Pakistan Revenue
KARACHI: Federal Board of Revenue (FBR) has allowed duty free import of plant and machinery by industrial and manufacturing units. The exemption has been allowed through Finance Supplementary (Second Amendment) Act, 2019 under Chapter 84 and 85 of Customs Act, 1969. The FBR said that plant and machinery shall be allowed zero percent customs duty […]
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ISLAMABAD: The government has increased mobile handset levy up to Rs7,000 per set from the date of implementation of Finance Supplementary (Second Amendment) Act, 2019. The government through Finance Act, 2018 introduced mobile hand set levy at different rates as values of smart phones were determined in Pak Rupee value. However, through Finance Supplementary (Second […]
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ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) convened on Tuesday under the chairmanship of Finance Minister Asad Umar and approved a comprehensive Ramazan Relief Package worth Rs2 billion.
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ISLAMABAD: The trade deficit has narrowed by 11 percent during first eight months of current fiscal year owing decline in import bill, Pakistan Bureau of Statistics (PBS) said on Tuesday. The trade deficit shrank to $21.52 billion during July – February 2018/2019 as compared with the deficit of $24.19 billion in the corresponding period of […]
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KARACHI: The Pak Rupee ended flat against dollar on Tuesday amid higher demand for import and corporate demand. The rupee ended Rs138.82 to the dollar from previous day’s close of Rs138.82 in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs138.80 and Rs138.85. The market recorded day high […]
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KARACHI: Trading at the equity market was remained lackluster as the taxation measures failed to attract investors. The benchmark KSE-100 index closed at 38,896 points as against 38,924 points showing a decline of 28 points. The government on the demand of stock market abolished the advance tax on sale and purchase of shares and also […]
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KARACHI: The State Bank of Pakistan (SBP) has allowed certain exemptions and relaxations in prudential regulations for promoting low cost housing finance. A circular issued a day earlier, the SBP said that in order to promote low cost housing finance in the country, it has been decided to define the low cost housing as part […]
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ISLAMABAD: The federal government has set up Directorate General of International Tax Operations for recovery of tax in undeclared off-shore assets and incomes. According to Finance Supplementary (Second Amendment) Act, 2019, the directorate has been established under new section 230E of Income Tax Ordinance, 2001. The new section is as follow: Section 230E: Directorate General […]
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ISLAMABAD: The federal government has allowed non-filers of income tax returns to purchase locally manufactured motor vehicles. According to Finance Supplementary (Second Amendment) Act, 2019, the government lifted the mandatory condition of return filing for purchase of motor car. Further through the Act, non-resident Pakistani citizens holding international passport have also been allowed to registered […]
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ISLAMABAD: Federal Board of Revenue (FBR) will issue sales tax and income tax refund bonds through its subsidiary company ‘FBR Refund Settlement Company (Private) Limited.
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