Concealment of currency, gold in baggage to be treated as smuggling

Jun 13

Budget 2020-2021

Concealment of currency, gold in baggage to be treated as smuggling

ISLAMABAD: The Finance Bill 2020 has made amendments to Customs Act, 1969 and defined any concealment of currency or gold in passengers’ baggage shall be treated as smuggling. In this regard amendment made to Section 139 of Customs Act, 1969 through Finance Bill, 2020 issued on Friday. (Note: Amendments in red) 139. Declaration by passenger […]

by Mrs. Anjum Shahnawaz

CNIC condition not applicable on purchases below Rs50,000

Jul 11

2019-2020, Budget

CNIC condition not applicable on purchases below Rs50,000

KARACHI: The condition of providing CNIC details is not applicable on purchases up to Rs50,000 by a person, said Zeeshan Merchant, former vice president of Karachi Tax Bar Association (KTBA).

by Mrs. Anjum Shahnawaz

Jul 9

2019-2020, Budget

Key points of Pakistan’s revenue driven fiscal consolidation

KARACHI: The International Monetary Fund (IMF) has highlighted points of Pakistan’s budget 2019/2020 which envisaged a substantial revenue driven fiscal consolidation. “The FY 2019/20 budget envisages a substantial fiscal consolidation. The primary deficit is expected to decline to 0.6 percent of GDP, from estimated 1.8 percent of GDP in FY 2018/2019,” the IMF said in […]

by Mrs. Anjum Shahnawaz

Reduced sales tax rates on supply of gold, jewelry imposed

Jul 8

2019-2020, Budget, Taxation

Reduced sales tax rates on supply of gold, jewelry imposed

The Federal Board of Revenue (FBR) has introduced significant amendments through the Finance Act, 2019, bringing gold, jewelry, and other precious articles into the sales tax ambit by implementing reduced rates on supplies.

by Mrs. Anjum Shahnawaz

Aviation industry allowed duty free import of aircraft, spare parts

Jul 6

2019-2020, Budget, Pakistan Customs

Aviation industry allowed duty free import of aircraft, spare parts

KARACHI: Federal Board of Revenue (FBR) has allowed duty free import of aviation related goods including aircraft and spare parts under National Aviation Policy 2015. According to Finance Act, 2019 following goods related to aviation have been allowed duty free import: 1. Aircraft HS Code 8802.4000 at zero percent customs duty under condition whether imported […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: FED imposed on all imported vehicles

Jul 5

2019-2020, Budget, Taxation

Finance Act 2019: FED imposed on all imported vehicles

KARACHI: The government has imposed federal excise duty on all imported vehicles through Finance Act, 2019, which is inline with the levy of excise duty on locally manufactured vehicles. According to commentary on Finance Act, 2019 by PwC A F Ferguson Chartered Accountants, previously, excise duty was leviable only on imported motor vehicles/SUVs having engine […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: CNIC condition for sales tax invoices applicable from August 01

Jul 5

2019-2020, Budget, Taxation

Finance Act 2019: CNIC condition for sales tax invoices applicable from August 01

KARACHI: The condition of obtaining CNIC number for unregistered persons at the time of supplies by registered person will be applicable from August 01, 2019. The condition has been proposed to be applicable from July 01, 2019 through Finance Bill 2019. However, through Finance Act, 2019 this condition now will be applicable from August 2019. […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: Capital gain tax on immovable properties exempted on holding period above 8 years

Jul 5

2019-2020, Budget, Taxation

Finance Act 2019: Capital gain tax on immovable properties exempted on holding period above 8 years

KARACHI: The government has exempted the capital gain tax on immovable property where holding period is above eight years. The amendment has been brought through Finance Act, 2019 as it was proposed 10 years through Finance Bill 2019. According to commentary on Finance Act, 2019 by PwC A F Ferguson Chartered Accountants, prior to finance […]

by Mrs. Anjum Shahnawaz

FBR to question source of foreign remittances above Rs5 million

Jul 4

2019-2020, Budget, Taxation

FBR to question source of foreign remittances above Rs5 million

ISLAMABAD: Federal Board of Revenue (FBR) will question the sources for all those foreign remittances exceeding Rs5 million in a year, which are transferred through normal banking channels. The government has tightened the unexplained inflows by making amendment to Income Tax Ordinance, 2001 through Finance Act, 2019. In the past the inflows of foreign remittances […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: SBP to assist Customs against illegal fund transfers

Jul 3

2019-2020, Budget, Pakistan Customs, Taxation

Finance Act 2019: SBP to assist Customs against illegal fund transfers

ISLAMABAD: State Bank of Pakistan (SBP) will assist customs authorities in prevention of illegal inward or outward transfers of funds. According to Finance Act, 2019 a new Section 32C has been inserted to Customs Act, 1969, which stated: “32C. Mis-declaration of value for illegal transfer of funds into or out of Pakistan.- (1) Without prejudice […]

by Mrs. Anjum Shahnawaz