Token tax remains unchanged; non-ATL to pay double amount: FBR

Jul 3

2019-2020, Budget, Taxation

Token tax remains unchanged; non-ATL to pay double amount: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has clarified that it has not changed token payment and registration of cars in the budget 2019/2020. In a statement, the FBR strongly rebutted the perception that rate of tax has been changed in the Financial Budget-2019 for the token payment and registration of cars. After verification it was […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: advance tax exempted on personal baggage mobile phones

Jul 3

2019-2020, Budget, IT & Telecom, Taxation

Finance Act 2019: advance tax exempted on personal baggage mobile phones

ISLAMABAD: Federal Board of Revenue (FBR) has exempted the advance tax on mobile phone brought into Pakistan by passengers under Baggage Rules, 2006. The Finance Act, 2019 stated that the provisions of section 148 shall not apply on mobile phones brought in personal baggage under the Baggage Rules, 2006. The rate of advance tax to […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: Non-ATL persons to pay 100 percent more tax; income to be treated as concealed

Jul 3

2019-2020, Budget, Taxation

Finance Act 2019: Non-ATL persons to pay 100 percent more tax; income to be treated as concealed

ISLAMABAD: Federal Board of Revenue (FBR) has notified rules for persons not appearing on the Active Taxpayers List (ATL). The rules have been approved and made part of statute through Finance Act, 2019. RULES FOR PERSONS NOT APPEARING IN THE ACTIVE TAXPAYERS’ LIST 1. Rate of deduction or collection of tax: Where tax is required […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: Tax slabs for AOPs, business individuals

Jul 2

2019-2020, Budget, Taxation

Finance Act 2019: Tax slabs for AOPs, business individuals

ISLAMABAD: Federal Board of Revenue (FBR) has notified tax rates on income derived by Association of Persons (AOPs) and business individuals during fiscal year 2019/2020. According to the Finance Act, 2019 following are the tax slabs to be applicable on the income of AOPs and business individuals for the tax year 2020: S. No Taxable […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: Tax slabs for salary income

Jul 2

2019-2020, Budget, Taxation

Finance Act 2019: Tax slabs for salary income

ISLAMABAD: The Parliament has approved the Finance Bill 2019 to implement rate of income tax on salary income. The statutory exempt income has been enhanced to Rs600,000 for tax year 2020 through Finance Act, 2019. S.No Taxable Income Rate of Tax (1) (2) (3) 1. Where taxable income does not exceed Rs. 600,000 0% 2. […]

by Mrs. Anjum Shahnawaz

Tax credit allowed for hiring fresh graduates

Jun 27

2019-2020, Budget, Taxation

Tax credit allowed for hiring fresh graduates

KARACHI: In order to generate employment in the country, the government allowed tax credit to employers for hiring fresh graduates from July 01, 2019. According to Deloitte Pakistan, a new section is proposed to be introduced through the Finance Bill 2019 in order to encourage creation of employment opportunities for fresh graduates. A person employing […]

by Mrs. Anjum Shahnawaz

Finance Bill 2019: tax officials granted powers to enter premises for gold, prize bonds; KCCI opposes

Jun 24

2019-2020, Budget, Taxation, Trade & Industry

Finance Bill 2019: tax officials granted powers to enter premises for gold, prize bonds; KCCI opposes

KARACHI: The Finance Bill 2019 has proposed discretionary powers to Commissioner Inland Revenue to enter and search any premises for undeclared gold and prize bonds. Under Section 175 of Income Tax Ordinance, 2001 such powers have already with the commissioners but the proposal intended to expand the power to include gold and bearer security. Karachi […]

by Mrs. Anjum Shahnawaz

Tax slabs increased for rental income from properties

Jun 24

2019-2020, Budget, Taxation

Tax slabs increased for rental income from properties

KARACHI: The government has revised tax slabs for rental income from property to eight from five.Experts at Deloitte Pakistan Chartered Accountants said that the Finance Bill 2019, proposed the increase in the number of tax slabs from five to eight.Three new tax slabs are proposed for income exceeding Rs4,000,000 to match the maximum rate with […]

by Mrs. Anjum Shahnawaz

List of transactions not to attract 100 percent increased withholding tax

Jun 20

2019-2020, Budget, Taxation

List of transactions not to attract 100 percent increased withholding tax

KARACHI: The Finance Bill 2019 has proposed a new schedule related to compliance with 100 percent increased withholding tax rates to persons not appearing on Active Taxpayers List (ATL). Deloitte Yousuf Adil, Chartered Accountants in their budget commentary said that the increased withholding tax rates specified under this schedule are inapplicable with respect to following […]

by Mrs. Anjum Shahnawaz

Customs duty concessions allowed on 1650 raw materials

Jun 20

2019-2020, Budget, Pakistan Customs

Customs duty concessions allowed on 1650 raw materials

KARACHI: The government has allowed customs duty concessions on import of 1650 raw materials through Finance Bill 2019. According to Deloitte Yousuf Adil, Chartered Accountants, the Finance Bill proposed to introduce concession of Customs Duty on import of 1650 raw materials/industrial inputs. Major items are listed as follows: PCT code Description Rate 2710.1911 Kerosene […]

by Mrs. Anjum Shahnawaz