PWC A. F. Ferguson & Co. has issued a memorandum to highlight amendments proposed through the Finance (Supplementary) Bill, 2021 which has been laid before the Parliament on December 30, 2021. It said that through the Bill, certain amendments have been made in the Income Tax Ordinance, 2001; Sales Tax Act, 1990; Federal Excise Act, […]
ISLAMABAD: Pakistan has allowed tax-free import of fruits from Afghanistan and in this regard, a sales tax notification is issued on Monday. The Federal Board of Revenue (FBR) issued SRO 1501(I)/2021 to implement the decision of the government to allow tax-free import of fruits. The FBR said that the federal government is pleased to exempt […]
ISLAMABAD: Federal Board of Revenue (FBR) has granted income tax exemption on the import of drones donated by the Chinese Ministry of Agriculture and Rural Affairs. The FBR on Monday issued SRO 1407(I)/2021 dated October 29, 2021 to allow the income tax exemption. The revenue body granted the exemption from the levy of income tax […]
ISLAMABAD: Federal Board of Revenue (FBR) has granted tax exemption on import of 30 million face masks. The FBR issued SRO 952(I)/2021 on Wednesday to allow the sales tax exemption. According to the SRO, the tax authorities allowed the exemption in pursuance of decision made by the federal government on July 19, 2021. The FBR […]
ISLAMABAD: The Federal Board of Revenue (FBR) on Monday explained that withdrawal of exemption and concession does not mean imposition of new taxes. Clarifying to a news report, the FBR said that withdrawal of exemption and reduced rates should not be confused with imposition of new taxes. It is very clearly and candidly informed that […]
ISLAMABAD: A bunch of income tax exemptions and concessions has been proposed through Finance Bill, 2021, which will be implemented from July 01, 2021. According to commentary on budget 2021/2022 by PwC A. F. Ferguson & Co. Chartered Accountants, the following exemptions and concessions have been withdrawn through Finance Bill, 2021: Salary income of the […]
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified exemption of customs duty on import of cotton yarn till June 30, 2021. The FBR issues SRO 533(I)/2021 to comply with the decision of Economic Coordination Committee of the Cabinet (ECC) to exempt whole of customs duty on import of cotton and cotton yarn. The ECC […]
KARACHI: Pakistan Tea Association (PTA) on Saturday pointed out gross misuse of duty and tax exemption granted on tea re-export by importers of tea as raw material. The office bearers of the association pointed out the SRO 450 which is meant for re export of tea after value addition, the importers who have exemption of […]
ISLAMABAD: Federal Board of Revenue (FBR) on Monday exempted 17 percent sales tax on domestic sale of imported sugar. The FBR issued SRO 1038(I)/2020 to comply with the government decision to allow tax free import of sugar in order to reduce the price of the commodity in the local market. The Economic Coordination Committee (ECC) […]
ISLAMABAD: Federal Board of Revenue (FBR) has granted exemption of Rs1.11 billion on payment of gratuities to government employees or gratuity fund during tax year 2020. The exemption has been granted under clause 13 of Part 1 of Second Schedule of Income Tax Ordinance, 2001 and it has no sunset clause. The FBR said that […]