Pakistan Revenue
ISLAMABAD: Federal Board of Revenue (FBR) has estimated additional revenue of Rs2 billion through proposed changes in law related to super tax. The changes have been introduced to Section 4B of Income Tax Ordinance, 2001 through Finance Bill 2019. The FBR in explanation to the Finance Bill said that presently brought forward depreciation and business […]
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ISLAMABAD: The government has abolished special sales tax procedure for steel sector through Finance Bill 2019 and imposed 17 percent federal excise duty in sales tax mode. According to amendment proposed to Federal Excise Act, 2005 through Finance Bill 2019, normal tax of 17 percent ad valorem has been proposed on supply of steel billets, […]
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The Federal Board of Revenue (FBR) has announced the withdrawal of duty exemption on foreign bandwidth services provided by telecom operators.
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ISLAMABAD: The government has proposed Twelfth Schedule to Sales Tax Act, 1990 to streamline imposition of 3 percent value addition tax on imported goods. The schedule has been proposed to make part of the Act through Finance Bill, 2019. According to the schedule, (1) The sales tax on account of minimum value addition as payable […]
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ISLAMABAD: Federal Board of Revenue (FBR) has been empowered to probe source of foreign remittances above Rs5 million received by a person in a year. According to Finance Bill 2019, an amendment has been proposed to Section 111(4) of Income Tax Ordinance, 2001 in this regard. At present the FBR cannot ask source to any […]
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ISLAMABAD: Banks shall pay 37.5 percent income tax on profit from investment in government securities, according to proposals made through Finance Bill, 2019. The Federal Board of Revenue (FBR) in explanation to the Finance Bill, 2019 said that banks are earning substantial profits on account of incremental exposure to government securities. Therefore profit from such […]
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ISLAMABAD: The government has increased the advance tax by 900 percent (nine times) at the time of renewal of license by middleman of a commodity markets in agriculture sector. The tax rates have been increased through Finance Bill, 2019 and may be applicable from July 01, 2019. The Federal Board of Revenue (FBR) said that […]
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ISLAMABAD: The government has tightened rules for transactions of immovable properties and through Finance Bill 2019 it is proposed that non-banking real estate transactions would liable for penalty. The Federal Board of Revenue (FBR) said that in order to ensure documentation of real estate transactions and also to ascertain the actual value of a transaction […]
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ISLAMABAD: The government has framed law to initiate criminal proceedings against officers and officials of Federal Board of Revenue (FBR) for committing corruption. A new section 216A to Income Tax Ordinance, 2001 has been proposed through Finance Bill, 2019 as part of the budget 2019/2020 to initiate criminal proceedings against FBR officials. The FBR said […]
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ISLAMABAD: The rate of tax has been increased up to 20 percent from 15 percent on profit on debt through Finance Bill, 2019. The government has proposed increase in tax rates on profit on debt through Finance Bill 2019 as part of budget 2019/2020. The tax rate has been increased to 15 percent from 10 […]
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