10pc tax payment mandatory for filing appeal before tribunal

KARACHI: Taxpayers shall require to pay 10 percent of tax demand while filing an appeal before Appellate Tribunal challenging the order of commissioner appeals. Deloitte Yousuf Adil, Chartered Accountants, said that a new requirement is proposed in the Finance Bill 2020 for filing of appeal before the Appellate Tribunal for challenging the order of Commissioner […]

by Mrs. Anjum Shahnawaz

Car imports fall by 61pc in eleven months

Jun 21

Automotive

Car imports fall by 61pc in eleven months

KARACHI: The import of used and old cars witnessed sharp decline of 61 percent during first eleven months (July-May) of current fiscal year due to condition of payment of duty and taxes through foreign exchange imposed by the government. The import of used and old cars in Completely Built Unit (CBU) condition fell by 61 […]

by Mrs. Anjum Shahnawaz

Tax credit limit reduced by 50pc on charitable donations

Jun 21

Budget 2020-2021, Taxation

Tax credit limit reduced by 50pc on charitable donations

ISLAMABAD: The limit of tax credit has been reduced by 50 percent on amount paid in cash or in kind to charitable donations, sources in Federal Board of Revenue (FBR) said. The sources said that under the existing provisions of the last a person is entitled to tax credit on account of charitable donation paid […]

by Mrs. Anjum Shahnawaz

Caffeinated energy drinks are health hazard; FED enhanced to 25pc

Jun 21

Budget 2020-2021, Taxation

Caffeinated energy drinks are health hazard; FED enhanced to 25pc

ISLAMABAD: The federal government has increased federal excise duty from 13 percent to 25 percent on consumption o f caffeinated energy drinks on both local supplies and import of such drinks. Hammad Azhar, Federal Minister for Industry and Production, while presenting the federal budget 2020/2021 on June 12 on floor of the house said that […]

by Mrs. Anjum Shahnawaz