PTBA suggests 5-year policy for gradually reducing sales tax rate

May 18

2019-2020, Budget, Taxation

PTBA suggests 5-year policy for gradually reducing sales tax rate

KARACHI: Pakistan Tax Bar Association (PTBA) has suggested gradually reduction of sales tax rate under five-year policy and for first year the sales tax rate should be brought down to 15 percent from next fiscal year. In its budget proposals for 2019/2020, the PTBA said that present rate of Sales Tax at 17 percent with […]

by Mrs. Anjum Shahnawaz

Exemption on import of telecom equipment demanded to encourage investment

May 18

2019-2020, Budget, Taxation, Trade & Industry

Exemption on import of telecom equipment demanded to encourage investment

KARACHI: Foreign and multinational companies have demanded the Federal Board of Revenue (FBR) to exempt sales tax and customs duty on import of telecom equipment in order to encourage investment in this sector. The Overseas Chamber of Commerce and Industry (OICCI) in its proposals for budget 2019/2020 said that telecom was very investment intensive sector […]

by Mrs. Anjum Shahnawaz

Elimination of regulatory duty, additional customs duty on essential raw materials recommended

May 18

2019-2020, Budget, Trade & Industry

Elimination of regulatory duty, additional customs duty on essential raw materials recommended

KARACHI: Federal Board of Revenue (FBR) has been suggested to eliminate additional customs duty and regulatory duty on essential raw materials. The Overseas Investors Chamber of Commerce and Industry (OICCI) in its tax proposals recommended tariff rationalization in the forthcoming for budget 2019/2020. It recommended elimination of additional custom duty and regulatory duty on essential […]

by Faisal Shahnawaz

FBR advised reducing income tax to half for exporters other than five zero-rated sectors

May 17

2019-2020, Budget, Trade & Industry

FBR advised reducing income tax to half for exporters other than five zero-rated sectors

KARACHI: Federal Board of Revenue (FBR) has been suggested to reduce the income tax rate to half for exporters not falling under five zero-rating scheme in order to promote and diversification of exports. Pakistan Business Council (PBC) in its tax proposals for forthcoming budget 2019/2020 said that at present the rate of tax deduction on […]

by Faisal Shahnawaz

PTBA recommends eliminating 12 provisions of withholding tax in next budget

May 17

2019-2020, Budget, Taxation

PTBA recommends eliminating 12 provisions of withholding tax in next budget

KARACHI: Pakistan Tax Bar Association (PTBA) has recommended abolishing 12 different provisions of withholding income tax in order reduce the cost of business. The apex tax bar of the country in its tax proposals for upcoming budget 2019/2020 recommended rationalization of withholding tax regime and in the first step it suggested eliminating 12 withholding tax […]

by Faisal Shahnawaz

Sales tax rate in Pakistan highest in region: ACCA

May 17

2019-2020, Budget, Taxation

Sales tax rate in Pakistan highest in region: ACCA

KARACHI: Association of Chartered Certified Accountants (ACCA) has said that the existing sales tax rate of 17 percent in Pakistan is the highest in the region. The existing rate of Sales Tax at 17 percent is one of the highest in the region with an average of around 12 percent in Asia (15 percent in […]

by Faisal Shahnawaz

FBR recommended to exempt income tax on mortgage loans to facilitate salaried persons

May 16

2019-2020, Budget, Taxation

FBR recommended to exempt income tax on mortgage loans to facilitate salaried persons

KARACHI: Federal Board of Revenue (FBR) has been recommended to exempt income tax on mortgage loans in order to facilitate salaried persons. Currently the loans obtained from the employer below Benchmark interest rate is subject to tax, said Institute of Chartered Accountants of Pakistan (ICAP) in its tax proposals for budget 2019/2020. It recommended that […]

by Faisal Shahnawaz

FBR suggested abolishing withholding tax for corporate manufacturers

May 16

2019-2020, Budget

FBR suggested abolishing withholding tax for corporate manufacturers

KARACHI: Federal Board of Revenue (FBR) has been suggested to abolish withholding tax on import stage for corporate manufacturers in order to attract investment in the country.

by Faisal Shahnawaz

PTBA recommends outsourcing potential taxpayers profiling to data mining company

May 15

2019-2020, Budget, Taxation

PTBA recommends outsourcing potential taxpayers profiling to data mining company

KARACHI: Pakistan Tax Bar Association (PTBA) has suggested the Federal Board of Revenue (FBR) to outsource the preparation of profiling potential taxpayers to a data mining company for broadening of tax base. The PTBA in its tax proposals for budget 2019/2020 suggested the tax machinery that the assignment of preparation of profile of potential taxpayers/registered […]

by Faisal Shahnawaz

FPCCI invites FBR chairman for budget proposals discussions

May 14

2019-2020, Budget, Trade & Industry

FPCCI invites FBR chairman for budget proposals discussions

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has invited Shabbar Zaidi, Chairman of Federal Board of Revenue (FBR) to discuss budget proposals. A statement issued on Tuesday said that the President FPCCI Engr. Daroo Khan Achakzai alongwith Abdul Waheed Sheikh, Ijaz Khan Abbasi, Qurban Ali and Shireen Arshad Khan, Vice Presidents of […]

by Faisal Shahnawaz