Pakistan Revenue
ISLAMABAD: The finance division has extended last date for redemption of bearer prize bonds Rs40,000 and Rs25,000 denominations up to September 30, 2021. According to notifications issued by the Finance Division the last date for redemption of Rs40,000 denomination bearer prize bonds has been extended up to September 30, 2021. Similarly, the last date for […]
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KARACHI: The Karachi Tax Bar Association (KTBA) has presented income tax proposals for salary income for incorporating in the Finance Bill 2021. In its proposals for budget 2021/2022, the tax bar highlighted the issue related to taxation of notional income. It said that the difference between the benchmark rate and the actual rate of interest […]
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ISLAMABAD: The Inland Revenue Enforcement Network (IREN) of the Federal Board of Revenue (FBR) has accelerated action against non-duty paid / illicit cigarettes, a statement said on Saturday. IREN’s Directorate of Intelligent and Investigation (I&I) -IR Faisalabad Unit conducted a raid at Samanabad and discovered 201 cartons (2,000,000 cigarettes) of non-duty paid cigarettes. The confiscated […]
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KARACHI: Pakistan Stock Exchange (PSX) has recommended to reduce the rate of withholding tax on the gross income earned on margin financing (MF) transactions from 10 percent to 2.5 percent. The PSX in its proposals for budget 2021/2022 said that MF facility is available to all Trading Rights Entitlement Certificate (TREC) holders against net ready […]
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KARACHI: The Pakistan Business Council (PBC) has informed the higher authorities that the massive under-invoicing, especially by commercial importers, is destroying domestic industry. In its proposals for budget 2021/2022 the PBC pointed out that across the board massive under invoicing and dumping of imported products has been increasing. Information regarding values at which various custom […]
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KARACHI: The stock market likely to trade bullish during the next week on expectations of relief in the upcoming budget 2021/2022 such as reduction in duties on imported raw material etc. Analysts at Arif Habib Limited hoped that the market to remain bullish in the upcoming week amid expectation of relief in the upcoming budget, […]
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KARACHI: Pakistan Business Council (PBC) has urged the Federal Board of Revenue (FBR) to restore laws related to group taxation in the initial form as introduced via Finance Act 2007 and Finance Act 2008. In its proposals for budget 2021/2022, the business council said that most recently, via Income Tax Laws (Second Amendment) Ordinance, 2021, […]
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KARACHI: Pakistan Business Council (PBC) has identified anomalies in minimum tax rates and demanded the levy should be abolished. In its budget proposals for 2021/2022 submitted to the Federal Board of Revenue (FBR) the council said that the rate of minimum tax of 1.5 percent is extremely high and unrealistic. It identified that as per […]
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KARACHI: Pakistan Business Council (PBC) has suggested rationalizing sales tax regime as higher standard rate of 17 percent is discouraging documentation. In its proposals for budget 2021/2022, the PBC said that the high standard tax rate of 17 percent has led to low registration of less than 200,000 while income tax filers are about 2. […]
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KARACHI: The Monetary Policy Committee (MPC) on Friday decided to keep the key policy rate unchanged at 7 percent owing to improved GDP growth forecast to 3.94 percent and hope of further higher growth in the next fiscal year. A statement issued by the State Bank of Pakistan (SBP) said that since its last meeting […]
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