FBR exempts customs duty on oxygen gas, cylinder import

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday granted exemption from customs duty on import of oxygen gas and oxygen gas cylinders in order to ensure availability in the wake of coronavirus... Read more »

FBR grants Rs30 billion as tax concession to new business entities

ISLAMABAD: Federal Board of Revenue (FBR) has granted Rs30 billion as initial allowance to new business entities during fiscal year 2019/2020. The concession of allowance has been granted under Section 23 of... Read more »

FBR grants Rs45 billion customs duty exemption under free trade agreements

KARACHI: Federal Board of Revenue (FBR) has granted an amount Rs45 billion as cost of customs duty exemption and concession of customs duty on imports under free and preferential trade agreements. According... Read more »

Sindh exempts sales tax on life insurance service

KARACHI: Sindh government has exempted sales tax on services provided by life insurance companies for full fiscal year i.e. July 01, 2019 to June 30, 2020. Sindh Revenue Board (SRB) issued notification... Read more »

FBR exempts sales tax on import of 61 medical equipments

ISLAMABAD: Federal Board of Revenue (FBR) on Friday announced sales tax exemption on import of 61 medical equipments, which are important to fight against COVID-19. The FBR issued SRO 555(I)/2020 to grant... Read more »

FBR allows Rs9.4 billion regulatory duty exemption on vehicle import

ISLAMABAD: Federal Board of Revenue (FBR) has allowed exemption from regulatory duty to the tune of Rs9.4 billion on import of vehicles during outgoing fiscal year. According to official documents, the revenue... Read more »

Duty, taxes up to Rs5,000 exempted on imported goods

ISLAMABAD: An amount up to Rs5,000 has been exempted in case minimum total duty and taxes on imported goods. An amendment to Customs Act, 1969 has been introduced through Finance Bill, 2020... Read more »

Income tax exemptions surge by 166pc to Rs378bn

ISLAMABAD: Despite massive shortfall in revenue collection the Federal Board of Revenue (FBR) granted Rs378 billion as income tax exemption during current fiscal year, which is 166.2 percent higher than the last... Read more »

Exemption on agriculture income should be withdrawn

KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) has suggested that exemption on agriculture income should be withdrawn and bring all income into tax net. The OICCI in its proposals for... Read more »

Exemption from withholding tax at import stage suggested

KARACHI: Pakistan Business Council (PBC) has suggested the tax authorities to exempt withholding tax at import stage for avoiding generation of tax refunds and expansion of industry. In its proposals for budget... Read more »