ICAP proposes restricting powers of Directorate General Intelligence and Investigation

May 30

2019-2020, Budget, Taxation

ICAP proposes restricting powers of Directorate General Intelligence and Investigation

KARACHI: Institute of Chartered Accountants of Pakistan (ICAP) has proposed restricting powers of Directorate General of Intelligence and Investigation (I&I) as multiple powers of tax authorities are causing hardship for taxpayers. The ICAP in its tax proposals for budget 2019/2020 said that the Federal Board of Revenue (FBR) through SRO 115 (I)/2015 dated February 09, […]

by Mrs. Anjum Shahnawaz

Installing scanners at Pak-China borders suggested to prevent misuse clearance under CPEC

May 25

2019-2020, Budget, Pakistan Customs, Taxation

Installing scanners at Pak-China borders suggested to prevent misuse clearance under CPEC

KARACHI: Institute of Chartered Accountants of Pakistan (ICAP) has suggested to install scanners at Pak-China borders to stop misuse customs clearance of goods transported under China – Pakistan Economic Corridor(CPEC). The ICAP in its tax proposals for budget 2019/2020 said that CPEC is a journey towards economic regionalization in the globalized world. This will deepen […]

by Faisal Shahnawaz

ICAP suggests reviewing extra tax on electricity, gas consumption by industrial, commercial consumers

May 20

2019-2020, Budget, Taxation

ICAP suggests reviewing extra tax on electricity, gas consumption by industrial, commercial consumers

KARACHI: Institute of Chartered Accountants of Pakistan (ICAP) has suggested the tax authorities to review imposition of extra sales tax on electricity and gas as this levy is passed unnecessarily to consumers by utility companies. The ICAP in its tax proposals for budget 2019/2020 submitted to Federal Board of Revenue (FBR) said that in terms […]

by Faisal Shahnawaz

FBR recommended to exempt income tax on mortgage loans to facilitate salaried persons

May 16

2019-2020, Budget, Taxation

FBR recommended to exempt income tax on mortgage loans to facilitate salaried persons

KARACHI: Federal Board of Revenue (FBR) has been recommended to exempt income tax on mortgage loans in order to facilitate salaried persons. Currently the loans obtained from the employer below Benchmark interest rate is subject to tax, said Institute of Chartered Accountants of Pakistan (ICAP) in its tax proposals for budget 2019/2020. It recommended that […]

by Faisal Shahnawaz

FBR recommended imposing environmental tax on industries producing polluting materials

May 12

2019-2020, Budget

FBR recommended imposing environmental tax on industries producing polluting materials

KARACHI: Federal Board of Revenue (FBR) has been suggested to impose environmental tax on industries producing non-renewable and polluting materials. Pakistan has a wide range of industries, which are involved in usage and production of nonrenewable, polluting materials that are extremely harmful for our environment. “There are many entities, AOPs and sole proprietors who are […]

by Faisal Shahnawaz

Restriction on gold purchase by non-filers proposed

May 11

2019-2020, Budget, Taxation

Restriction on gold purchase by non-filers proposed

KARACHI: Federal Board of Revenue (FBR) has been suggested to restrict non-filers of income tax returns from purchasing gold bars, jewelry and other luxury goods in order to broaden tax net. “In addition to the restriction on purchase of immovable property and motor vehicles by non-filers, the punishment should be made even severe by foisting […]

by Faisal Shahnawaz

Imposition of digital tax at 30 percent proposed

May 10

2019-2020, Budget, Taxation

Imposition of digital tax at 30 percent proposed

KARACHI: Federal Board of Revenue (FBR) has been proposed for imposing digital tax at 30 percent in the budget 2019/2020. Chartered Accountants have suggested the imposition of digital tax from next tax year as OECD had started thinking of appropriately taxing the digitalized economy. Institute of Chartered Accountants of Pakistan (ICAP) in its budget proposals […]

by Faisal Shahnawaz

ICAP recommends harmonization of federal, provincial tax laws

May 9

2019-2020, Taxation

ICAP recommends harmonization of federal, provincial tax laws

KARACHI: Institute of Chartered Accountants of Pakistan (ICAP) has recommended harmonization of federal and provincial tax laws to facilitate the taxpayers. In its budget proposals for fiscal year 2019/2020 the ICAP suggested following measures for harmonization of federal and provincial taxes: Integration of Taxation Authorities for One-Window Solution The ICAP believes, there should be a […]

by Faisal Shahnawaz

Chartered Accountants declare documenting agriculture income must for tax reforms

May 7

2019-2020, Budget, Taxation

Chartered Accountants declare documenting agriculture income must for tax reforms

KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) has said that documentation of agriculture income is must for bringing tax reforms in the country. In its budget proposals for year 2019/2020 the ICAP said that there was a serious need of brining taxation of agriculture income under a more transparent and documented manner. “Capacity […]

by Mrs. Anjum Shahnawaz

ICAP submits tax proposals for ease of doing business

May 7

2019-2020, Budget, Taxation

ICAP submits tax proposals for ease of doing business

KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) has submitted tax proposals for budget 2019/2020 and suggested measures for ease of doing business. The ICAP suggested following tax proposals for ease of doing business: Facilitating Small and Medium Enterprises (SMEs) The ICAP said that SMEs serve as the backbone of the economy by playing […]

by Faisal Shahnawaz