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 »

Changes to sales tax exemptions proposed

KARACHI: The government has proposed changes through Finance Supplementary (Second Amendment) Bill, 2019 to exemptions allowed under sales tax laws to various sectors. Read more »

PBC resents restoration of final tax regime for commercial importers

KARACHI: The business association of multinational companies (MNCs) has strongly criticized the proposed restoration of Final Tax Regime (FTR) for commercial importers. Read more »

Rs6.8 billion revenue loss estimated on implementation of reform package: FBR

ISLAMABAD: The proposed Finance Supplementary (Second Amendment) Bill, 2019 or reform package will negatively impact the revenue collection to the tune of Rs6.8 billion, Federal Board of Revenue (FBR) said in a... Read more »

FED rates revised for locally manufactured, imported vehicles

KARACHI: The government has enhanced Federal Excise Duty (FED) rates up to 30 percent on imported vehicles through Finance Supplementary (Second Amendment) Bill, 2019. Read more »

Sales tax rates revised for imported mobile phones

KARACHI: The government has revised the sales tax on mobile phones at the time of import or local supply and sales tax chargeable at the time of registration of IMEI number by... Read more »

Sales tax refunds: 3-year promissory notes to bear 10 percent annual profit

KARACHI: The government will issue promissory notes for payment of sales tax refunds and an annual profit of 10 percent will be given on these financial instruments, sources in Federal Board of... Read more »

KCCI hopes reform package to boost industrialization

KARACHI: The business community of Karachi praised Finance Minister Asad Umar for presenting the Economic Reforms Package and hoped it will promote industrialization and curtail trade deficit. Read more »

Finance Supplementary Bill: Major changes introduced to income tax

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued salient features of changes brought into income tax regime through Finance Supplementary (Second Amendment) Bill, 2019, presented on January 23, 2019. Read more »