July 27, 2024

Pkrevenue.com

Pakistan Revenue

Tag: commercial importers

Proposal of final tax regime for commercial importers rejected
Jul 10
Budget 2022-2023, Taxation, Top stories

Proposal of final tax regime for commercial importers rejected

KARACHI: The National Assembly of Pakistan has rejected a proposal to grant final tax regime for commercial importers. The proposal was made part of Finance Bill, 2022 under which the government proposed to bring commercial importers under the ambit of final tax regime. READ MORE: Mechanism revamped for tax dispute resolution Previously, PTI government after […]

by
Read More
Under-invoicing by commercial importers destroying industry: PBC
May 29
Budget 2021-2022, Trade & Industry

Under-invoicing by commercial importers destroying industry: PBC

KARACHI: The Pakistan Business Council (PBC) has informed the higher authorities that the massive under-invoicing, especially by commercial importers, is destroying domestic industry. In its proposals for budget 2021/2022 the PBC pointed out that across the board massive under invoicing and dumping of imported products has been increasing. Information regarding values at which various custom […]

by
Read More
Commercial importers demand abolishing CNIC condition, FTR restoration
Jun 5
Trade & Industry

Commercial importers demand abolishing CNIC condition, FTR restoration

KARACHI: Commercial importers have demanded the government of abolishing condition of Computerized National Identity Card (CNIC) and restoring Final Tax Regime (FTR) in order to save businesses from adverse impact of COVID-19. Amin Yousuf Balgamwala, Chairman Pakistan Chemical Dyes and Merchants Association (PCDMA) and former Director of Karachi Stock Exchange has appealed to Prime Minister […]

by
Read More
Karachi Chamber seeks fair tax treatment for commercial importers
May 30
Budget 2020-2021, Trade & Industry

Karachi Chamber seeks fair tax treatment for commercial importers

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has sought fair treatment on collection of withholding tax for commercial importers on import of industrial raw material. KCCI in its budget proposals submitted to the Federal Board of Revenue (FBR), said that under Section 148(1) of Income Tax Ordinance, 2001, 6 percent withholding income tax is […]

by
Read More
Commercial importers, traders require filing annual returns, maintain complete record
Feb 23
Taxation

Commercial importers, traders require filing annual returns, maintain complete record

KARACHI: Commercial importers and individual traders are required to file income tax return and maintain complete records of transactions, a tax analyst said. Murtaza Qurban, Executive Manager, EY Ford Rhodes highlighted the application of minimum tax on commercial importers and individual traders in an event recently organized by Karachi Tax Bar Association (KTBA). He said […]

by
Read More
ECC allows import of controlled chemicals through commercial importers
Feb 20
Finance

ECC allows import of controlled chemicals through commercial importers

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday allowed import of controlled chemicals through commercial importers. The ECC which met under the chair of Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh allowed import of controlled chemicals through commercial importers. The chemicals will includes acetone, anthracitic acid, ethyl […]

by
Read More
FBR to examine transaction records of commercial importers: CCIR
Feb 14
Taxation

FBR to examine transaction records of commercial importers: CCIR

KARACHI: Federal Board of Revenue (FBR) will examine transaction records of commercial importers as they are no more under Final Tax Regime (FBR), Badaruddin Ahmed Qureshi, Chief Commissioner Inland Revenue (CCIR), Regional Tax Office (RTO)-II Karachi said. He was addressing a seminar on ‘Minimum Tax Implications After the Finance Act, 2019’ organized by Karachi Tax […]

by
Read More