Pakistan Revenue
KARACHI: The electricity supply company shall collect advance tax from industrial and commercial consumer as per updated withholding tax card for tax year 2019 issued after amendments made to Income Tax Ordinance, 2001 through Finance Supplementary (Second Amendment) Act, 2019. Federal Board of Revenue (FBR) issued following withholding tax rates under Section 235 of Income […]
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KARACHI: The sales tax law has defined the procedure for liability for payment of tax in case of private company is in state of liquidation. The updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 58 explained the payment method from the company is wound up. Section 58: Liability for […]
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KARACHI: Pakistan Business Council (PBC) in its budget proposals 2019/2020 has said that smuggling through Afghan Transit Trade is the biggest threat for economic growth of the country. “Smuggling through Afghan Transit Trade has always been the biggest threat for economic growth and hardly any sector has been left untouched by this menace,” the council […]
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KARACHI: Directorate General of Transit Trade, Karachi has announced auction of confiscated POL products to be held on May 09, 2019. In a notice issued on Tuesday, the directorate said that in order to dispose of auction able lots of petroleum, oil and lubricants (POL) products, lying at different container at terminals / wharves falling […]
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ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday reinstated nine customs officials into service following an order of Supreme Court of Pakistan. The FBR said that in pursuance of judgment dated November 26, 2018 passed by Federal Service Tribunal, Islamabad duly upheld by the Supreme Court of Pakistan through order dated April 17, 2019, the […]
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KARACHI: Association of Builders and Developers of Pakistan (ABAD), welcoming the appointment of a leading Chartered Accountant and tax expert Shabbar Zaidi as the Chairman of Federal Board of Revenue (FBR), has hoped that Shabbar Zaidi will bring in new strategy to solve problems of business community of the country as well as creating new […]
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ISLAMABAD: A Consultative Meeting between the Traders Associations and FBR representatives was held in the Broadening Tax Base Zone (BTB), Islamabad to find ways of broadening the tax base. The Consultative Meeting was chaired by Mir Badshah Khan Wazir, DG, BTB and was attended by Commissioner BTB (HQ) and Commissioner BTB Zone Islamabad. The BTB […]
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KARACHI: The equity market gained 25 points on Tuesday amid selling in major scrips. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,631 points as against 35,605 points showing an increase of 25 points. First day of Ramadan started on a positive note, went up by 200 points and ended in green […]
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KARACHI: Karachi Tax Bar Association (KTBA) on Monday organized pre-budget seminar to recommend tax proposals for year 2019/2020. Ali A Rahim, Director, Bakertilly Chartered Accountants presented income tax recommendations for the upcoming budget. Rahim presented following recommendations: Depreciation on Musharika Assets Under Section 22(15)C Proposal: The depreciation on Musharika assets to be allowed retrospectively since […]
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KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) has submitted tax proposals for budget 2019/2020 and suggested measures for ease of doing business. The ICAP suggested following tax proposals for ease of doing business: Facilitating Small and Medium Enterprises (SMEs) The ICAP said that SMEs serve as the backbone of the economy by playing […]
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