FBR proposed revamping withholding tax regime, reducing to five rates

May 7

Budget 2020-2021

FBR proposed revamping withholding tax regime, reducing to five rates

KARACHI: Federal Board of Revenue (FBR) has been proposed to revamped withholding tax regime and reduced the number of withholding tax rates to maximum five. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for fiscal year 2020/2021 highlighted withholding tax as one of the key irritant for compliant tax payer. It said […]

by Mrs. Anjum Shahnawaz

General rate of minimum tax proposed at 0.5 percent

May 7

General rate of minimum tax proposed at 0.5 percent

KARACHI: Federal Board of Revenue (FBR) has been proposed to reduce the general rate of minimum tax to 0.5 percent in the upcoming budget 2020/2021. In its proposals for budget 2020/2021, the Overseas Investors Chamber of Commerce and Industry (OICCI) has recommended to review minimum tax regime. It said that standard rate of minimum tax […]

by Mrs. Anjum Shahnawaz

Reducing corporate tax to 25 percent recommended

May 7

Budget 2020-2021

Reducing corporate tax to 25 percent recommended

KARACHI: Federal Board of Revenue (FBR) has been urged to gradually reduce the corporate tax rate to 25 percent by tax year 2023. Overseas Investors Chamber of Commerce and Industry (OICCI) in its tax proposals for budget 2020/2021 recommended consolidation of all federal taxes in one lump sum. The government previously announced a policy for […]

by Mrs. Anjum Shahnawaz

Export tariffs, tax slabs may not change in budget: Razak Dawood

May 6

Budget 2020-2021, Taxation

Export tariffs, tax slabs may not change in budget: Razak Dawood

ISLAMABAD: The government may not change export tariffs and tax slabs in the forthcoming budget, said Abdul Razak Dawood, Advisor to the Prime Minister on Commerce and Investment. The state media reported on Tuesday quoting the advisor that the government might not change export tariffs and tax slabs in the upcoming budget 2020-2021. He said […]

by Faisal Shahnawaz

PSX proposes tax relief for exchange traded fund

May 5

Budget 2020-2021

PSX proposes tax relief for exchange traded fund

KARACHI: Pakistan Stock Exchange (PSX) has proposed Exchange Traded Funds, transfer of Portfolio (basket of securities) from Authorized Participant (AP) to ETF’s Account should not be treated as disposal. In its proposal for budget 2020/2021, the PSX suggested that in order to facilitate the market for Exchange Traded Funds, transfer of Portfolio (basket of securities) […]

by Mrs. Anjum Shahnawaz

FPCCI suggests measures to broaden tax base, improving tax to GDP ratio

May 5

Budget 2020-2021, Trade & Industry

FPCCI suggests measures to broaden tax base, improving tax to GDP ratio

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has suggested measures to broaden tax base and improving tax to GDP ratio. The apex trade body in its proposals for fiscal year 2020/2021, said that at present the total numbers of NTN holders in Pakistan are over 4 million. However, the FBR has miserably […]

by Faisal Shahnawaz

Exemption from withholding tax at import stage suggested

May 5

Budget 2020-2021

Exemption from withholding tax at import stage suggested

KARACHI: Pakistan Business Council (PBC) has suggested the tax authorities to exempt withholding tax at import stage for avoiding generation of tax refunds and expansion of industry. In its proposals for budget 2020/2021, the PBC recommended exemption from collection of withholding tax under section 148 at import stage and exemption for manufacturing concerns under Section […]

by Faisal Shahnawaz

May 4

Budget 2020-2021, Stock & Commodity

PSX proposes funded pension scheme

KARACHI: Pakistan Stock Exchange (PSX) has proposed funded pension scheme that should offer old age benefits to retired employees at public sector enterprises and government workers, without putting burden on the annual budget. At present, Pakistan’s pension scheme for government employees is an un-funded, pay-as-you-go scheme. Government of Pakistan exclusively finances the pension expenditure by […]

by Faisal Shahnawaz

Misuse of Afghan transit trade should be checked

May 4

Budget 2020-2021

Misuse of Afghan transit trade should be checked

KARACHI: 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. Pakistan Business Council (PBC) in its proposals for budget 2020/2021 said that smuggled goods through the borders of Afghanistan, Iran China, India and the Afghan Transit Trade form a […]

by Faisal Shahnawaz