Nuclear detection, marine directorates set up in Pakistan Customs

Jun 12

Nuclear detection, marine directorates set up in Pakistan Customs

ISLAMABAD: Two new directorates including national nuclear detection architecture and marine will be established in Pakistan Customs. According to budget 2021/2022 documents, the Finance Bill 2021 has proposed establishment of Directorate General of National Nuclear Detection Architecture The Directorate General of National Nuclear Detection Architecture shall consist of a Director General and as many Deputy […]

by Mrs. Anjum Shahnawaz

Jun 12

Budget 2021-2022, Taxation

Condition of updating tax profile withdrawn

ISLAMABAD: The government has withdrawn the mandatory requirement of profile update by all taxpayers on IRIS portal. In budget 2021/2022 speech, Finance Minister Shaukat Tarin announced to withdraw the condition. He said that taxpayers are subject to multiple compliance. Currently they are required to update their profile periodically. This requirement costs time, energy, and resources. […]

by Mrs. Anjum Shahnawaz

Budget 2021/2022: Inquiry powers of Commissioner Inland Revenue withdrawn

Jun 12

Budget 2021-2022, Taxation

Budget 2021/2022: Inquiry powers of Commissioner Inland Revenue withdrawn

ISLAMABAD: The federal government has withdrawn the discretionary powers of conducing inquiry in certain tax matters by Commissioners Inland Revenue. Finance Minister Shaukat Tarin while presenting budget 2021/2022 on Friday announced curtailing the discretionary power of the tax authorities. He said that the discretionary powers of the income tax authorities are proposed to be curtailed: […]

by Mrs. Anjum Shahnawaz

Budget 2021/2022: sales tax on sugar to be imposed on retail price

Jun 12

Budget 2021-2022, Taxation

Budget 2021/2022: sales tax on sugar to be imposed on retail price

ISLAMABAD: The government has announced to bring sugar in the third schedule of Sales Tax Act, 1990 to impose sales tax on actual retail price. Finance Minister Shaukat Tarin while presenting budget 2021/2022 on Friday announced inclusion of sugar in the third schedule. He said that sugar, although not a staple food, is still a […]

by Mrs. Anjum Shahnawaz

Budget 2021/2022: Tax imposed on sales made through online marketplace

Jun 12

Budget 2021-2022, Taxation

Budget 2021/2022: Tax imposed on sales made through online marketplace

ISLAMABAD: The domestic sellers on online platforms like Amazon and Daraz have been brought into tax net, Finance Minister Shaukat Tarin announced this while presenting budget 2021/2022 on Friday. “We have seen extraordinary sales through online marketplaces especially due to Covid-19 lockdowns.” However, contribution made by these e-commerce digital platforms in national exchequer is negligible, […]

by Mrs. Anjum Shahnawaz

Budget 2021/2022: FED reduced on telecom services

Jun 12

Budget 2021-2022, IT & Telecom, Taxation

Budget 2021/2022: FED reduced on telecom services

ISLAMABAD: The government has announced reduction in Federal Excise Duty (FED) from 17 percent to 16 percent to facilitate businesses and provide relief to the general masses. Finance Minister Shaukat Tarin while presenting federal budget 2021/2022 on Friday said the government had decided to reduce FED on telecom services. He said that to facilitate businesses […]

by Mrs. Anjum Shahnawaz

Budget 2021/2022: Duty, taxes abolished on cars up to 850cc

Jun 11

Automotive, Budget 2021-2022, Taxation

Budget 2021/2022: Duty, taxes abolished on cars up to 850cc

ISLAMABAD: The government has announced abolishing duty and taxes on locally manufactured and imported cars with engine capacity up to 850cc to enable low earning families to afford motor vehicles. Finance Minister Shaukat Tarin while presenting federal #budget 2021/2022 on Friday announced duty and tax incentives for sale and import of motor cars with engine […]

by Mrs. Anjum Shahnawaz

Budget 2021/2022: Input tax allowed to companies listed on stock exchange

Jun 11

Budget 2021-2022, Taxation

Budget 2021/2022: Input tax allowed to companies listed on stock exchange

ISLAMABAD: The government has announced input sales tax adjustment for companies listed on Pakistan Stock Exchange (PSX) to promote corporatization in the country. Finance Minister Shaukat Tarin while presenting federal #budget 2021/2022 on Friday said that relaxation of restriction on input tax adjustment under section 8B of Sales Tax Act, 1990 had been granted. He […]

by Mrs. Anjum Shahnawaz

Budget 2021/2022: Turnover up to Rs10 million not required for sales tax registration

Jun 11

Budget 2021-2022, Taxation

Budget 2021/2022: Turnover up to Rs10 million not required for sales tax registration

ISLAMABAD: The government has facilitated small businesses and increased the threshold of turnover up to Rs10 million from Rs3 million and they will not be required to get sales tax registration. Finance Minister Shaukat Tarin while presenting federal budget 2021/2022 on Friday said that small businesses are the backbone of our economy as they create […]

by Mrs. Anjum Shahnawaz

Budget 2021/2022: Consumers to get prizes on sales tax receipts

Jun 11

Budget 2021-2022, Taxation

Budget 2021/2022: Consumers to get prizes on sales tax receipts

ISLAMABAD: Finance Minister Shaukat Tarin on Friday said that the government will incentivize consumers through a system of prizes on sales tax receipts through an open ballot every month. The finance minister while presenting the federal budget 2021/2022 on the floor of the house said that a special cell in FBR had been established comprising […]

by Mrs. Anjum Shahnawaz