Cut in duty, taxes on tea import suggested to stop smuggling
KARACHI: The Federal Board of Revenue (FBR) has been suggested a drastic cut in duty and taxes on import of black to stop smuggling and increase revenue.
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Category: Budget 2022-2023
This category provides stories related to Budget 2022-2023. Check the latest updates on budget 2022-2023 at Pakistan Revenue as those appear.
KCCI proposes sales tax exemption to solar panels, inverters
Karachi Chamber of Commerce and Industry (KCCI) has proposed restoration of sales tax exemption on supply of solar panels and inverters. The KCCI in its proposals for budget 2022/2023 submitted to the Federal Board of Revenue (FBR), stated that solar panels and inverters were earlier granted zero rated of sales tax. READ MORE: FBR suggested […]
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FBR suggested automatic GD filing extension on system failure
KARACHI: The Federal Board of Revenue (FBR) has been urged to allow automatic extension for filing Goods Declaration (GDs) where traders unable to file due to system glitches. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2022/2023 informed the FBR that due to malfunctioning of the online filing system, Importers are […]
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KCCI proposes sales tax exemption to e-commerce
Karachi Chamber of Commerce and Industry (KCCI) has proposed sales tax exemption to e-commerce retailers to promote online business transactions in the country. The KCCI in its proposals for budget 2022/2023 submitted to the Federal Board of Revenue (FBR) said that through Clause 3(1)(c) a new Clause (18A) under Section 2 whereby a definition of […]
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Withholding tax on raw material import should be adjustable
KARACHI: The Federal Board of Revenue (FBR) has been suggested to allow adjustment of withholding income tax collected at import of raw material against the actual liability. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2022/2023 submitted to the FBR highlighted that by amendment to Section 148 of Income Tax Ordinance, […]
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KCCI suggests VAT removal for commercial importers
Karachi Chamber of Commerce and Industry (KCCI) has suggested the tax authorities to withdraw Value Added Tax (VAT) imposed on commercial importers in order to rectify anomaly in the law. The KCCI in its proposals for budget 2022/2023 submitted to the Federal Board of Revenue (FBR) said that a three per cent value addition sales […]
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FPCCI demands CNIC condition withdrawal
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday demanded the authorities to withdraw CNIC condition on transactions.
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FBR urged to wave further tax on providing CNIC number
KARACHI: The Federal Board of Revenue (FBR) has been urged to wave further tax where CNIC (Computerized National Identity Card) number is provided by unregistered supplier. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2022/2023 submitted to the FBR highlighted an issue stating an obvious anomaly is perpetuated by imposing 3 […]
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Tax exemption sought for plant, machinery import
KARACHI: The business community has sought exemption from withholding tax on import of plant and machinery in order to reduce the cost of doing business. Pakistan Business Council (PBC) in its proposals for budget 2022/2023 submitted to Federal Board of Revenue (FBR), said that Section 148 (1) of Income Tax Ordinance, 2001 covers advance tax […]
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FBR urged to audit income of commercial importers
KARACHI: The Federal Board of Revenue (FBR) has been urged to audit sales and income of commercial importers in order to discourage under-invoicing and misdeclaration for tax evasion. The Pakistan Business Council (PBC) in its proposals for budget 2022/2023 submitted to the FBR, recommended measures to stop under-invoicing by commercial importers. The PBC suggested: “Monthly […]
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