Finance Bill 2019: Final Tax Regime withdrawn

Jun 12

2019-2020, Budget, Taxation

Finance Bill 2019: Final Tax Regime withdrawn

ISLAMABAD: The government has decided to withdraw Final Tax Regime (FTR) and bring various sectors into the documented economy. The FTR has been proposed to be abolished through Finance Bill, 2019 as part of budget 2019/2020, which was presented on Tuesday. The Federal Board of Income tax by its inherent nature is tax charged and […]

by Faisal Shahnawaz

Finance Bill 2019: Tax card for business individuals, salary income less than 75pc for tax year 2020

Jun 12

2019-2020, Budget, Taxation

Finance Bill 2019: Tax card for business individuals, salary income less than 75pc for tax year 2020

ISLAMABAD: The government has proposed new tax slabs for business individuals in tax year 2020 through Finance Bill 2019. The tax card will also be applicable in case of salary persons where total salary income is less than 75 percent of the total income. The Finance Bill 2019 was presented on Tuesday as part of […]

by Faisal Shahnawaz

Finance Bill 2019: Salary Tax card for tax year 2020

Jun 12

2019-2020, Budget, Taxation

Finance Bill 2019: Salary Tax card for tax year 2020

ISLAMABAD: The government has withdrawn tax incentives to salary persons and introduces massive changes in the tax card for salaried persons through Finance Bill 2019. The tax exempt salary income has been increased from Rs400,000 to Rs600,00 for tax year 2020. For salaried individuals deriving income exceeding Rs.600,000, eleven taxable slabs with progressive tax rates […]

by Mrs. Anjum Shahnawaz

Budget 2019/2020: Salient features of income tax

Jun 12

2019-2020, Budget, Taxation

Budget 2019/2020: Salient features of income tax

ISLAMABAD: The federal government has announced various revenue and relief measures in income tax regime in the budget 2019/2020. Following measures has been announced: Relief Measures Payment of refunds through promissory notes: Huge amounts claimed by taxpayers are stuck up in refunds causing a liquidity crunch for businesses. These refunds have accumulated over a long […]

by Mrs. Anjum Shahnawaz

Budget 2019/2020: Measures related to sales tax, federal excise

Jun 12

2019-2020, Budget, Taxation

Budget 2019/2020: Measures related to sales tax, federal excise

ISLAMABAD: The federal government has announced various budgetary measures in sales tax and federal excise for fiscal year 2019/2020. The budgetary measures pertaining to Sales Tax & Federal Excise are primarily aimed at: RELIEF MEASURES 01. Expansion in scope of exemption allowed in respect of Tribal Areas To settle the post FATA/PATA merger scenario and […]

by Mrs. Anjum Shahnawaz

Budget 2019/2020: Salient features of customs duty

Jun 12

2019-2020, Budget, Pakistan Customs, Taxation

Budget 2019/2020: Salient features of customs duty

ISLAMABAD: The government has announced changes in customs duty regime which included relief and revenue measures. RELIEF MEASURES 1. To standardize printing and preservation of Holy Quran, import of good quality duty free Art paper is being allowed. 2. Exemption of CD on 18 medicinal inputs/items 3. Exemption of CD on Modular/ Particle Free Operation […]

by Mrs. Anjum Shahnawaz

Budget 2019/2020: Rs951 billion allocated for PSDP

Jun 12

2019-2020, Budget, Finance

Budget 2019/2020: Rs951 billion allocated for PSDP

ISLAMABAD: The federal government has allocated Rs951 billion for development projects under Public Sector Development Program (PSDP) for fiscal year 2019/2020. In his budget 2019/2020 speech State Minister for Revenue Hammad Azhar said that the government has allocated Rs951 billion for federal PSDP, which was Rs500 billion in the ongoing fiscal year. This year, the […]

by Mrs. Anjum Shahnawaz

Budget 2019/2020: No SBP borrowing from July 01

Jun 12

2019-2020, Budget, Finance

Budget 2019/2020: No SBP borrowing from July 01

ISLAMABAD: The government has decided not to borrow from State Bank of Pakistan (SBP) from July 01, 2019 due to high inflation concerns. State Minister for Revenue Hammad Azhar while presenting budget 2019/2020 has said that the government would take all possible measures for minimal increase in prices. If, however due to movement in international […]

by Mrs. Anjum Shahnawaz

Budget 2019/2020: Rs5,550 billion tax collection target set to reduce fiscal deficit

Jun 12

2019-2020, Budget, Finance

Budget 2019/2020: Rs5,550 billion tax collection target set to reduce fiscal deficit

ISLAMABAD: State Minister for Revenue Muhammad Hammad Azhar on Tuesday said that the government has set a challenging target of Rs5,550 billion revenue collection target for Federal Board of Revenue (FBR) in order to reduce the fiscal deficit. Presenting budget for fiscal year 2019/2020 on floor of house, the state minister said that by reducing […]

by Mrs. Anjum Shahnawaz

Budget 2019/2020: sales tax zero-rating abolished

Jun 11

2019-2020, Budget, Taxation

Budget 2019/2020: sales tax zero-rating abolished

ISLAMABAD: The government has abolished sales tax zero-rated by rescinding SRO 1125(I)/2011 for export sectors. However, new mechanism of refund has been introduced which would be paid at the time of realization of exports. SRO 1125(I)/2011 provides for zero-rate of sales tax on inputs and products of five export-oriented sectors i.e. textile, leather, carpets, sports […]

by Faisal Shahnawaz