KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) has recommended to the government to impose a ban on the import of cigarettes lacking health warnings, as part of a strategy to deter the rampant smuggling of tobacco products.
KARACHI: Pakistan Tax Bar Association (PTBA) has recommended the Federal Board of Revenue (FBR) to allow adjustment of further tax against input tax. The PTBA in its proposals for budget 2019/2020, said that presently further tax has been charged by the registered person on the supplies made to the person who are required to be […]
ISLAMABAD: Federal Tax Ombudsman (FTO) has ordered recovery from officers of Inland Revenue Officers in a case of unlawful recovery through bank attachment of a taxpayer. The FTO ordered dated May 21, 2019 in a complaint filed by a taxpayer against unlawful recovery of tax demand from the bank account of the complainant outstanding against […]
ISLAMABAD: Dr. Abdul Hafeez Shaikh chaired a meeting on Sunday to review the proposals for budget 2019/2020.Shabbar Zaidi, Chairman, Federal Board of Revenue (FBR), gave a detailed presentation about the budget proposals for the upcoming budget.He proposed various steps to expand the tax base as well as increase revenue of the country.The adviser directed FBR […]
KARACHI: Federal Board of Revenue (FBR) has been recommended to reduce corporate tax rate for exploration and production companies in order attract foreign investment in this sector and generate more revenue for the country. The Overseas Investors Chamber of Commerce and Industry (OICCI) in its tax proposals for budget 2019/2020 said that the applicable tax […]
KARACHI: State Bank of Pakistan (SBP) on Saturday issued procedure for deposit of tax against foreign assets under Assets Declaration Ordinance, 2019. In exercise of powers conferred under section 9 of the Assets Declaration Ordinance 2019, State Bank of Pakistan is pleased to notify the procedure for: a) conversion of foreign assets held outside Pakistan […]
KARACHI: Federal Board of Revenue (FBR) on Saturday issued rules for implementing tax amnesty scheme 2019. The FBR on May 20, 2019 issued draft rules for inviting comments of stakeholders till May 22 to finalize the rules. In this regard the FBR today (May 25) issued SRO 578(I)/2019 to issue the rules for Asset Declaration […]
KARACHI: Pakistan exports need to maximize selling on C&F basis and imports to maximize buying on FOB basis in order to increase revenue earning along with reducing cost of doing business. In a letter to Adviser Commerce, Textile, Industry, production and Investment, Abdul Razzak Dawood, Chairman PSAA said that this will ensure direct exports to […]
KARACHI: Stock market likely positive in the upcoming weeks amid activation of a PSX stabilization fund in the foreseeable future, analysts said. This sentiment with also continue along with contraction in the Current Account Deficit (CAD) by 27 percent in 10MFY19 which may improve investor sentiments, analysts at Arif Habib Limited said. However, they said, […]
The Pakistan Tax Bar Association (PTBA) has advised the Federal Board of Revenue (FBR) to significantly reduce penalties imposed on non-filers and late filers of income tax returns and wealth statements.