KTBA highlights difficulties in claiming exemption

Mar 10

Taxation

KTBA highlights difficulties in claiming exemption

KARACHI: Karachi Tax Bar Association (KTBA) on Tuesday highlighted issues faced by taxpayers in obtaining exemption against import of raw material and plant and machinery. The KTBA in a letter to Member Inland Revenue (Operations), Federal Board of Revenue (FBR) highlighted the issues being faced by taxpayers while claiming exemption from income tax deduction on […]

by Mrs. Anjum Shahnawaz

SRB notifies sales tax exemption on services provided by restaurants, marriage halls

Jan 5

Taxation

SRB notifies sales tax exemption on services provided by restaurants, marriage halls

KARACHI: Sindh Revenue Board (SRB) has notified exemption of 13 percent sales tax on services rendered by restaurants and marriage halls. The SRB issued working tariff applicable from January 01, 2020. The service provided or rendered by restaurants and marriage halls are subject to 13 percent sales tax. The SRB said that services provided or […]

by Mrs. Anjum Shahnawaz

Tax Amendment Ordinance: exemption, incentives announced for foreign investment in debt securities

Jan 2

Taxation

Tax Amendment Ordinance: exemption, incentives announced for foreign investment in debt securities

ISLAMABAD: The government has announced a comprehensive package of tax incentive and exemptions to attract foreign investment into debt securities. The Federal Board of Revenue (FBR) issued salient features on Wednesday to explain amendments to Income Tax Ordinance, 2001 brought through Tax Laws (Second Amendment) Ordinance, 2019. The FBR said that the existing foreign exchange […]

by Mrs. Anjum Shahnawaz

FBR notifies revision in exemption regime under sales tax laws

Jul 29

Taxation

FBR notifies revision in exemption regime under sales tax laws

ISLAMABAD: Federal Board of Revenue (FBR) has issued changes brought through Finance Act, 2019 in exemption regime under Sixth Schedule of the Sales Tax Act, 1990. Following changes have been made in Table-1 of the Schedule: i. Exemptions at the existing serial numbers 2,3, and 72, relating to meat, fish, poultry meat etc. have been […]

by Mrs. Anjum Shahnawaz

KCCI hails withholding tax exemption to yarn traders

Jul 22

Trade & Industry

KCCI hails withholding tax exemption to yarn traders

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has hailed the decision of Federal Board of Revenue (FBR) to exempt withholding tax for yarn traders. In a statement issued on Monday President KCCI Junaid Esmail Makda appreciated the FBR for holding numerous meeting with KCCI and taking into consideration KCCI’s suggestion pertaining to exemption of […]

by Mrs. Anjum Shahnawaz

FBR proposes reducing retaining period of imported plant, machinery by export units for disposal at zero percent duty, taxes

Jul 11

Pakistan Customs, Taxation

FBR proposes reducing retaining period of imported plant, machinery by export units for disposal at zero percent duty, taxes

ISLAMABAD: Federal Board of Revenue (FBR) has proposed to relax the condition of disposal of plant and machinery by export units at zero percent of duty and taxes to five years as compared with prevailing 10 years. The FBR on Wednesday issued SRO 747(I)/2019 to proposed amendments in the Export Oriented Units and Small and […]

by Mrs. Anjum Shahnawaz

Elimination of zero rating, other policy and administrative measures to generate Rs733.47 billion

Jul 9

2019-2020, Budget, Taxation

Elimination of zero rating, other policy and administrative measures to generate Rs733.47 billion

KARACHI: Federal Board of Revenue (FBR) to generate additional revenue of Rs733.47 billion during current fiscal year after abolishing zero-rating of sales tax and other policy and administrative measures. Pakistan has outlined its strategy for enhancing revenue collection before the International Monetary Fund (IMF) through eliminating exemptions, distortion and other policy and administrative measures. These […]

by Mrs. Anjum Shahnawaz

FBR restricts sale of duty free imported motor vehicles, machinery for Thar Coal Field

Jun 29

Pakistan Customs, Taxation

FBR restricts sale of duty free imported motor vehicles, machinery for Thar Coal Field

ISLAMABAD: Federal Board of Revenue (FBR) has imposed restriction on selling the duty free imported goods for machinery and motor vehicles for Thar coal field. In order to impose restrictions the FBR on Saturday issued SRO 673(I)/2019 to amend SRO 268(I)/2015 dated April 02, 2015. The FBR allowed exemption from whole of customs duty on […]

by Mrs. Anjum Shahnawaz

Finance Bill 2019: duty exemptions on various imported goods proposed

Jun 17

2019-2020, Budget, Pakistan Customs

Finance Bill 2019: duty exemptions on various imported goods proposed

KARACHI: The government has proposed exemptions from customs duty on import of various goods through Finance Bill 2019. According to A. F. Ferguson & Co. Chartered Accountants Firm the Finance Bill 2019 has proposed exemption from customs duty is proposed on following items: – Various industrial inputs / raw materials – Pharmaceutical products – Plastic […]

by Mrs. Anjum Shahnawaz

Exemptions, concessions cost Rs972.4 billion in 2018/2019

Jun 10

2019-2020, Budget, Finance, Taxation

Exemptions, concessions cost Rs972.4 billion in 2018/2019

ISLAMABAD: The economy has incurred duty and tax losses to the tune of Rs972.4 billion due to exemptions and concessions during the fiscal year 2018/2019, according to Economic Survey 2018/2019 launched on Monday. The cost of tax exemptions included: income tax Rs141.6 billion, sales tax Rs597 billion; and Rs233.1 billion as customs duty. Income Tax: […]

by Faisal Shahnawaz