Foreign investors demand pending refunds payment in six months

KARACHI: Foreign investors operating in Pakistan have demanded to clear all pending sales tax refunds in next six months. Overseas Investors Chamber of Commerce and Industry (OICCI), the representative body of foreign investors, in its proposals for budget 2021/2022 demanded that all pending tax refund be cleared within next six months in an orderly/ prearranged […]

by Mrs. Anjum Shahnawaz

Withholding tax collection from new car registration declines by 39pc in TY2020

Apr 11

Automotive, Taxation

Withholding tax collection from new car registration declines by 39pc in TY2020

ISLAMABAD: The collection of withholding tax on registration of new cars has declined by around 39 percent in tax year 2020 due coronavirus pandemic that has lowered the sales of locally assembled motor vehicles. According to details released by Federal Board of Revenue (FBR) the collection of withholding tax fell to Rs5.88 billion in tax […]

by Mrs. Anjum Shahnawaz

Duty rebate payment to textile sector increases by over 100pc

Apr 11

Pakistan Customs

Duty rebate payment to textile sector increases by over 100pc

ISLAMABAD: The payment of customs duty rebate to textile sector increased by over 100 percent during tax year 2020, which shows the commitment of Federal Board of Revenue (FBR) to facilitate the most import sector for resolving liquidity issues. The payment of customs duty rebated was Rs18.31 billion during tax year 2020 as compared with […]

by Mrs. Anjum Shahnawaz

Apr 11

Auction

MCC Quetta announces auction of over 300 motor vehicles on April 12

ISLAMABAD: Model Customs Collectoarte (MCC) Quetta has announced auction of over 300 motor vehicles scheduled on April 12, 2021. The collectorate issued the following list of motor vehicles to be presented for the auction: S.No. Description Parked At 1 Toyota Mark X, Chassis No. GRX120-0037293, Engine Type: 4GR-FSE, Model 2005, 2500-CC, Colour White Sheela Bagh […]

by Mrs. Anjum Shahnawaz

Listed companies should be exempted from electronic tax surveillance

Apr 11

Budget 2021-2022, Trade & Industry

Listed companies should be exempted from electronic tax surveillance

KARACHI: Federal Board of Revenue (FBR) has been urged to exempt listed companies from electronic surveillance of business and records. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2021/2022 said that through SRO 888 of 2020 dated September 21, 2020, a new chapter was introduced in Sales Tax Rules, 2006 […]

by Mrs. Anjum Shahnawaz

Apr 11

Money & Banking

Nisab of Zakat fixed at Rs80,933

ISLAMABAD: The administrator general Zakat on Saturday issued the ‘Nisab of Zakat’ for the Zakat Year 1441-42 A.H at Rs.80,933.00/- (Rupees: eighty thousand nine hundred thirty-three only). No deduction of Zakat at source shall be mentioned in column 2 of Serial No.1 of the first schedule of Zakat and Ushr Ordinance, 1980 is less than […]

by Mrs. Anjum Shahnawaz