Apr 9

Many withholding tax provisions to be abolished in budget

ISLAMABAD: The government has intended to abolish large number of withholding tax provisions in the budget. According to Medium-Term Economic Framework (MTEF), which was launched by Finance Minister Asad Umar on Monday, pointed out that withholding taxes become regressive if people who are not liable to income taxes and/or if firms treat them as consumption […]

by Faisal Shahnawaz

FBR empowered to use third-party information for identifying tax dodgers: MTEF

Apr 9

Exclusive, Taxation

FBR empowered to use third-party information for identifying tax dodgers: MTEF

ISLAMABAD: Federal Board of Revenue (FBR) has been empowered for using third-party information to identify tax dodgers. The Medium-Term Economic Framework (MTEF), which was launched on Monday by the Finance Minister Asad Umar, the government had promulgated a law so as to allow FBR to access third-party data bases. The MTEF pointed out building data […]

by Faisal Shahnawaz

All tax exemptions to have sunset clause: MTEF

Apr 8

Exclusive, Taxation

All tax exemptions to have sunset clause: MTEF

ISLAMABAD: The ministry of finance on Monday launched Medium-Term Economic Framework (MTEF), which envisaged that all permanent exemptions to be withdrawn or have a sunset clause. The MTEF said that presently tax policy has a predominant revenue focus and as such is likely to create distortions in the economy which can adversely affect the growth […]

by Faisal Shahnawaz

SBP to be given independence for money market discipline

Apr 8

Money & Banking

SBP to be given independence for money market discipline

ISLAMABAD: The State Bank of Pakistan (SBP) to be given operation and institutional independence for bringing discipline in money market. According to ‘Medium-Term Economic Framework’ launched by Finance Minister Asad Umar on Monday, the government is considering giving the SBP greater operation and institutional independence to bring greater discipline in money market and exchange rate […]

by Faisal Shahnawaz