

Mar 20

Supplementary Budget 2019, Taxation

FBR explains FED on motor vehicles under Second Amendment Act

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday explained the amendment of Federal Excise Duty (FED) on imported and locally manufactured vehicles through Finance Supplementary (Second Amendment) Act, 2019. The FBR said that Serial Number of Table 1 of the First Schedule to the FED Act, 2005 had been amended and duty of the imported […]

by Mrs. Anjum Shahnawaz

Income Tax Ordinance 2001: amended advance tax rates on marriages, functions

Mar 18

Exclusive, Taxation

Income Tax Ordinance 2001: amended advance tax rates on marriages, functions

KARACHI: Federal Board of Revenue (FBR) has updated advance tax rates on marriages and functions through latest amendment to Income Tax Ordinance, 2001.The national assembly recently approved Finance Supplementary (Second Amendment) Act, 2019 and advance tax rate for functions and gathering has been updated.The advance tax is collected under following section of the Ordinance.Section 236D: […]

by Faisal Shahnawaz

Non-filers allowed purchase of locally assembled vehicles

Mar 6

Supplementary Budget 2019, Taxation

Non-filers allowed purchase of locally assembled vehicles

ISLAMABAD: The federal government has allowed non-filers of income tax returns to purchase of locally assembled motor vehicles of any engine capacity. Finance Minister Asad Umar in his speech on floor of the house on Wednesday while passing the Finance Supplementary (Second Amendment) Bill, 2019, said that in order to address the concerns of local […]

by Faisal Shahnawaz

Bill focuses very low on revenue collection: former FBR Member

Jan 31

Budget, Supplementary Budget 2019, Taxation

Bill focuses very low on revenue collection: former FBR Member

KARACHI: The Finance Supplementary (Second Amendment) Bill, 2019, presented by the PTI government, is perceived to have a nominal impact on revenue collection, with a predominant focus on stimulating industrial growth.

by Mrs. Anjum Shahnawaz

Income tax returns, sales tax procedure to be simplified: Asad Umar

Jan 28

Trade & Industry

Income tax returns, sales tax procedure to be simplified: Asad Umar

KARACHI: Finance Minister Asad Umar has expressed his resolve to simplify income tax return forms and sales tax procedure to facilitate business community.

by Hamza Shahnawaz

Finance Supplementary (Second Amendment) Bill 2019: Key points of income tax proposals

Jan 27

Supplementary Budget 2019

Finance Supplementary (Second Amendment) Bill 2019: Key points of income tax proposals

KARACHI: A chartered accountant firm has highlighted proposed amendments to Income Tax Ordinance, 2001 through Finance Supplementary (Second Amendment) Bill, 2019.

by Mrs. Anjum Shahnawaz

Reform package exempts withholding tax for rupee accounts receiving foreign remittances

Jan 27

Budget, Supplementary Budget 2019, Taxation

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.

by Mrs. Anjum Shahnawaz

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

Jan 26

Budget, Supplementary Budget 2019, Taxation

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

KARACHI – The Finance Supplementary (Second Amendment), 2019 has introduced a proposed overhaul in the valuation and levy structure for imported mobile phones, shifting from Pakistani Rupees to US Dollars.

by Mrs. Anjum Shahnawaz