Pakistan Revenue
ISLAMABAD: The government has taken harsh stance against persons having taxable income but not on the tax roll. In this regard the law has been introduced under which persons not appearing on the Active Taxpayers List (ATL) and their amount withheld on transactions will be treated as unexplained. Commissioners of Inland Revenue, Federal Board of […]
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ISLAMABAD – The Federal Board of Revenue (FBR) has formally restricted its officials from initiating any proceedings against individuals who availed the Tax Amnesty Scheme under the Assets Declaration Act, 2019.
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LAHORE: The Punjab government on Friday presented total outlay Rs2,300 billion budget for fiscal year 2019/2020 with Rs233 billion surplus for the fiscal year. Punjab Finance Minister Makhdoom Hashim Jawan Bakht on floor of the house presented the budget said that total volume of the budget for fiscal year 2019/2020 was Rs2,300 billion up from […]
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KARACHI: The Sindh government on Friday announced increase in salary and pension by 15 percent and also enhanced the minimum wage rate at Rs17,500 per month. Presenting provincial budget on the floor of the house, Sindh Chief Minister Syed Murad Ali Shah said that the output of government is directly related to the performance of […]
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KARACHI: The Sindh government on Friday unveiled Rs1,217 billion budget for fiscal year 2019/2020. Announcing the budget for next fiscal year, Syed Murad Ali Shah, Chief Minister, Sindh said that the total receipts of the province for the financial year 2019-20 are estimated at Rs1,217 billion against an estimated expenditure of Rs1,217 billion. He said […]
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ISLAMABAD: Consumers have been allowed to get five percent cash back on the total amount of sales tax charged against purchases from retail outlets. Through Finance Bill, 2019 a major change has been introduced to Sales Tax Act, 1990 in order to widening the sales tax base and prevent sales tax evasion. The Finance Bill […]
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ISLAMABAD: Federal Board of Revenue (FBR) has estimated additional revenue of Rs2 billion through proposed changes in law related to super tax. The changes have been introduced to Section 4B of Income Tax Ordinance, 2001 through Finance Bill 2019. The FBR in explanation to the Finance Bill said that presently brought forward depreciation and business […]
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ISLAMABAD: The government has abolished special sales tax procedure for steel sector through Finance Bill 2019 and imposed 17 percent federal excise duty in sales tax mode. According to amendment proposed to Federal Excise Act, 2005 through Finance Bill 2019, normal tax of 17 percent ad valorem has been proposed on supply of steel billets, […]
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The Federal Board of Revenue (FBR) has announced the withdrawal of duty exemption on foreign bandwidth services provided by telecom operators.
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ISLAMABAD: The government has proposed Twelfth Schedule to Sales Tax Act, 1990 to streamline imposition of 3 percent value addition tax on imported goods. The schedule has been proposed to make part of the Act through Finance Bill, 2019. According to the schedule, (1) The sales tax on account of minimum value addition as payable […]
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