FBR urged to restore group tax laws in actual form

May 28

Budget 2021-2022, Taxation, Trade & Industry

FBR urged to restore group tax laws in actual form

KARACHI: Pakistan Business Council (PBC) has urged the Federal Board of Revenue (FBR) to restore laws related to group taxation in the initial form as introduced via Finance Act 2007 and Finance Act 2008. In its proposals for budget 2021/2022, the business council said that most recently, via Income Tax Laws (Second Amendment) Ordinance, 2021, […]

by Mrs. Anjum Shahnawaz

Business Council identifies anomalies in minimum tax regime

May 28

Budget 2021-2022, Taxation, Trade & Industry

Business Council identifies anomalies in minimum tax regime

KARACHI: Pakistan Business Council (PBC) has identified anomalies in minimum tax rates and demanded the levy should be abolished. In its budget proposals for 2021/2022 submitted to the Federal Board of Revenue (FBR) the council said that the rate of minimum tax of 1.5 percent is extremely high and unrealistic. It identified that as per […]

by Mrs. Anjum Shahnawaz

PBC suggests rationalizing sales tax regime

May 28

Budget 2021-2022, Trade & Industry

PBC suggests rationalizing sales tax regime

KARACHI: Pakistan Business Council (PBC) has suggested rationalizing sales tax regime as higher standard rate of 17 percent is discouraging documentation. In its proposals for budget 2021/2022, the PBC said that the high standard tax rate of 17 percent has led to low registration of less than 200,000 while income tax filers are about 2. […]

by Mrs. Anjum Shahnawaz

Stock exchange recommends 20 percent tax credit for listed companies

May 27

Budget 2021-2022, Stock & Commodity

Stock exchange recommends 20 percent tax credit for listed companies

KARACHI: Pakistan Stock Exchange (PSX) has recommended a 20 percent tax credit should be granted to listed companies in order to encourage documentation of the economy. In its proposals for budget 2021/2022, the PSX said that it is generally observed that when companies opt for a listing on a stock exchange, their profits grow substantially […]

by Mrs. Anjum Shahnawaz

KTBA recommends abolishing alternative corporate tax

May 27

Budget 2021-2022, Taxation

KTBA recommends abolishing alternative corporate tax

KARACHI: Tax practitioners have recommended to abolish alternative corporate tax (ACT) in the budget 2021/2022 as the levy is increasing cost of doing business. The tax bar in its proposals for the upcoming budget 2021/2022 recommended to abolish the ACT. As per section 113C of the Income Tax Ordinance, 2001, tax payable by company subject […]

by Mrs. Anjum Shahnawaz

Finance ministry, IMF meeting to finalize budget proposals

May 27

Budget 2021-2022, Finance

Finance ministry, IMF meeting to finalize budget proposals

ISLAMABAD: An important meeting of the ministry of finance with representatives of International Monetary Fund (IMF) will be held today evening (Thursday evening) to finalize the recommendations for budget 2021/2022. Senior officials of the ministry of finance, three representatives, including country head, of IMF and senior officials of Federal Board of Revenue (FBR) will attend […]

by Mrs. Anjum Shahnawaz

FBR urged to reintroduce income tax credit on registered sales

May 27

Budget 2021-2022, Taxation

FBR urged to reintroduce income tax credit on registered sales

KARACHI: Federal Board of Revenue (FBR) has been urged to reintroduce income tax credit on registered sales in order to provide incentive to documentation of economy and increase the tax base. Karachi Tax Bar Association (KTBA) in its recommendations for budget 2021/2022 submitted to the FBR proposed the reintroduction of tax credit on registered sales. […]

by Mrs. Anjum Shahnawaz

May 25

Budget 2021-2022, Stock & Commodity

Stock exchange recommends elimination of minimum tax

KARACHI: Pakistan Stock Exchange (PSX) has recommended elimination of minimum tax regime for listed companies in order to promote documentation in the country. The PSX in its proposals for budget 2021/2022 recommended the elimination of minimum tax regime for listed companies. It said that though the concept of minimum tax is prevalent in a few […]

by Mrs. Anjum Shahnawaz

KTBA presents proposals for budget 2021/2022

May 25

Budget 2021-2022, Taxation

KTBA presents proposals for budget 2021/2022

KARACHI: Karachi Tax Bar Association (KTBA) on Tuesday presented proposals for budget 2021/2022 to the Federal Board of Revenue (FBR). In its proposals the KTBA said that the tax-to-GDP ratio was a soaring issue for country’s economic managers. “On the other hand, tax measures undertaken in Pakistan have traditionally created higher taxation on formal economy […]

by Mrs. Anjum Shahnawaz

Karachi Tax Bar suggests reduction in corporate tax rate

May 25

Budget 2021-2022, Taxation

Karachi Tax Bar suggests reduction in corporate tax rate

KARACHI: Karachi Tax Bar Association (KTBA) on Tuesday suggested reduction of corporate tax rate to 25 percent from existing 29 percent in order to promote documentation of economy and discouraging tax evasion. The KTBA in its recommendations for the budget 2021/2022, stated that currently corporate rate of tax in Pakistan is 29 percent which due […]

by Mrs. Anjum Shahnawaz