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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Pakistan Revenue delivers the latest taxation news, covering income tax, sales tax, and customs duty. Stay updated with insights on tax policies, regulations, and financial developments in Pakistan.
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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.
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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.
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Rs400 million penalty amount waived for clearance of stuck up goods at bonded warehouses
The penalty amount, totaling Rs400 million, has been waived for the clearance of goods held up in bonded warehouses.
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Changes to sales tax exemptions proposed
Changes to sales tax exemption have been proposed through Finance Supplementary (Second Amendment) Bill of 2019.
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FBR invites customs related budget proposals for 2019/2020
The Federal Board of Revenue (FBR) has invited customs related budget proposals for fiscal year 2019/2020.
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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).
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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.
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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.
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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.
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