May 6, 2024

Pkrevenue.com

Pakistan Revenue

Month: January 2020

Exemption in import certificates facilitates manufacturers
Jan 2
Taxation

Exemption in import certificates facilitates manufacturers

ISLAMABAD: The government has facilitated manufacturers in obtaining exemption certificates for import of raw material. The Federal Board of Revenue (FBR) issued salient features to explain amendments to Income Tax Ordinance, 2001 brought through Tax Laws (Second Amendment) Ordinance, 2019. A major change was introduced under which a manufacturer applies for exemption certificates to the […]

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Tax Amendment Ordinance: exemption, incentives announced for foreign investment in debt securities
Jan 2
Taxation

Tax Amendment Ordinance: exemption, incentives announced for foreign investment in debt securities

ISLAMABAD: The government has announced a comprehensive package of tax incentive and exemptions to attract foreign investment into debt securities. The Federal Board of Revenue (FBR) issued salient features on Wednesday to explain amendments to Income Tax Ordinance, 2001 brought through Tax Laws (Second Amendment) Ordinance, 2019. The FBR said that the existing foreign exchange […]

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Tax Amendment Ordinance: consumer goods to be confiscated on failure to print retail price
Jan 2
Taxation

Tax Amendment Ordinance: consumer goods to be confiscated on failure to print retail price

ISLAMABAD: Tax officials have been empowered to confiscate goods where importer / manufacturer failed to mandatory print the retail price on consumer goods. The government introduced Tax Laws (Second Amendment) Ordinance, 2019 on Wednesday through promulgated through presidential ordinance. Federal Board of Revenue (FBR) issued salient features of the ordinance and stated that penalty had […]

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Amendment Ordinance: major changes made to ST law
Jan 1
Taxation

Amendment Ordinance: major changes made to ST law

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued salient features of amendment to Sales Tax Act, 1990 made through Tax Law (Second Amendment) Ordinance, 2019. Following are the salient features of sales tax: 1. Many queries have been received seeking clarification of the term “greenfield industry”. A definition of this term in section 2 […]

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Tax Amendment Ordinance: Salient features of changes introduced to income tax law
Jan 1
Taxation

Tax Amendment Ordinance: Salient features of changes introduced to income tax law

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued salient features of amendment to Income Tax Ordinance, 2001 made through Tax Law (Second Amendment) Ordinance, 2019. Following are the salient features of income tax: 1. The Financial Monitoring Unit is the central agency in Pakistan responsible for receiving and analyzing Suspicious Transaction Reports and disseminating […]

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Tax Amendment Ordinance: 14-year jail, penalty of ten time of value for currency smuggling
Jan 1
Pakistan Customs

Tax Amendment Ordinance: 14-year jail, penalty of ten time of value for currency smuggling

ISLAMABAD: The government has introduced very harsh penalties for offence of currency smuggling. The government enhanced the jail term to 14 years for currency smuggling above $200,000 besides ten time of value of the currency would be recovered as penalty. Federal Board of Revenue (FBR) on Wednesday issued ‘Tax Laws (Second Amendment) Ordinance, 2019’ have […]

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Mini-budget implemented through presidential ordinance
Jan 1
Taxation

Mini-budget implemented through presidential ordinance

ISLAMABAD: The government on Wednesday implemented a mini budget through a presidential ordinance making amendments to all duty and tax statutes. The amendments to tax laws namely ‘Tax Laws (Second Amendment) Ordinance, 2019’ have been promulgated through the presidential order. The consultants at Tax Excellence called it mini-budget and highlighted major changes made to Income […]

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