Pakistan Revenue
The total allocation for Pakistan’s national Public Sector Development Program (PSDP) has been set at Rs1,324 billion for the fiscal year 2020/2021, according to budget documents released on Friday. This allocation represents an 18 percent decrease compared to the Rs1,613 billion allocated in the outgoing fiscal year.
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ISLAMABAD: The federal government has decided sharp cut in subsidies during fiscal year 2020/2021. An amount of Rs209 billion has been allocated as subsidies for next fiscal year as compared with Rs349.5 billion of current fiscal year, showing reduction of 40 percent. According to budget documents for fiscal year 2020/2021 released on Thursday, a subsidy […]
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ISLAMABAD: Federal Board of Revenue (FBR) has been assigned 27 percent higher revenue collection target for fiscal year 2020 despite challenging economic conditions due to COVID-19. According to official documents of Budget 2020/2020, the FBR has been assigned revenue collection target of Rs4,963 billion during upcoming fiscal year as compared with expected current revenue collection […]
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ISLAMABAD: Federal Board of Revenue (FBR) issued budget salient feature related to income tax presented through Finance Bill, 2020. INCOME TAX RELIEF MEASURES • Deletion of Withholding Taxes To augment efforts towards simplification of the withholding tax regime, the following withholding tax provisions are being deleted: Section 236R: Collection of advance tax on education related […]
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ISLAMABAD: Federal Board of Revenue (FBR) issued budget salient feature related to sales tax and federal excise duty (FED) presented through Finance Bill, 2020. RELIEF MEASURES The minimum threshold of supplies by retailers for obtaining CNIC of the buyers is proposed to be increased from Rs 50,000 to 100,000; In wake of COVID-19, the Federal […]
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ISLAMABAD: Federal Board of Revenue (FBR) issued budget salient feature related to Customs duty presented through Finance Bill, 2020. Industrial Relief Measures Exemption of additional custom duties on those tariff lines which are now @ 0 percent customs duty in tariff. Reduction of custom duty on 40 raw materials of various industries. Tariff rationalization under […]
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ISLAMABAD: Hammad Azhar, Federal Minister for Industries and Production, on Friday presented budget 2020/2021 on floor of house claiming to be a corona-hit budget with no new tax. The budget 2020/2021 has the following salient features: The total outlay of budget 2020/2021 is Rs7295 billion. The size is 11 percent lower than the size of […]
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ISLAMABAD: Federal Board of Revenue (FBR) has put a ban on using information system from June 11, 2020 till announcement of budget 2020/2021, which is schedule for June 12, 2020. In an office order, the FBR said that due to budget announcement on June 12, 2020 restrictions on the access of servers/information system running at […]
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KARACHI: The government may focus supportive measures in the upcoming budget 2020/2021 in order to reduce the impact COVID-19, analysts said on Tuesday. Analysts at Arif Habib Limited highlighted the blueprint of the FY21 Budget whereby the key objective of the government is the revival and stabilization of the economy after being pinned down from […]
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ISLAMABAD: Prime Minister Imran Khan on Monday directed the authorities to provide all possible incentives in budget 2020/2021 to industry for job creations and moving the wheels of the economy. The prime minister chaired a meeting to discuss the objectives and considerations for the forthcoming budget 2020/2021. The meeting was attended by Foreign Minister Shah […]
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