Jan 15

Finance (Supplementary) Bill gets presidential approval

ISLAMABAD: The President of Pakistan, Dr. Arif Alvi, on Saturday granted approval to the Finance (Supplementary) Bill. The National Assembly on January 13, 2022 adopted the finance supplementary bill tabled by the government. With the ascent of the President, the financial proposals of the government are not implemented. READ MORE: Supplementary bill aimed at documenting […]

by Mrs. Anjum Shahnawaz

Business community demands revisiting mini-budget

Jan 14

Trade & Industry

Business community demands revisiting mini-budget

The business community in Pakistan has vehemently rejected the recent approval of the mini-budget by the government and is urging a reevaluation of the Finance Supplementary Bill 2021-22, which was endorsed by the National Assembly just a day earlier.

by Faisal Shahnawaz

Supplementary bill aimed at documenting economy: Tarin

Jan 13

Finance, Top stories

Supplementary bill aimed at documenting economy: Tarin

ISLAMABAD: The Finance (Supplementary) Bill, 2021 is aimed at documentation of economy instead generating revenue, Finance Minister Shaukat Tarin said on Thursday. On the floor of the lower house, the finance minister said that the supplementary bill had been drafted to document the economy. He said that in the past no such efforts were made […]

by Mrs. Anjum Shahnawaz

Retail sector’s sales worth Rs16 trillion not in tax net: Tarin

Jan 10

Finance, Taxation, Top stories

Retail sector’s sales worth Rs16 trillion not in tax net: Tarin

ISLAMABAD: Finance Minister Shaukat Tarin on Monday said that sales worth Rs16 trillion of the retail sector is not in the tax net. “The total sale of retail sector in the country is Rs20 trillion, and Rs16 trillion of it is not in the tax net,” he said while briefing the Senate’s Standing Committee on […]

by Mrs. Anjum Shahnawaz

Retail price of sugar may be abolished for sales tax

Jan 10

Taxation, Top stories

Retail price of sugar may be abolished for sales tax

ISLAMABAD: The government has proposed to withdraw sugar for charging sales tax on retail price by making amendment in the main tax law. Through Finance (Supplementary) Bill, 2021 dated December 30, 2021, the government proposed to withdraw the condition of collecting sales tax on sugar retail price. The government after just six months of making […]

by Mrs. Anjum Shahnawaz

CNIC condition to be waived on digital payment

Jan 9

Taxation, Top stories

CNIC condition to be waived on digital payment

The Federal Board of Revenue (FBR) is contemplating the withdrawal of the condition mandating the provision of Computerized National Identity Card (CNIC) details for transactions conducted through digital means, as proposed in the Finance (Supplementary) Bill, 2021.

by Mrs. Anjum Shahnawaz

FBR may decide implementing digital payment system

Jan 9

Taxation

FBR may decide implementing digital payment system

The Federal Board of Revenue (FBR) may be authorized to decide the implementation of payment through digital means.

by Mrs. Anjum Shahnawaz

Highlights of Finance (Supplementary) Bill, 2021

Jan 9

Taxation

Highlights of Finance (Supplementary) Bill, 2021

PWC A. F. Ferguson & Co. has issued a memorandum to highlight amendments proposed through the Finance (Supplementary) Bill, 2021 which has been laid before the Parliament on December 30, 2021. It said that through the Bill, certain amendments have been made in the Income Tax Ordinance, 2001; Sales Tax Act, 1990; Federal Excise Act, […]

by Faisal Shahnawaz

Mini-budget: FBR to generate Rs4.5bn through tax rate increase on cellular services

Dec 31

IT & Telecom, Taxation, Top stories

Mini-budget: FBR to generate Rs4.5bn through tax rate increase on cellular services

ISLAMABAD: The Federal Board of Revenue (FBR) may generate additional Rs4.5 billion as advance income tax from cellular services as tax rate has been increased through mini-budget. The government has increased the withholding tax rates on cellular services to 15 per cent from existing 10 per cent in the mini-budget announced on December 30, 2021. […]

by Faisal Shahnawaz

Mini-budget: income tax rates proposed for foreign TV dramas

Dec 31

Taxation

Mini-budget: income tax rates proposed for foreign TV dramas

ISLAMABAD: The government on Thursday presented a mini-budget and introduced income tax rates for foreign produced TV dramas. The changes have been proposed through the Finance (Supplementary) Bill, 2021 presented before the parliament. Sources in the Federal Board of Revenue (FBR) said that the imposition of tax on foreign TV dramas would general sizeable revenue. […]

by Mrs. Anjum Shahnawaz