Massive cut in tax exemptions, concessions likely in budget 2019/2020

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 […]

by Faisal Shahnawaz

Sindh exempts sales tax on insurance services

May 9

Exclusive, Taxation

Sindh exempts sales tax on insurance services

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 […]

by Faisal Shahnawaz

Income Tax Ordinance 2001: total exemption on payment of pension, retirement

Mar 27

Exclusive, Taxation

Income Tax Ordinance 2001: total exemption on payment of pension, retirement

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 […]

by Faisal Shahnawaz