FBR records 31 percent decline in May collection

May 31

Taxation

FBR records 31 percent decline in May collection

ISLAMABAD: Federal Board of Revenue (FBR) has recorded 31 percent decline in revenue collection during May 2020 owing to halt in economic activities after lockdown imposition. According to provisional figures released by the FBR on Sunday, the tax authorities collected Rs227 billion in May 2020 as compared with Rs330.1 billion collected in the same month […]

by Mrs. Anjum Shahnawaz

Shopkeepers to implement ‘no mask, no service’; NCOC discusses easing lockdown

May 31

National

Shopkeepers to implement ‘no mask, no service’; NCOC discusses easing lockdown

ISLAMABAD: Market associations to be engaged for implementation of COVID-19 guidelines and Standard Operating Procedures (SOPs) for prevention the spread of coronavirus. This was discussed at a meeting of National Command and Operation Centre (NCOC) held on chaired by Minister for Planning, Development and Special Initiatives Asad Umer. Umer said that the shopkeepers should strictly […]

by Mrs. Anjum Shahnawaz

FBR discontinues manual payment of income tax refunds

May 31

Taxation

FBR discontinues manual payment of income tax refunds

ISLAMABAD: Federal Board of Revenue (FBR) has discontinued manual issuance of income tax refunds with immediate effect to ensure transparency. The release of income tax refunds will be carried out electronically, said an office order of the FBR dated May 29, 2020. The FBR is going to disburse income tax refunds directly to bank accounts […]

by Mrs. Anjum Shahnawaz

Garments exporters demand sales tax zero rating revival

May 31

Budget 2020-2021, Trade & Industry

Garments exporters demand sales tax zero rating revival

LAHORE: The Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) has demanded the tax authorities to reintroduce zero-rated sales tax regime. In its proposals for budget 2020/2021 submitted to Federal Board of Revenue (FBR), the PRGMEA demanded restoration of zero-rated regime of ‘no payment and no refund of sales tax’ for export-oriented sectors including textile […]

by Mrs. Anjum Shahnawaz

OICCI suggests eliminating Sindh infrastructure cess

May 31

Budget 2020-2021, Trade & Industry

OICCI suggests eliminating Sindh infrastructure cess

The Overseas Investors Chamber of Commerce and Industry (OICCI) has made a fervent appeal to the Sindh government, imploring for the withdrawal of the Infrastructure Cess to alleviate the burden on the cost of doing business.

by Mrs. Anjum Shahnawaz

SRB urged to allow normal tax for car dealers

May 31

Automotive, Budget 2020-2021, Taxation

SRB urged to allow normal tax for car dealers

KARACHI: Sindh Revenue Board (SRB) has been urged to bring authorized dealers of car manufacturers into normal tax regime. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2020/2021 submitted to SRB, recommended that normal sales tax rate should be applied for services provided by authorized car dealers under tariff heading […]

by Mrs. Anjum Shahnawaz

NCOC recommends shutting educational institutions till August

May 30

National

NCOC recommends shutting educational institutions till August

ISLAMABAD: National Command and Operation Centre (NCOC) on Saturday recommended that the educational institutions should be kept closed till August as the summer season and pandemic would be at its peak on July 15, 2020. The NCOC sought provinces’ feedback on negative list aiming to finalize the recommendations of opening some more sectors of the […]

by Mrs. Anjum Shahnawaz

Karachi Chamber seeks fair tax treatment for commercial importers

May 30

Budget 2020-2021, Trade & Industry

Karachi Chamber seeks fair tax treatment for commercial importers

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has sought fair treatment on collection of withholding tax for commercial importers on import of industrial raw material. KCCI in its budget proposals submitted to the Federal Board of Revenue (FBR), said that under Section 148(1) of Income Tax Ordinance, 2001, 6 percent withholding income tax is […]

by Mrs. Anjum Shahnawaz

May 30

Stock & Commodity

Weekly Review: stock market likely stay positive as lockdown eases

KARACHI: The stock market likely to stay positive during next week due to resumption of business activities after ease in lockdown. Analysts at Arif Habib Limited said that the market to remain positive as companies resume operations following easing of the lockdown which is helping revive sentiment in the bourse. Moreover a growth focused budget […]

by Mrs. Anjum Shahnawaz

KCCI proposes regularizing gold, jewellery sector

May 30

Budget 2020-2021, Trade & Industry

KCCI proposes regularizing gold, jewellery sector

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has submitted proposals to tax authorities for regularizing gold and jewellery sector. In its proposals for budget 2020/2021, the KCCI said that gold and Jewelry sector has always been a neglected and largely unregulated sector. No clear policy on import of Gold and precious metals has been […]

by Mrs. Anjum Shahnawaz