Apr 5

Yarn traders demand restoring turnover tax rate at 0.1pc

KARACHI: Pakistan Yarn Merchants Association (PYMA) has informed the Federal Board of Revenue (FBR) that present turnover tax rate for yarn traders is very high and many traders may resort to shutdown their factories at this high rate. Farhan Ashrafi, Vice Chairman of Pakistan Yarn Merchants Association(PYMA) & convener FPCCI’s Central Standing Committee on Yarn […]

by Mrs. Anjum Shahnawaz

Foreign investors express concern over high turnover tax

Sep 14

Trade & Industry

Foreign investors express concern over high turnover tax

KARACHI: Foreign investors have expressed concerns over high rate of turnover tax rate, especially for those sectors where margins are very low. Overseas Investors’ Chamber of Commerce and Industry (OICCI) expressed this concern at an interactive session with Dr. Abdul Hafeez Sheikh held on September 12, 2020, a statement said on Monday. The statement said […]

by Mrs. Anjum Shahnawaz

Finance Bill 2019: turnover tax enhanced to 1.5 percent

Jun 12

2019-2020, Budget, Taxation

Finance Bill 2019: turnover tax enhanced to 1.5 percent

ISLAMABAD: The rate of minimum turnover tax has been increased to 1.5 percent from 1.25 percent in the budget 2019/2020 presented a day earlier. The Finance Bill, 2019 proposed to enhance the rate of minimum turnover tax The Federal Board of Revenue (FBR) explained that presently minimum tax on turnover is charged at the rate […]

by Faisal Shahnawaz

Yarn merchants urge FBR to stop harassment over turnover tax

Apr 26

Trade & Industry

Yarn merchants urge FBR to stop harassment over turnover tax

KARACHI: Pakistan Yarn Merchants Association (PYMA) has sought clarification from Federal Board of Revenue (FBR) over calculation of turnover income tax. PYMA Chairman Muhammad Saqib Goodluck in a statement on Thursday strongly criticized the issuance of botices to cotton yarn trades and act of harassment by the tax authorities. He demanded the FBR of issuing […]

by Faisal Shahnawaz

FBR asked not to send notices for turnover tax

Apr 25

Trade & Industry

FBR asked not to send notices for turnover tax

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has urged Federal Board of Revenue (FBR) to issue necessary instructions to all RTOs to refrain from sending notices for demanding the unjust annual turnover Tax to members of Pakistan Yarn Merchants Association (PYMA) till the issue is resolved as the Annual Turnover Tax, which was 0.1 […]

by Faisal Shahnawaz