Sindh notifies new motor vehicle tax rates

Jul 16

Taxation

Sindh notifies new motor vehicle tax rates

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) […]

by Mrs. Anjum Shahnawaz

No immunity to concealed income invested in immovable properties

Jul 14

Taxation

No immunity to concealed income invested in immovable properties

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purchasing immovable properties are now required to make true declaration as immunity to such investment has been withdrawn.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 […]

by Mrs. Anjum Shahnawaz

FBR directs banks to provide details of depositors receiving Rs500,000 as profit on debt per year

Jul 13

Taxation

FBR directs banks to provide details of depositors receiving Rs500,000 as profit on debt per year

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 […]

by Mrs. Anjum Shahnawaz

Consumers may not able to get 5pc sales tax rebate till FBR notification

Jul 12

Taxation

Consumers may not able to get 5pc sales tax rebate till FBR notification

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 […]

by Mrs. Anjum Shahnawaz

CNIC condition not applicable on purchases below Rs50,000

Jul 11

2019-2020, Budget

CNIC condition not applicable on purchases below Rs50,000

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). He highlighted key changes to sales tax law made through Finance Act, 2019 at a seminar organized by KTBA on Thursday. He said the condition […]

by Mrs. Anjum Shahnawaz

Reduced sales tax rates on supply of gold, jewelry imposed

Jul 8

2019-2020, Budget, Taxation

Reduced sales tax rates on supply of gold, jewelry imposed

KARACHI: Federal Board of Revenue (FBR) has brought gold, jewelry and other precious articles into sales tax ambit by introducing reduced rates on supplies. Through Finance Act, 2019, the amendment has been introduced to Eight Schedule of Sales Tax Act, 1990 to bring gold, jewelry and other precious articles into sales tax net. According to […]

by Mrs. Anjum Shahnawaz

Traders announces three-day shutter down protest against tax measures from July 08

Jul 7

Trade & Industry

Traders announces three-day shutter down protest against tax measures from July 08

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 […]

by Mrs. Anjum Shahnawaz

Aviation industry allowed duty free import of aircraft, spare parts

Jul 6

2019-2020, Budget, Pakistan Customs

Aviation industry allowed duty free import of aircraft, spare parts

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 […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: FED imposed on all imported vehicles

Jul 5

2019-2020, Budget, Taxation

Finance Act 2019: FED imposed on all imported vehicles

KARACHI: The government has imposed federal excise duty on all imported vehicles through Finance Act, 2019, which is inline with the levy of excise duty on locally manufactured vehicles. According to commentary on Finance Act, 2019 by PwC A F Ferguson Chartered Accountants, previously, excise duty was leviable only on imported motor vehicles/SUVs having engine […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: CNIC condition for sales tax invoices applicable from August 01

Jul 5

2019-2020, Budget, Taxation

Finance Act 2019: CNIC condition for sales tax invoices applicable from August 01

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. […]

by Mrs. Anjum Shahnawaz