Pakistan Revenue
Pakistan Budget 2021–2022 outlines total outlay, key fiscal measures, tax reforms, development spending, and economic growth targets.
KARACHI: Federal Board of Revenue (FBR) has been urged to abolish withholding tax and minimum tax for commercial importers in the upcoming budget 2021/2022. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for the upcoming budget said that commercial Importers of raw material pay withholding tax at 2 percent up to 5.5 percent […]
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KARACHI: Federal Board of Revenue (FBR) has transferred jurisdiction of big volume taxpayers to Corporate Tax Office (CTO) instead of dedicated tax offices for big taxpayers i.e. Large Taxpayers Office (LTO). Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2021/2022 pointed out that the FBR had created new LTOs which deal […]
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KARACHI: Federal Board of Revenue (FBR) has been urged to authorized commissioner appeals to grant stay up to 90 days instead existing 15 days. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2021/2022 said that currently Commissioner (Appeals) grants stay for 15 days only and after expiry of the stay the […]
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ISLAMABAD: The tax authorities are working on major reforms in personal income tax to be introduced through budget 2021/2022.
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KARACHI: Federal Board of Revenue (FBR) has been urged to revise slabs of engine capacity of motor cars to give benefit to buyers in payment of withholding tax. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2021/2022 submitted to the FBR, said that advance tax under section 231B of Income […]
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KARACHI: Federal Board of Revenue (FBR) has been urged to reduce minimum tax rate for chemical companies having large turnover with low profit margins. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2021/2022 submitted to the FBR, recommended that minimum tax rate should be reduced to 0.2 percent for large […]
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KARACHI: Foreign investors have recommended that corporate tax rates for the banking sector should be aligned with other sectors. At present the banking sector is paying 35 percent corporate tax rate as compared with 29 percent corporate tax rate for other sectors. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget […]
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KARACHI: Federal Board of Revenue (FBR) has been urged to abolish withholding tax rate at 12 percent on telecom services to promote the accessibility of internet/data services to the low-income group. Similarly, Federal Excise Duty (FED) is charged at 17 percent on telecom services which is on higher side as compared to other sectors, and […]
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KARACHI: Foreign investors operating in Pakistan have demanded to clear all pending sales tax refunds in next six months. Overseas Investors Chamber of Commerce and Industry (OICCI), the representative body of foreign investors, in its proposals for budget 2021/2022 demanded that all pending tax refund be cleared within next six months in an orderly/ prearranged […]
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KARACHI: Federal Board of Revenue (FBR) has been urged to exempt listed companies from electronic surveillance of business and records. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2021/2022 said that through SRO 888 of 2020 dated September 21, 2020, a new chapter was introduced in Sales Tax Rules, 2006 […]
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