Withholding tax on raw material import should be adjustable

May 16

Budget 2022-2023

Withholding tax on raw material import should be adjustable

KARACHI: The Federal Board of Revenue (FBR) has been suggested to allow adjustment of withholding income tax collected at import of raw material against the actual liability. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2022/2023 submitted to the FBR highlighted that by amendment to Section 148 of Income Tax Ordinance, […]

by Faisal Shah

KCCI suggests VAT removal for commercial importers

May 13

Budget 2022-2023

KCCI suggests VAT removal for commercial importers

Karachi Chamber of Commerce and Industry (KCCI) has suggested the tax authorities to withdraw Value Added Tax (VAT) imposed on commercial importers in order to rectify anomaly in the law. The KCCI in its proposals for budget 2022/2023 submitted to the Federal Board of Revenue (FBR) said that a three per cent value addition sales […]

by Hamza Shah

May 11

FPCCI demands CNIC condition withdrawal

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday demanded the authorities to withdraw CNIC condition on transactions. FPCCI president Irfan Iqbal Sheikh categorically demanded that CNIC Condition needs to be withdrawn in the upcoming Federal Budget 2022 – 23 and the Finance Act 2022 for being counterproductive as it has failed […]

by Hamza Shah

FBR urged to wave further tax on providing CNIC number

May 11

Budget 2022-2023

FBR urged to wave further tax on providing CNIC number

KARACHI: The Federal Board of Revenue (FBR) has been urged to wave further tax where CNIC (Computerized National Identity Card) number is provided by unregistered supplier. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2022/2023 submitted to the FBR highlighted an issue stating an obvious anomaly is perpetuated by imposing 3 […]

by Faisal Shah

Tax exemption sought for plant, machinery import

May 9

Budget 2022-2023

Tax exemption sought for plant, machinery import

KARACHI: The business community has sought exemption from withholding tax on import of plant and machinery in order to reduce the cost of doing business. Pakistan Business Council (PBC) in its proposals for budget 2022/2023 submitted to Federal Board of Revenue (FBR), said that Section 148 (1) of Income Tax Ordinance, 2001 covers advance tax […]

by Hamza Shah

FBR urged to audit income of commercial importers

May 8

Budget 2022-2023

FBR urged to audit income of commercial importers

KARACHI: The Federal Board of Revenue (FBR) has been urged to audit sales and income of commercial importers in order to discourage under-invoicing and misdeclaration for tax evasion. The Pakistan Business Council (PBC) in its proposals for budget 2022/2023 submitted to the FBR, recommended measures to stop under-invoicing by commercial importers. The PBC suggested: “Monthly […]

by Hamza Shah

Proposed list of higher withholding tax rates for non-filers

May 8

Budget 2022-2023, Top stories

Proposed list of higher withholding tax rates for non-filers

KARACHI: A proposed list of higher rates of withholding tax for non-filers of income tax returns has been sent to Federal Board of Revenue (FBR) for broadening the tax base. The concept of separate withholding tax rates for filers and non-filers was introduced as a measure for increasing documentation of the economy, said Pakistan Business […]

by Hamza Shah

May 7

Budget 2022-2023, Stock & Commodity, Top stories

PSX demands slashing CGT rates on disposal of shares

KARACHI: Pakistan Stock Exchange (PSX) has demanded the government to reduce capital gain tax (CGT) rates on disposal of shares in the forthcoming budget 2022/2023 to attract local as well foreign investors. The PSX in its budget proposals submitted to the Federal Board of Revenue (FBR) suggested that CGT rates on listed securities should be […]

by Hamza Shah

FBR suggested reduce corporate tax rate for listed companies

May 6

Budget 2022-2023

FBR suggested reduce corporate tax rate for listed companies

KARACHI: Pakistan Business Council (PBC) has suggested the Federal Board of Revenue (FBR) to lower the corporate tax rates, especially for listed companies. The PBC in its proposals for budget 2022/2023 recommended reduction in corporate tax rate to 20 per cent. READ MORE: Tax cut suggested on dividend paid by exempt entities The council in […]

by Faisal Shah

Tax cut suggested on dividend paid by exempt entities

May 5

Budget 2022-2023

Tax cut suggested on dividend paid by exempt entities

KARACHI: Federal Board of Revenue (FBR) has been urged to reduce rate of income tax on dividend from exempt entities as the higher rate of dividend effectively withdraws the benefit of exemption. Pakistan Business Council (PBC) in its proposals for budget 2022/2023 submitted to the FBR, urged to reduce the dividend tax to 15 per […]

by Faisal Shah