Withholding agents have been relaxed and they are now required filing statements biannually, according to new amendments introduced by the government of Pakistan.
(more…)Author: Mrs. Anjum Shahnawaz
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Minimum tax regime withdrawn on commercial imports
Minimum tax regime has been withdrawn on commercial imports by the government of Pakistan. The importers of finished goods were subject to pay 5 percent minimum tax.
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Commissioner empowered to issue assessment order of past ten years on discovery of undisclosed offshore assets
The government has granted powers to Commissioner Inland Revenue at the Federal Board of Revenue (FBR) to issue assessment order of past ten years on discovery of undisclosed offshore assets.
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FBR to notify special procedure for small traders, shopkeepers
The Federal Board of Revenue (FBR) has announced its intent to roll out a special tax procedure tailored for small traders and shopkeepers in the country.
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Loss carry forward allowed for three years on disposal of securities
Loss carry forward allowed for three years on disposal of securities has been introduced through an amendment to the Income Tax Ordinance, offering relief to investors in the stock exchange.
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Tax on undistributed profits not to applicable beyond tax year 2019
The tax on undistributed profits, which had been introduced in the Finance Act of 2017, will not be applicable beyond the tax year 2019.
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Finance Minister Asad Umar Unveils Economic Reform Package to Boost Investment and Exports
On Wednesday, Finance Minister Asad Umar took the floor of the house to present a comprehensive economic reform package aimed at promoting investment and exports in Pakistan.
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KSE-100 gains 156 points on mini-budget positive outcome
On Wednesday, the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) recorded a notable gain of 156 points, closing at 40,058 points as opposed to the previous day’s closing at 39,902 points.
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Stock brokers directed to submit clients’ assets segregation statement
Karachi: The Pakistan Stock Exchange (PSX) has issued a directive requiring stock brokers to submit clients’ assets segregation statements duly verified by statutory auditors.
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Rupee ends unchanged on cautious trading
Karachi: The Pakistani Rupee (PKR) exhibited stability in the interbank foreign exchange market on Wednesday, maintaining its previous day’s closing level against the US Dollar (USD).
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