Pakistan Revenue
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. The withholding tax rates updated up to March 09, 2019 on import under Section 148 of Income Tax Ordinance, 2001 as follow: The collector of customs shall collect withholding tax […]
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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 implementation. The FBR said that to liquidate huge amount claimed by taxpayers in refunds which have been accumulated over a long time, the […]
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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. The FBR said that Serial Number of Table 1 of the First Schedule to the FED Act, 2005 had been amended and duty of the imported […]
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KARACHI: Federal Board of Revenue (FBR) has updated advance tax rates on marriages and functions through latest amendment to Income Tax Ordinance, 2001.The national assembly recently approved Finance Supplementary (Second Amendment) Act, 2019 and advance tax rate for functions and gathering has been updated.The advance tax is collected under following section of the Ordinance.Section 236D: […]
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ISLAMABAD: The federal government has allowed non-filers of income tax returns to purchase of locally assembled motor vehicles of any engine capacity.
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KARACHI: The Finance Supplementary (Second Amendment) Bill, 2019, presented by the PTI government, is perceived to have a nominal impact on revenue collection, with a predominant focus on stimulating industrial growth.
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KARACHI: Finance Minister Asad Umar has expressed his resolve to simplify income tax return forms and sales tax procedure to facilitate business community.
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KARACHI: A chartered accountant firm has highlighted proposed amendments to Income Tax Ordinance, 2001 through Finance Supplementary (Second Amendment) Bill, 2019.
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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.
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KARACHI – The Finance Supplementary (Second Amendment), 2019 has introduced a proposed overhaul in the valuation and levy structure for imported mobile phones, shifting from Pakistani Rupees to US Dollars.
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