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 […]
KARACHI: The business community on Friday rejected the approval of the mini-budget by the government and demanded to revisit the finance supplementary bill approved by the National Assembly a day earlier. The leadership of Businessmen Group and Karachi Chamber of Commerce and Industry (KCCI), in a joint statement on Friday expressed reservations on various taxation […]
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 […]
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 […]
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 […]
ISLAMABAD: The Federal Board of Revenue (FBR) may withdraw the condition of providing details of Computerized National Identity Card (CNIC) in case payment made through digital means. The Finance (Supplementary) Bill, 2021 proposed to waive the condition of CNIC and NTN where payment has been made through debit card, debit card or other digital modes. […]
The Federal Board of Revenue (FBR) may be authorized to decide the implementation of payment through digital means. An amendment has been proposed through Finance (Supplementary) Bill, 2021 to defer the implementation of payment through digital means indefinitely till the time it is notified by the FBR. READ MORE: FBR extends digital payment system till […]
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, […]
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. […]
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. […]