Pakistan Revenue
The FBR released crucial details on Thursday regarding the transformative changes brought to the Customs duty regime through the Finance Supplementary (Second Amendment) Bill, 2019, which was presented on January 23, 2019. These modifications are poised to impact various sectors and streamline the country’s trade policies.
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Reduced income tax rate of Rs5,000 for marriage halls has been announced by the government in a move aimed at providing relief to individuals.
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Pakistan has decided that only non-filers of income tax returns will pay withholding tax on cash and non-cash banking transactions.
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New withholding tax card has been prompted for imported mobile phones with the aim to standardize tax obligations by importers.
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In a move to bolster revenues and streamline the tax structure, the Pakistani government has increased the super tax rate for banking companies to 4 percent until the tax year 2021.
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No advance tax on sale and purchase of shares will be imposed from February 01, 2019 by the government of Pakistan.
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Setting up transfer pricing directorate for determining arm’s length transactions has been withdrawn by the government of Pakistan.
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Non-filers of income tax return have been allowed to purchase motor vehicle on enhanced tax rates, according to a federal minister of Pakistan.
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Withholding agents have been relaxed and they are now required filing statements biannually, according to new amendments introduced by the government of Pakistan.
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Minimum tax regime has been withdrawn on commercial imports by the government of Pakistan. The importers of finished goods were subject to pay 5 percent minimum tax.
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