ISLAMABAD: The federal government has allowed non-filers of income tax returns to purchase of locally assembled motor vehicles of any engine capacity.
(more…)Category: Budget
This is parent category of budgets presented by Pakistan government. Here you will find year-wise federal and provincial budgets.
-
Refund should have no nexus with revenue targets: FTO
ISLAMABAD: The office of Federal Tax Ombudsman (FTO) has advised Federal Board of Revenue (FBR) to set its targets rationally and refunds should have no nexus with revenue targets.
“To link accountability to performance, compensation for delayed refund be ensured as delay has its own cost,” the FTO office said in its suggestion for budget 2019/2020.
Refunds data should be placed on website, showing chronological sequence of status and settlement.
It further said that the collection of Customs duty on challans, in advance, for the sake of targets, should be stopped. It also said that regulatory duties kill economic activity.
Instead of more focus on the rates of taxes, FBR should pay more emphasis on stimulation of economic activity.
Recommendations of separate Customs and IR Board given in ISAF Container scandal should be implemented, it said.
The above mentioned suggestions were sent to Chairman FBR with the note that FTO’s office regards proposals worthwhile to be considered at the time of next budgetary exercise.
As part of annual consultation to provide well thought-out advice, from a common citizen as well as expert perspective, to the FTO and FBR, meeting of the Rawalpindi/Islamabad based members of Advisory Committee was held in the Conference Room of the FTO office on December 27, 2018.
The Federal Tax Ombudsman welcomed the participants and briefed them about the purpose of meeting which was to give recommendations for improvement in system and proposals for next budget.
The conference was attended by Salman Nabi, Former Chairman, National Tariff Commission, Muhammad Sulaiman Khan, Ex-Member Customs and Former Advisor FTO Secretariat, Zaheer-u-Din Dar, Consultant, Zikria A. Zia, Resident Director AGE Cables, Muhammad Siddique, Former Advisor, FTO Secretariat, Najeeb R. Abbasi, Advocate High Court, Shabaz Rana, Economic Correspondent, The Express Tribune, Muhammad Azeem Siddiqi, Bureau Chief, Khyber News, M. Naeem Siddiqi, Chairman ST, IT and FBR Affairs Subcommittee.
Tariq Ahad Nawaz, Advisor (Research) FTO Office, apprised the audience about the efforts made by the office of the FTO in the area of recommendations sent to FBR for streamlining the systemic issues and performance of the FTO office.
In the open house discussion, the debate resulted in some very useful recommendations for improvement of the system.
-
FBR invites income tax proposals for budget 2019-2020
The Federal Board of Revenue (FBR) has taken a proactive step towards fostering collaboration and seeking valuable input from the business community for the upcoming budget 2019-2020.
(more…) -
Bill focuses very low on revenue collection: former FBR Member
KARACHI: The Finance Supplementary (Second Amendment) Bill, 2019, presented by the PTI government, is perceived to have a nominal impact on revenue collection, with a predominant focus on stimulating industrial growth.
(more…) -
Bill to further empower FBR to tighten noose around undisclosed offshore assets
ISLAMABAD – The Federal Board of Revenue (FBR) has announced a significant move to enhance its authority in dealing with undisclosed offshore assets, as outlined in the proposals of the Finance Supplementary (Second Amendment) Bill, 2019.
(more…) -
FBR asks business community to suggests measures to stop tax fraud
The Federal Board of Revenue (FBR) has reached out to the business community, urging them to propose measures aimed at eliminating tax evasion, counterfeit invoices, and plugging existing loopholes in the tax system.
(more…) -
Reform package exempts withholding tax for rupee accounts receiving foreign remittances
KARACHI: The new reform package has allowed exemption from collection of withholding tax on cash withdrawals from a bank account maintained in local currency where deposits are made through foreign remittances.
(more…) -
Bill proposes valuation in US Dollar for imported mobile phones to collect smart phone levy
KARACHI – The Finance Supplementary (Second Amendment), 2019 has introduced a proposed overhaul in the valuation and levy structure for imported mobile phones, shifting from Pakistani Rupees to US Dollars.
(more…) -
Customs, regulatory duties on 135 tariff lines to be reduced / eliminated for raw materials
In a major move aimed at boosting both the export sector and domestic industrial production, the Pakistani government has unveiled plans to eliminate or reduce customs duty, additional customs duty, and regulatory duty on 135 tariff lines associated with crucial raw materials.
(more…)
