Sindh exempts sales tax on life insurance service

Jun 23

Taxation

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 No. SRB-3-4/13/2020 dated June 22, 2020 stated that the Sindh government had granted exemption to the life insurance services (other than its related […]

by Mrs. Anjum Shahnawaz

FBR exempts sales tax on import of 61 medical equipments

Jun 19

Taxation

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 exemption on the medical equipments for a period of three months. Previously, the FBR granted exemption on various medical equipments through SRO 237(I)/2020 […]

by Mrs. Anjum Shahnawaz

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

Jun 14

Pakistan Customs

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 body granted exemption from regulatory duty under SRO 640(I)/2018 and SRO 1265(I)/2018 on import of vehicles by new entrants. The FBR allowed regulatory […]

by Mrs. Anjum Shahnawaz

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

Jun 13

Budget 2020-2021, Pakistan Customs

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 issued on Thursday. Through the amendment the minimum duty and taxes that is not demanded by the customs authorities have been increased to […]

by Mrs. Anjum Shahnawaz

Income tax exemptions surge by 166pc to Rs378bn

Jun 12

Taxation

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 fiscal year. According to Pakistan Economic Survey 2019/2020 released on Thursday the FBR granted provisionally Rs378 billion as income tax exemption and concession […]

by Mrs. Anjum Shahnawaz

Exemption on agriculture income should be withdrawn

May 10

Budget 2020-2021, Trade & Industry

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 budget 2020/2021, recommended withdrawal of exemption of agriculture income and also proposed amending Section 41 of Income Tax Ordinance, 2001. The OICCI said […]

by Faisal Shahnawaz

Exemption from withholding tax at import stage suggested

May 5

Budget 2020-2021

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 2020/2021, the PBC recommended exemption from collection of withholding tax under section 148 at import stage and exemption for manufacturing concerns under Section […]

by Faisal Shahnawaz

Sindh exempts sales tax on Ehsaas Emergency cash transfer

Apr 30

Taxation

Sindh exempts sales tax on Ehsaas Emergency cash transfer

KARACHI: Sindh Revenue Board (SRB) on Wednesday exempted sales tax on services to banking transfers made to Ehsaas Emergency Program. In a notification, the SRB said that the Sindh government had exempted the sales tax on the amount of commission (tariff heading 9819.1300) paid by the banks to their branchless banking retailers in Sindh on […]

by Mrs. Anjum Shahnawaz

FBR amends list for exemption on equipment for coronavirus prevention

Apr 16

Taxation

FBR amends list for exemption on equipment for coronavirus prevention

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued an amended list of duty and tax exempt items for prevention of coronavirus. The FBR issued SRO 315(I)/2020, SRO 316(I)/2010 and SRO 317(I)/2020 to amend SROs issued on March 20, 2020 for allowing duty and tax exemption on import of 61 medical equipment for prevention of […]

by Mrs. Anjum Shahnawaz

FBR exempts withholding tax on commission for Ehsaas Program

Apr 16

Taxation

FBR exempts withholding tax on commission for Ehsaas Program

ISLAMABAD: Federal Board of Revenue (FBR) has exempted the withholding tax on commission agent for disbursement of Ehsaas Emergency Program. The FBR issued SRO 315(I)/2020 dated April 16, 2020 to make amendment to Second Schedule of Income Tax Ordinance, 2001. According to the amendment, a new clause 102A inserted to Part IV of the Second […]

by Mrs. Anjum Shahnawaz