Pakistan reintroduces advance tax on foreign payments
ISLAMABAD: Pakistan has reintroduced advance tax on foreign payments made through credit, debit or prepaid cards. The advance tax has been revived through Finance Bill, 2022.
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Tag: Finance Bill 2019
Restoration of multiple years audit to burden taxpayers
KARACHI: Business community has criticized the government for eliminating condition of conducting audit once in three-year period. Overseas Investors Chamber of Commerce and Industry (OICCI) highlighted anomalies in the Finance Bill 2020, sent to the Federal Board of Revenue (FBR) and said that omission of the condition would burden the taxpayers and would give sweeping […]
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Tax credit allowed for hiring fresh graduates
KARACHI: In order to generate employment in the country, the government allowed tax credit to employers for hiring fresh graduates from July 01, 2019. According to Deloitte Pakistan, a new section is proposed to be introduced through the Finance Bill 2019 in order to encourage creation of employment opportunities for fresh graduates. A person employing […]
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Finance Bill 2019: tax officials granted powers to enter premises for gold, prize bonds; KCCI opposes
KARACHI: The Finance Bill 2019 has proposed discretionary powers to Commissioner Inland Revenue to enter and search any premises for undeclared gold and prize bonds. Under Section 175 of Income Tax Ordinance, 2001 such powers have already with the commissioners but the proposal intended to expand the power to include gold and bearer security. Karachi […]
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Tax slabs increased for rental income from properties
KARACHI: The government has revised tax slabs for rental income from property to eight from five.Experts at Deloitte Pakistan Chartered Accountants said that the Finance Bill 2019, proposed the increase in the number of tax slabs from five to eight.Three new tax slabs are proposed for income exceeding Rs4,000,000 to match the maximum rate with […]
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Prime Minister assures business community of considering sales tax zero rating
KARACHI: Prime Minister Imran Khan has assured business community of considering restoration of sales tax zero rating for export sector. A delegation of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) met Prime Minister Imran Khan on Thursday in Islamabad to discuss anomalies in the Finance Bill 2019. On FPCCI demand of restoration of […]
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List of transactions not to attract 100 percent increased withholding tax
KARACHI: The Finance Bill 2019 has proposed a new schedule related to compliance with 100 percent increased withholding tax rates to persons not appearing on Active Taxpayers List (ATL). Deloitte Yousuf Adil, Chartered Accountants in their budget commentary said that the increased withholding tax rates specified under this schedule are inapplicable with respect to following […]
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Customs duty concessions allowed on 1650 raw materials
KARACHI: The government has allowed customs duty concessions on import of 1650 raw materials through Finance Bill 2019. According to Deloitte Yousuf Adil, Chartered Accountants, the Finance Bill proposed to introduce concession of Customs Duty on import of 1650 raw materials/industrial inputs. Major items are listed as follows: PCT code Description Rate 2710.1911 Kerosene […]
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FPCCI may opt harsh decisions against proposed budgetary measures
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on has announced to take harsh decision against duty and tax measures proposed through Finance Bill, 2019. At a pressing briefing on Wednesday, Engineer Daroo Khan, President, FPCCI said that the decision would include closure of business and trade activities in protest. He said that […]
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Law proposed to end corruption in Pakistan Customs
KARACHI: The government has decided to take stern action against officials of Pakistan Customs, who are involved in corruption or corrupt practices. A new section 156A to the Customs Act, 1969 has been proposed through Finance Bill, 2019 to initiate criminal proceedings against officials involved in accepting bribe or corruption. According to EY Ford Rhodes […]
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