Pakistan Revenue
KARACHI: The Sindh government has notified new rates of motor vehicle tax effective from July 01, 2019 amendment through Provincial Finance Act, 2019 for the year 2019/2020. The provincial government increased the rate of tax for higher engine capacity motor vehicles to Rs150,000 and Rs75,000. Further rates are modified in following manner: 1. (a) (i) […]
Continue Reading
ISLAMABAD: People purchasing immovable properties are now required to make true declaration as immunity to such investment has been withdrawn. Sources in Federal Board of Revenue (FBR) told PkRevenue.com that an amnesty to undeclared amount was available for making investment in real estate business. The amnesty was granted through Income Tax (Fourth Amendment) Act, 2016 […]
Continue Reading
KARACHI: Federal Board of Revenue (FBR) has directed banks to provide details of all those persons receiving interests above Rs500,000 in a year on their deposits. The FBR sources said that an amendment has been introduced to Section 165A of Income Tax Ordinance, 2001 through Finance Act, 2019 and tightened laws regarding information providing by […]
Continue Reading
ISLAMABAD: General public may not be able to avail 5 percent rebate on their purchases until a notification is issued by the Federal Board of Revenue (FBR). Through Finance Act, 2019 a new proviso has been added wherein customers of Tier-1 retailers are entitled for pay-back up to 5 percent of sales tax involved in […]
Continue Reading
KARACHI: The condition of providing CNIC details is not applicable on purchases up to Rs50,000 by a person, said Zeeshan Merchant, former vice president of Karachi Tax Bar Association (KTBA).
Continue Reading
The Federal Board of Revenue (FBR) has introduced significant amendments through the Finance Act, 2019, bringing gold, jewelry, and other precious articles into the sales tax ambit by implementing reduced rates on supplies.
Continue Reading
KARACHI: Small traders have announced three-day shutter down protest in the commercial and financial hub of the country against the changes in tax regime, which are implemented through Finance Act, 2019. The Tajir Action Committee in a press conference on Saturday announced the shutter down across Karachi for three days starting from July 08, saying […]
Continue Reading
KARACHI: Federal Board of Revenue (FBR) has allowed duty free import of aviation related goods including aircraft and spare parts under National Aviation Policy 2015. According to Finance Act, 2019 following goods related to aviation have been allowed duty free import: 1. Aircraft HS Code 8802.4000 at zero percent customs duty under condition whether imported […]
Continue Reading
The federal government, under the Finance Act 2019, extended the application of Federal Excise Duty (FED) to all imported vehicles, aligning the tax regime with that of locally manufactured automobiles. This policy shift represents a significant move towards harmonizing the taxation framework across the domestic and import markets.
Continue Reading
KARACHI: The condition of obtaining CNIC number for unregistered persons at the time of supplies by registered person will be applicable from August 01, 2019. The condition has been proposed to be applicable from July 01, 2019 through Finance Bill 2019. However, through Finance Act, 2019 this condition now will be applicable from August 2019. […]
Continue Reading