Apr 26

2019-2020, Budget, Stock & Commodity

PSX proposes scheme for attracting investment from black economy

KARACHI: Pakistan Stock Exchange (PSX) has advised the government to introduce a scheme for attracting investment from large black economy. In its budget proposals for fiscal year 2019/2020 the stock exchange advised the government to introduce a mechanism and regulatory structure for the launch of registered savings and investment accounts (RSIA) to help channel savings […]

by Faisal Shahnawaz

Apr 25

2019-2020, Budget, Exclusive, Stock & Commodity

PSX recommends CGT exemption to foreign investors

KARACHI: Pakistan Stock Exchange (PSX) has proposed to exempt capital gain tax (CGT) on disposal of securities by foreign investors. The PSX in its proposals for budget 2019/2020 on Thursday, recommended the exemption of CGT on disposal of securities by foreign investors. Giving rationale to its proposals, the PSX said that the exemption of CGT […]

by Faisal Shahnawaz

Apr 25

2019-2020, Budget, Taxation

KTBA, RTOs discuss budget proposals

KARACHI: The office bearers of Karachi Tax Bar Association (KTBA) discussed budget proposals 2019/2020 with Chief Commissioners of Inland Revenue on Wednesday. The chief commissioners Inland Revenue from Regional Tax Offices (RTOs) Karachi including Shafqat Kehar, Badaruddin Ahmed Qureshi and Muhammad Ali Khan. The chief commissioners visited the KTBA and met newly elected office bearers. […]

by Faisal Shahnawaz

FBR identifies retailers taking undue benefits of present registration requirement

Apr 22

2019-2020, Budget, Exclusive, Taxation

FBR identifies retailers taking undue benefits of present registration requirement

KARACHI: Federal Board of Revenue (FBR) has identified that large number of retailers are suppressing electricity consumption to avoid mandatory registration. A tax unit in Karachi in its budget proposals for fiscal year 2019/2020, asked the FBR Headquarters to review the present regime of sales tax registration for retailers as they were taking undue advantage. […]

by Faisal Shahnawaz

Freezing bank account, raid only on discovery of evasion: KCCI

Apr 18

2019-2020, Budget, Trade & Industry

Freezing bank account, raid only on discovery of evasion: KCCI

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has recommended that harsh measures of freezing bank account and raid should only be undertaken on discovery of massive tax evasion. A delegation of KCCI held discussions on Budget Proposals for Federal Budget 2019-2020 with Chairman Federal Board of Revenue (FBR) Jehanzaib Khan and his team at […]

by Faisal Shahnawaz

Doctors, lawyers earning huge money but not on tax net: FPCCI

Apr 16

2019-2020, Budget, Trade & Industry

Doctors, lawyers earning huge money but not on tax net: FPCCI

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the government to bring professionals into tax net as they are not documented despite earning huge money. In its proposals for Budget 2019/2020, the apex trade body said that the professionals including doctors and lawyers should be taxed as large number of those […]

by Faisal Shahnawaz

FBR may redefine motor vehicle for withholding tax collection

Apr 14

2019-2020, Budget, Exclusive, Taxation

FBR may redefine motor vehicle for withholding tax collection

KARACHI: Federal Board of Revenue (FBR) to recommend the government to redefine withholding tax on motor vehicles to bring construction and heavy vehicles into tax net. The FBR sources said that the FBR may propose amendment to Section 231B(7) of Income Tax Ordinance, 2001. This section presently defined motor vehicle, including car, jeep, van, sports, […]

by Faisal Shahnawaz

RTO Karachi recommends revival of minimum tax for commercial importers in budget 2019/2020

Apr 13

2019-2020, Budget, Exclusive, Taxation

RTO Karachi recommends revival of minimum tax for commercial importers in budget 2019/2020

KARACHI: Regional Tax Office (RTO) – II Karachi has recommended revival of minimum tax regime for commercial importers in the budget 2019/2020. According to budget proposals sent to Federal Board of Revenue (FBR), the RTO-II Karachi recommended that Final Tax Regime for commercial importers should be withdrawn as it was creating distortion in the taxation […]

by Faisal Shahnawaz

FPCCI recommends single digit sales tax rate

Apr 11

2019-2020, Budget, Trade & Industry

FPCCI recommends single digit sales tax rate

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed reducing sales tax to single digit from existing 17 percent. In its pre-budget conference on Wednesday, the apex trade body present its set of proposals for budget 2019/2020.

by Faisal Shahnawaz

FBR extends last date for submitting customs proposals for budget 2019/2020

Mar 19

2019-2020, Budget, Pakistan Customs, Taxation

FBR extends last date for submitting customs proposals for budget 2019/2020

ISLAMABAD: Federal Board of Revenue (FBR) has extended the last date for submitting customs related budget proposals for 2019/2020. In a notification to all chambers and association, the FBR said that the board issued a letter on January 25, 2019 for submitting customs proposals for budget 2019/2020. The proposals would cover three areas i.e. changes […]

by Faisal Shahnawaz