Pakistan Revenue
You can go through stories related to budget 2019-2020. The stories are about changes in taxation, customs, sales tax and federal excise.
KARACHI: Institute of Chartered Accountants of Pakistan (ICAP) has recommended harmonization of federal and provincial tax laws to facilitate the taxpayers. In its budget proposals for fiscal year 2019/2020 the ICAP suggested following measures for harmonization of federal and provincial taxes: Integration of Taxation Authorities for One-Window Solution The ICAP believes, there should be a […]
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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: The Institute of Chartered Accountants of Pakistan (ICAP) has said that documentation of agriculture income is must for bringing tax reforms in the country. In its budget proposals for year 2019/2020 the ICAP said that there was a serious need of brining taxation of agriculture income under a more transparent and documented manner. “Capacity […]
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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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KARACHI: Pakistan Business Council (PBC) has suggested measures for broadening tax base through enhancing withholding tax rates on non-filers and unregistered persons in various sectors. The PBC – the advisory council of large corporate entities – in its budget proposals for 2019/2020 said that the concept of separate withholding tax rates for filers and non-filers […]
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KARACHI: Pakistan Stock Exchange (PSX) has recommended the tax authorities to reduce the withholding tax to 2.5 percent from 10 percent to develop the market and increase tax collection. In its budget proposals for 2019/2020, the stock market said that the proposed reduction in the rate of tax on margin financing transactions would help develop […]
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KARACHI: Pakistan Business Council (PBC) – the advisory forum of large corporate entities – has said that commercial importers are involved in massive under-invoicing and they are destroying the domestic industry. In its budget proposals for 2019/2020, the PBC recommended measures for documentation of economy to providing level playing field for domestic manufacturing. The PBC […]
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KARACHI: Pakistan Stock Exchange (PSX) has recommended the government to align capital gain tax (CGT) on disposal of securities with the rates of CGT with immovable properties using same slabs of holding periods as those on real estate. The PSX in its proposals for budget 2019/2020 said that such proposal would encourage documentation in real […]
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KARACHI: Federal Tax Ombudsman (FTO) has recommended 20 percent increase in adjustable withholding taxes in order to encourage income tax return filing. However, this deduction of withholding tax should not apply on salary income, the FTO said in its recommendation for federal budget 2019/2020. In order to encourage taxpayers to e-file income tax returns for […]
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