Pakistan Revenue
ISLAMABAD: The government has decided to withdraw Final Tax Regime (FTR) and bring various sectors into the documented economy. The FTR has been proposed to be abolished through Finance Bill, 2019 as part of budget 2019/2020, which was presented on Tuesday. The Federal Board of Income tax by its inherent nature is tax charged and […]
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ISLAMABAD: The government has proposed new tax slabs for business individuals in tax year 2020 through Finance Bill 2019.
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ISLAMABAD: The government has withdrawn tax incentives to salary persons and introduces massive changes in the tax card for salaried persons through Finance Bill 2019. The tax exempt salary income has been increased from Rs400,000 to Rs600,00 for tax year 2020. For salaried individuals deriving income exceeding Rs.600,000, eleven taxable slabs with progressive tax rates […]
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ISLAMABAD: The federal government has announced various revenue and relief measures in income tax regime in the budget 2019/2020. Following measures has been announced: Relief Measures Payment of refunds through promissory notes: Huge amounts claimed by taxpayers are stuck up in refunds causing a liquidity crunch for businesses. These refunds have accumulated over a long […]
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The Federal Government of Pakistan has unveiled an extensive array of budgetary measures targeting the Sales Tax and Federal Excise frameworks for the fiscal year 2019/2020.
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ISLAMABAD: The government has announced changes in customs duty regime which included relief and revenue measures. RELIEF MEASURES 1. To standardize printing and preservation of Holy Quran, import of good quality duty free Art paper is being allowed. 2. Exemption of CD on 18 medicinal inputs/items 3. Exemption of CD on Modular/ Particle Free Operation […]
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ISLAMABAD: The federal government has allocated Rs951 billion for development projects under Public Sector Development Program (PSDP) for fiscal year 2019/2020. In his budget 2019/2020 speech State Minister for Revenue Hammad Azhar said that the government has allocated Rs951 billion for federal PSDP, which was Rs500 billion in the ongoing fiscal year. This year, the […]
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ISLAMABAD: The government has decided not to borrow from State Bank of Pakistan (SBP) from July 01, 2019 due to high inflation concerns. State Minister for Revenue Hammad Azhar while presenting budget 2019/2020 has said that the government would take all possible measures for minimal increase in prices. If, however due to movement in international […]
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ISLAMABAD: State Minister for Revenue Muhammad Hammad Azhar on Tuesday said that the government has set a challenging target of Rs5,550 billion revenue collection target for Federal Board of Revenue (FBR) in order to reduce the fiscal deficit. Presenting budget for fiscal year 2019/2020 on floor of house, the state minister said that by reducing […]
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ISLAMABAD: The government has abolished sales tax zero-rated by rescinding SRO 1125(I)/2011 for export sectors. However, new mechanism of refund has been introduced which would be paid at the time of realization of exports. SRO 1125(I)/2011 provides for zero-rate of sales tax on inputs and products of five export-oriented sectors i.e. textile, leather, carpets, sports […]
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