Withholding tax rate should be increased for immovable property purchase by non-filer

May 3

Budget 2020-2021

Withholding tax rate should be increased for immovable property purchase by non-filer

KARACHI: The withholding tax rate should be enhanced to 10 percent for non-filer purchaser of immovable property in the budget 2020/2021. Pakistan Business Council (PBC) in its budget proposals 2020/2021 recommended to increase the rate of withholding tax for unregistered and non-filers of income tax returns. The PBC recommended that advance income tax is collected […]

by Mrs. Anjum Shahnawaz

Massive under-invoicing by commercial importers destroying domestic industry: PBC

May 3

Massive under-invoicing by commercial importers destroying domestic industry: PBC

KARACHI: Pakistan Business Council (PBC) has said that massive under-invoicing especially by commercial Importers is destroying domestic industry. In its budget proposals for fiscal year 2020/2021, the PBC said that across the board massive under invoicing and dumping of imported products has been increasing. Information regarding values at which various custom check posts clear import […]

by Mrs. Anjum Shahnawaz

One percent sales tax proposed on every stage of supply chain

May 3

Budget 2020-2021

One percent sales tax proposed on every stage of supply chain

KARACHI: Business community has proposed imposing one percent sales tax on every stage of supply chain of five export oriented sector without input adjustment. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in its budget proposals for fiscal year 2020/2021 said that Finance Act, 2019 abolished zero rating regime extended to five major export […]

by Mrs. Anjum Shahnawaz

FPCCI suggests introducing taxpayers’ bill of rights

May 3

Budget 2020-2021, Trade & Industry

FPCCI suggests introducing taxpayers’ bill of rights

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has recommended introducing taxpayers’ bill of rights in the forthcoming budget. The apex trade body in its proposals for budget 2020/2021, said that the present situation of antagonism between the tax collection agencies and taxpayers needs to be reconciled through a democratic process and implementation […]

by Mrs. Anjum Shahnawaz

Immunity from audit against CNIC condition demanded

May 2

Budget 2020-2021, Trade & Industry

Immunity from audit against CNIC condition demanded

KARACHI: The business community has demanded the Federal Board of Revenue (FBR) to give immunity from audit against CNIC condition for tax year 2020. In its budget proposals for fiscal year 2020/2021, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) demanded amnesty from audit against Computerized National Identity Card (CNIC) condition for tax […]

by Mrs. Anjum Shahnawaz

FBR proposed to review regulatory duty regime to promote domestic industry

May 2

Budget 2020-2021

FBR proposed to review regulatory duty regime to promote domestic industry

KARACHI: Business community has urged the Federal Board of Revenue (FBR) to review existing regulatory duty regime in order to promote domestic industry. Pakistan Business Council (PBC) in its budget proposals 2020/2021 advised the FBR to review of the regulatory duty where domestic industry can expand and market its capacity to the export markets. The […]

by Mrs. Anjum Shahnawaz

Revival of sales tax zero rating suggested to ease liquidity problem

May 2

Budget 2020-2021

Revival of sales tax zero rating suggested to ease liquidity problem

KARACHI: Business community has recommended revival of zero rated sales tax for the export sector in the wake of difficulties faced following COVID-19. Pakistan Business Council (PBC) has suggested sales tax proposals for budget 2020/2021 to ease the pressure on the industry. It said that the proposal for bringing the five export sectors under the […]

by Mrs. Anjum Shahnawaz

Minimum tax collection should be suspended for two years

May 2

Budget 2020-2021, Trade & Industry

Minimum tax collection should be suspended for two years

KARACHI: Pakistan Business Council (PBC) has recommended suspending minimum tax under Section 113 of Income Tax Ordinance, 2001 considering the pandemic of COVID-19 and its impact on businesses. The PBC in its budget proposals 2020/2021, said that a turnover based minimum tax is fundamentally flawed in that it fails to take account of the industry […]

by Mrs. Anjum Shahnawaz

Introduction of registered savings, investment accounts proposed

May 2

Budget 2020-2021

Introduction of registered savings, investment accounts proposed

KARACHI: Pakistan Stock Exchange (PSX) has proposed introduction of registered savings and investment accounts (RSIAs) in the upcoming budget 2020/2021. In its budget proposals for the fiscal year 2020/2021, the PSX said that saving and investment are crucial for playing an important role in the process of socio-economic development through capital accumulations. Pakistan, besides facing […]

by Mrs. Anjum Shahnawaz

Apr 30

Budget 2020-2021, Stock & Commodity, Taxation

PSX proposes abolishing capital gains tax for two years

KARACHI: Pakistan Stock Exchange (PSX) has demanded eliminating Capital Gains Tax (CGT) for up to next two years in order to attract more foreign investment. The PSX in its tax proposals for budget 2020/2021 suggested the Federal Board of Revenue (FBR) to eliminate / reduce CGT for next 24 months or at a minimum align […]

by Mrs. Anjum Shahnawaz