Pakistan Revenue
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.
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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.
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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.
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Changes to sales tax exemption have been proposed through Finance Supplementary (Second Amendment) Bill of 2019.
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An amount of Rs6.8 billion as revenue loss has been estimated on implementation of reform package by the Federal Board of Revenue (FBR).
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Federal Excise Duty (FED) rates have been revised for locally manufactured and imported vehicles through the Finance Supplementary (Second Amendment) Bill, 2019.
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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.
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Obtaining Sales tax refunds has been made easy as the government decided to issue 3-year promissory notes to bear 10 percent annual profit.
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Finance Supplementary Bill: Major changes introduced to income tax have been announced by the Federal Board of Revenue (FBR).
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Finance Supplementary Bill: Federal Board of Revenue (FBR) has issued salient features of sales tax and federal excise duty proposed through Finance Supplementary (Second Amendment) Bill, 2019.
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