Pakistan Revenue
Pakistan Budget 2020–2021 outlines key fiscal measures, tax reforms, and development priorities aimed at economic recovery, growth, and stability.
ISLAMABAD: The Finance Bill 2020 has made amendments to Customs Act, 1969 and made it mandatory for a person alleged of any offence is required to prove that property acquired by him is not from proceed of crime. The Finance Bill 2020 proposed to amend Section 187 of Customs Act, 1969. Following amendment has been […]
Continue Reading
ISLAMABAD: The Finance Bill 2020 has made amendments to Customs Act, 1969 and defined any concealment of currency or gold in passengers’ baggage shall be treated as smuggling. In this regard amendment made to Section 139 of Customs Act, 1969 through Finance Bill, 2020 issued on Friday. (Note: Amendments in red) 139. Declaration by passenger […]
Continue Reading
ISLAMABAD: The Finance Bill, 2020 issued on Friday has proposed tightening customs law to prevent fiscal fraud on imported goods.
Continue Reading
ISLAMABAD: An amount up to Rs5,000 has been exempted in case minimum total duty and taxes on imported goods. An amendment to Customs Act, 1969 has been introduced through Finance Bill, 2020 issued on Thursday. Through the amendment the minimum duty and taxes that is not demanded by the customs authorities have been increased to […]
Continue Reading
The total allocation for Pakistan’s national Public Sector Development Program (PSDP) has been set at Rs1,324 billion for the fiscal year 2020/2021, according to budget documents released on Friday. This allocation represents an 18 percent decrease compared to the Rs1,613 billion allocated in the outgoing fiscal year.
Continue Reading
ISLAMABAD: The federal government has decided sharp cut in subsidies during fiscal year 2020/2021. An amount of Rs209 billion has been allocated as subsidies for next fiscal year as compared with Rs349.5 billion of current fiscal year, showing reduction of 40 percent. According to budget documents for fiscal year 2020/2021 released on Thursday, a subsidy […]
Continue Reading
ISLAMABAD: Federal Board of Revenue (FBR) has been assigned 27 percent higher revenue collection target for fiscal year 2020 despite challenging economic conditions due to COVID-19. According to official documents of Budget 2020/2020, the FBR has been assigned revenue collection target of Rs4,963 billion during upcoming fiscal year as compared with expected current revenue collection […]
Continue Reading
ISLAMABAD: The government has introduced mechanism of advance ruling to facilitate importers and investors to ensure transparency in clearance process. Section 212B has been inserted to the Customs Act, 1969 through Finance Bill, 2020 to introduce advance ruling. Section 212B: Advance Ruling. (1) An applicant desirous of advance ruling shall make an application in such […]
Continue Reading
ISLAMABAD: Federal Minister for Industries and Production Hammad Azhar announced to exempt customs duties on import of industrial raw material. While presenting the Budget 2020/2021, the minister highlighted the key points of changes brought to Customs Act, 1990 through Finance Bill, 2020. He said that the government had initiated customs tariff rationalization during the last […]
Continue Reading
ISLAMABAD: Federal Board of Revenue (FBR) issued budget salient feature related to income tax presented through Finance Bill, 2020. INCOME TAX RELIEF MEASURES • Deletion of Withholding Taxes To augment efforts towards simplification of the withholding tax regime, the following withholding tax provisions are being deleted: Section 236R: Collection of advance tax on education related […]
Continue Reading