Pakistan Revenue
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.
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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 […]
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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 […]
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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: […]
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ISLAMABAD: The government has planned to a massive cut tax in exemptions and concessions in the budget 2019/2020, which is scheduled to be announced on June 11, 2019. Sources told PkRevenue.com that the government had committed with the World Bank and other international agencies to withdraw large size exemptions given to various sectors and individuals […]
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KARACHI: The Sindh government has exempted the insurance services from payment of sales tax up to June 30, 2019. Sindh Revenue Board (SRB) on Wednesday issued a notification stating that with the approval of the provincial government it had exempted the insurance services (other than its related re-insurance services) from the whole of the sales […]
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KARACHI: Any income representing any payment received by way of gratuity or commutation of pension by an employee on his retirement is exempted from income tax. The Second Schedule of Income Tax Ordinance, 2001 explained the exemption from total income. Any income representing any payment received by way of gratuity or commutation of pension by […]
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KARACHI: The government considering to withdraw all types of tax exemptions and concessions during next few years.
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