Withholding tax rates on imports updated through Finance Supplementary (Second Amendment) Act 2019

KARACHI: Federal Board of Revenue (FBR) issued withholding tax rates on imports for tax year 2019 updated as per Finance Supplementary (Second Amendment) Act, 2019. Read more »

FBR outlines sales tax amendments through second supplementary finance act

ISLAMABAD: Federal Board of Revenue (FBR) has summarized amendments to sales tax regime through Finance Supplementary (Second Amendment) Act, 2019 and directed the officials of Inland Revenue to take necessary action for... Read more »

FBR explains FED on motor vehicles under Second Amendment Act

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday explained the amendment of Federal Excise Duty (FED) on imported and locally manufactured vehicles through Finance Supplementary (Second Amendment) Act, 2019. Read more »

Income Tax Ordinance 2001: amended advance tax rates on marriages, functions

KARACHI: Federal Board of Revenue (FBR) has updated advance tax rates on marriages and functions through latest amendment to Income Tax Ordinance, 2001. Read more »

Non-filers allowed purchase of locally assembled motor vehicles of any engine capacity

ISLAMABAD: The federal government has allowed non-filers of income tax returns to purchase of locally assembled motor vehicles of any engine capacity. Read more »

Bill focuses very low on revenue collection: former FBR Member

KARACHI: The finance supplementary budget has very nominal impact on revenue collection and it mainly focuses on industrial growth, said a former Member of Federal Board of Revenue (FBR). Read more »

Income tax returns, sales tax procedure to be simplified: Asad Umar

KARACHI: Finance Minister Asad Umar has expressed his resolve to simplify income tax return forms and sales tax procedure to facilitate business community. Read more »

Reform package exempts withholding tax for rupee accounts receiving foreign remittances

KARACHI: The new reform package has allowed exemption from collection of withholding tax on cash withdrawals from a bank account maintained in local currency where deposits are made through foreign remittances. Read more »

Bill proposes valuation in US Dollar for imported mobile phones to collect smart phone levy

KARACHI: The Finance Supplementary (Second Amendment), 2019 has proposed to determine the valuation of imported mobile phones in US Dollar for collection of levy on smart phones. Read more »

New policy to review 7,000 tariff lines for enhancing exports, investment: Razak Dawood

KARACHI: The government will review 7,000 customs tariff lines in the new national tariff policy in order to promote investment in Pakistan, Abdul Razak Dawood, Adviser to Prime Minister on Commerce and... Read more »

Customs, regulatory duties on 135 tariff lines to be reduced / eliminated for raw materials

ISLAMABAD: The government has identified 135 customs tariff lines for eliminating or reducing customs duty, additional customs duty and regulatory duty for enhancing export and industrial output.     In his speech... Read more »

Rs400 million penalty amount waived for clearance of stuck up goods at bonded warehouses

KARACHI: The government has announced to waive penalty amounting Rs400 million for release of goods stuck up in customs bonded warehouses. Read more »