New withholding tax card for imported mobile phones proposed

KARACHI: The government has proposed new withholding tax rates for imported mobile phones through Finance Supplementary (Second Amendment) Bill, 2019, presented on January 23, 2019. Read more »

Super tax rate enhanced for banks; non-banks to be exempted from tax year 2020

KARACHI: The government has enhanced rate of super tax for banking companies to 4 percent till the tax year 2021. Read more »

No advance tax on sale, purchase of shares from February 01

KARACHI: The government has abolished a provision for collection of advance tax at 0.02 percent on sale and purchase of shares in stock exchange. Read more »

Setting up transfer pricing directorate withdrawn

KARACHI: The government has withdrawn setting up Directorate General of Transfer Pricing that was established to conduct audit for determination of transfer price at arm’s length transactions. Read more »

Non-filers allowed motor vehicle purchase on enhanced tax rates

KARACHI: In order to generate sizeable revenue during the current fiscal year the government has lifted the ban on non-filers for purchasing motor vehicles. Read more »

Withholding agents relaxed; require filing statements biannually

KARACHI: The government has eased burden on withholding agents of filing withholding statement on monthly basis. Read more »