Pakistan Revenue
ISLAMABAD: President of Pakistan has summoned the budget session of the National Assembly (NA) on June 10, 2019. A letter of the national assembly secretariat on Friday said that the President has been pleased to summon the 11th session (Budget 2019/2020) of the National Assembly to meet in the Parliament House, Islamabad on Monday, June […]
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KARACHI: Pakistan Tax Bar Association (PTBA) has advised the Federal Board of Revenue (FBR) to revisit law related to arrest and prosecution under Sales Tax Act, 1990. In its tax proposals for budget 2019/2020, the apex tax bar said that under the existing law, every director and officer of the Company is liable to be […]
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KARACHI: Federal Board of Revenue (FBR) has been urged to reduce withholding tax rate to 0.2 percent for distributors of Fast Moving Consumer Goods (FMCG) companies as higher rate is increasing the cost of doing business. The Overseas Investors Chamber of Commerce and Industry (OICCI) in its tax proposals for budget 2019/2020, said that the […]
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KARACHI: Federal Board of Revenue (FBR) may recommend amending application of super tax in the forthcoming budget 2019/2020 to generate around Rs2 billion. FBR sources said that the tax authorities had recommended amendments to Section 4B of Income Tax Ordinance, 2001 through Finance Bill, 2019. The sources said that it had been recommended to apply […]
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KARACHI: Federal Board of Revenue (FBR) has been urged to allow multiple businesses on one sales tax registration for better documentation of the economy. In its tax proposals for budget 2019/2020, the Pakistan Tax Bar Association (PTBA) said that after amendment in Sales Tax Act, 1990, through Finance Act, 2008, FBR has directed to cancel […]
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ISLAMABAD: Prime Minister Imran Khan on Tuesday reviews preparations for budget 2019/2020. The prime minister chaired the preparatory meeting for budget 2019-20 wherein he was briefed in detail about the revenue and spendings. The federal budget scheduled to be announced on June 11, 2019 for fiscal year 2019/2020. The meeting was attended by Finance Advisor […]
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KARACHI: Federal Board of Revenue (FBR) has been advised to stop practice of issuing revision in sales tax on petroleum products on monthly basis. The Overseas Investors Chamber of Commerce and Industry (OICCI) in tax proposals for budget 2019/2020, presented suggestions regard powers to issue notifications for change in rate of sales tax – Section […]
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ISLAMABAD: Federal Board of Revenue (FBR) has imposed several restrictions to prevent unauthorized access to documents of budget 2019/2020 till June 11, 2019. This restriction included inactive internet connection and ban on transferring any file. In an office order issued on Monday, the FBR said that internet connections, except for Chairman and Members FBR shall […]
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KARACHI: The stock market lost around 470 points on Monday, the last session before week-long Eid holidays, due to concerns over measures to be announced in the budget 2019/2020 on June 11, 2019. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,505 points as against 35,975 points showing a decline of 470 […]
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KARACHI: Federal Board of Revenue (FBR) has been advised to relax export conditions to Afghanistan in order to improve exports and inflows of foreign exchange. Institute of Chartered Accountants of Pakistan (ICAP) in its tax proposals for budget 2019/2020 said that as per SRO 190(I)/2002 dated April 2, 2002, zero rating on Exports under section […]
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