GST exemption on various goods may be withdrawn

Pakistan’s Federal Board of Revenue is likely to withdraw exemption and concession of general sales tax (GST) granted on many consumable items. The consumption tax may be withdrawan on the supply of goods to generate an estimated revenue of Rs334 billion, news reports suggested. The exemption of GST may be withdrawn on supplies of various […]

by Hamza Shahnawaz

Salary income tax brackets to be reduced to five

Apr 9

Taxation

Salary income tax brackets to be reduced to five

KARACHI: The government is working on reducing the brackets of salary income tax to five from existing 11 besides reducing the income slabs, according to country report on Pakistan issued by International Monetary Fund (IMF) on Thursday. Pakistan has assured the IMF to take major initiatives in the upcoming budget 2021/2022. According to the report […]

by Mrs. Anjum Shahnawaz

Harmonizing general sales tax top priority: Hammad Azhar

Apr 6

Taxation

Harmonizing general sales tax top priority: Hammad Azhar

ISLAMABAD: Federal Minister for Finance, Revenue, Industries and Production, Mohammad Hammad Azhar on Tuesday said that harmonization of general sales tax is priority area of the government. Hammad Azhar, held a virtual meeting with Hartwig Schafer, Vice President South Asia Region, World Bank Group at the Finance Division. The federal and provincial tax authorities are […]

by Mrs. Anjum Shahnawaz

Implementing full-fledged VAT regime in next two to four years decided

Nov 3

Taxation

Implementing full-fledged VAT regime in next two to four years decided

ISLAMABAD: The government has decided to implement full-fledged Value Added Tax (VAT) by eliminating General Sales Tax (GST) in next two to four years. This has been decided at a meeting under the chairmanship of the prime minister held last month. According to the minutes of the meeting, it was considered that VAT regime instead […]

by Mrs. Anjum Shahnawaz

Jul 8

Taxation

Pakistan assures IMF of strengthening taxation on real estate, agriculture income

KARACHI: Pakistan has assured International Monetary Fund (IMF) of removing distortion in taxation system and strengthening taxation on real estate and agriculture income. The IMF on Monday issued country report on Pakistan after successful $6 billion loan program. The report said that a large deficit would require aggressive revenue collection. A multi-year effort will aim […]

by Mrs. Anjum Shahnawaz