Category: Budget 2020-2021
Finance ministry issues strategy for release of funds for development budget
ISLAMABAD: The finance ministry on Wednesday issued strategy for release of funds for development budget during fiscal year 2020/2021. The undersigned is directed to refer to the subject mentioned above […]
Cash withdrawal should be exempted from withholding tax; Senate recommends key changes in Finance Bill 2020
ISLAMABAD: The Senate of Pakistan has recommended the government to abolish withholding tax on cash transactions from banks. In its key tax recommendations for finalizing budget 2020/2021, the Senate recommended […]
Senate advises salary increase by 10 percent
ISLAMABAD: The Senate of Pakistan has recommended increase in salary of government employees by at least 10 percent for fiscal year starting July 01, 2020. As per the general consensus […]
Senate recommends tobacco must be treated as crop, exempted from duty/taxes
ISLAMABAD: The Senate of Pakistan has recommended that tobacco must be treated as a crop and must be exempted from duty and taxes. In its recommendations to Finance Bill 2020, […]
Tax collection target of Rs4.96 trillion for 2020/2021 achievable
ISLAMABAD: Hammad Azhar, Minister for Industries and Production, has said that the tax collection target of Rs4.96 trillion assigned to Federal Board of Revenue (FBR) during next fiscal year is […]
Banks to provide information of all recipients of profit on debt
KARACHI: The Federal Board of Revenue (FBR) to ask banks to provide information of all persons receiving profit on debt from July 01, 2020. To implement this an amendment has […]
Tax deduction allowed on salary up to Rs25,000 paid in cash
KARACHI: The Finance Bill 2020 has proposed major changes related to tax deduction in order to provide relief to business community. Under the proposed amendments the threshold amount has been […]
Exemption from withholding tax on foreign remittances may not practical for banks
KARACHI: The government has granted withholding tax exemption on transfer of foreign remittances to Pak Rupee accounts. But tax experts said that bifurcating transactions for banks may not be practical. […]
Restoration of multiple years audit to burden taxpayers
KARACHI: Business community has criticized the government for eliminating condition of conducting audit once in three-year period. Overseas Investors Chamber of Commerce and Industry (OICCI) highlighted anomalies in the Finance […]
Foreign investors express concerns on proposed rates for imported raw materials
KARACHI: Foreign investors have raised concerns over the proposed tax rates on import of raw materials. Overseas Chamber of Commerce and Industry (OICCI), which is represented of foreign investors and […]