Concealment of currency, gold in baggage to be treated as smuggling

Jun 13

Budget 2020-2021

Concealment of currency, gold in baggage to be treated as smuggling

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 […]

by Mrs. Anjum Shahnawaz

Law tightened to prevent fiscal fraud on imported goods

Jun 13

Law tightened to prevent fiscal fraud on imported goods

ISLAMABAD: The Finance Bill, 2020 issued on Friday has proposed tightening customs law to prevent fiscal fraud on imported goods. The bill proposed amendment to Section 32A of Customs Act, 1969 which is related to fiscal fraud. A new clause (ca) has been proposed to insert to the section, which is: “(ca) declares value which […]

by Mrs. Anjum Shahnawaz

Duty, taxes up to Rs5,000 exempted on imported goods

Jun 13

Budget 2020-2021, Pakistan Customs

Duty, taxes up to Rs5,000 exempted on imported goods

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 […]

by Mrs. Anjum Shahnawaz

Development expenditures slashed by 18pc; federal PSDP pitched at Rs650bn

Jun 13

Budget 2020-2021

Development expenditures slashed by 18pc; federal PSDP pitched at Rs650bn

ISLAMABAD: The total allocation for national public sector development program (PSDP) has been pitched at Rs1,324 billion for fiscal year 2020/2021, according to budget documents released on Friday. The total allocated amount is 18 percent lower when compared with Rs1,613 billion allocation for outgoing fiscal year. The PSDP is the main instrument for improving the […]

by Mrs. Anjum Shahnawaz

Subsidies sharply cut by 40pc for next fiscal year

Jun 13

Budget 2020-2021

Subsidies sharply cut by 40pc for next fiscal year

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 […]

by Mrs. Anjum Shahnawaz

FBR assigned 27 percent higher revenue collection target in 2020/2021

Jun 13

Budget 2020-2021, Taxation

FBR assigned 27 percent higher revenue collection target in 2020/2021

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 […]

by Mrs. Anjum Shahnawaz

Advance ruling in Customs laws introduced

Jun 12

Budget 2020-2021, Pakistan Customs

Advance ruling in Customs laws introduced

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 […]

by Mrs. Anjum Shahnawaz

Customs duty exempted on import of industrial raw material

Jun 12

Budget 2020-2021, Pakistan Customs

Customs duty exempted on import of industrial raw material

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 […]

by Mrs. Anjum Shahnawaz

Budget salient features related to Income Tax

Jun 12

Budget 2020-2021, Taxation

Budget salient features related to Income Tax

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 […]

by Mrs. Anjum Shahnawaz

Budget salient features related to Sales Tax, FED

Jun 12

Budget 2020-2021, Taxation

Budget salient features related to Sales Tax, FED

ISLAMABAD: Federal Board of Revenue (FBR) issued budget salient feature related to sales tax and federal excise duty (FED) presented through Finance Bill, 2020. RELIEF MEASURES The minimum threshold of supplies by retailers for obtaining CNIC of the buyers is proposed to be increased from Rs 50,000 to 100,000; In wake of COVID-19, the Federal […]

by Mrs. Anjum Shahnawaz