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…)Category: Supplementary Budget 2019
Pakistan Supplementary Budget 2019 outlines additional fiscal allocations, revised expenditures, and financial adjustments to support government spending.
-
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…) -
Changes to sales tax exemptions proposed
Changes to sales tax exemption have been proposed through Finance Supplementary (Second Amendment) Bill of 2019.
(more…) -
Rs6.8 billion revenue loss estimated on implementation of reform package: FBR
An amount of Rs6.8 billion as revenue loss has been estimated on implementation of reform package by the Federal Board of Revenue (FBR).
(more…) -
FED rates revised for locally manufactured, imported vehicles
Federal Excise Duty (FED) rates have been revised for locally manufactured and imported vehicles through the Finance Supplementary (Second Amendment) Bill, 2019.
(more…) -
Sales tax rates revised for imported mobile phones
Sales tax rates have been revised for imported mobile phones. The new tax rates will also apply on local supply as well as registration of IMEI.
(more…) -
Sales tax refunds: 3-year promissory notes to bear 10 percent annual profit
Obtaining Sales tax refunds has been made easy as the government decided to issue 3-year promissory notes to bear 10 percent annual profit.
(more…) -
Finance Supplementary Bill: Major changes introduced to income tax
-
Finance Supplementary Bill: FBR issues salient features of sales tax and federal excise duty