PTBA recommends restoring Rs1.2 million threshold for salaried persons
KARACHI: Pakistan Tax Bar Association (PTBA) has recommended to restore basic threshold of Rs1,200,000 for salaried persons in the budget 2020/2021.
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Category: Budget 2020-2021
Pakistan Budget 2020–2021 outlines key fiscal measures, tax reforms, and development priorities aimed at economic recovery, growth, and stability.
COVID levy on wealth of individuals, AOPs under consideration
ISLAMABAD: In order to generate revenue in the wake of coronavirus pandemic the government is considering to impose COVID levy, which may be on the wealth of individuals and Association of Persons (AOPs), sources said. The sources said that the levy may be collected up to one percent of Rs100 million wealth declared by individuals […]
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FBR urged to allow tax holiday on import of industrial raw material
KARACHI: Federal Board of Revenue (FBR) has been urged to allow tax holiday to import of industrial raw material in order to help the country to fetch much needed foreign exchange through enhanced exports. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2020/2021 submitted to the FBR, said that Pakistan’s exports […]
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Budget 2020/2021 preview: Ambitious tax collection target likely with less weight on documentation
KARACHI: The government likely to set an ambitious revenue collection target for budget 2020/2021 with less focus on documentation of economy in order to promote business. According to Budget 2020/2021 preview released by Topline Securities on Thursday, the government is expected to announce the Federal Budget for FY21 on June 12, 2020. The budget is […]
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FBR officials treat taxpayers as criminal using search powers
KARACHI: Business community has resented the use of powers related to search by Inland Revenue officers and treating registered taxpayers as criminal. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2020/2021 demanded amending such provisions to avoid such misuse of powers. The KCCI while highlighting provision Section 40 of Sales Tax […]
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Proposed powers for reopening past 10 years tax cases rejected
KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Wednesday said it will oppose any move to grant powers to tax officials regarding opening cases of past 10 years.
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FBR recommended to reduce record retention period to three years
KARACHI: Federal Board of Revenue (FBR) has been recommended to reduce the time limit to past three years for retention of sales tax record. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2020/2021 submitted to the FBR, highlighted the issue of Section 24 of Sales Tax Act, 1990, which required retention […]
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FBR advised tracing unregistered persons instead collecting further tax
KARACHI: Federal Board of Revenue (FBR) has been urged to trace unregistered persons instead collecting three percent further sales tax on local supplies.
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PM directs providing all possible incentives in budget 2020/2021
ISLAMABAD: Prime Minister Imran Khan on Monday directed the authorities to provide all possible incentives in budget 2020/2021 to industry for job creations and moving the wheels of the economy. The prime minister chaired a meeting to discuss the objectives and considerations for the forthcoming budget 2020/2021. The meeting was attended by Foreign Minister Shah […]
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Bilingual one-page income tax return form advised
KARACHI: Federal Board of Revenue (FBR) has been advised to make one-page simple income tax return form and that should be available in Urdu and English to facilitate taxpayers. In its proposals for budget 2020/2021, the Karachi Chamber of Commerce and Industry (KCCI) said that every year changes are made in income tax form and […]
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