Pakistan Business Council (PBC) in a report suggested discontinuation of the highest denomination banknote of Rs5000 in order to formalize the country’s economy.
KARACHI: The business community has sought exemption from withholding tax on import of plant and machinery in order to reduce the cost of doing business. Pakistan Business Council (PBC) in its proposals for budget 2022/2023 submitted to Federal Board of Revenue (FBR), said that Section 148 (1) of Income Tax Ordinance, 2001 covers advance tax […]
KARACHI: The Federal Board of Revenue (FBR) has been urged to audit sales and income of commercial importers in order to discourage under-invoicing and misdeclaration for tax evasion. The Pakistan Business Council (PBC) in its proposals for budget 2022/2023 submitted to the FBR, recommended measures to stop under-invoicing by commercial importers. The PBC suggested: “Monthly […]
KARACHI: A proposed list of higher rates of withholding tax for non-filers of income tax returns has been sent to Federal Board of Revenue (FBR) for broadening the tax base. The concept of separate withholding tax rates for filers and non-filers was introduced as a measure for increasing documentation of the economy, said Pakistan Business […]
KARACHI: Pakistan Business Council (PBC) has suggested the Federal Board of Revenue (FBR) to lower the corporate tax rates, especially for listed companies. The PBC in its proposals for budget 2022/2023 recommended reduction in corporate tax rate to 20 per cent. READ MORE: Tax cut suggested on dividend paid by exempt entities The council in […]
KARACHI: Federal Board of Revenue (FBR) has been urged to reduce rate of income tax on dividend from exempt entities as the higher rate of dividend effectively withdraws the benefit of exemption. Pakistan Business Council (PBC) in its proposals for budget 2022/2023 submitted to the FBR, urged to reduce the dividend tax to 15 per […]
KARACHI: Pakistan Business Council (PBC) has recommended to reduce the further sales tax to one per cent in order to discourage flying invoices. The PBC in its proposals for budget 2022/2023 submitted to the Federal Board of Revenue (FBR) recommended reduction in further tax to address the issue of flying invoices. READ MORE: Commercial importers […]
KARACHI: The Federal Board of Revenue (FBR) has been urged to make Google pin location mandatory for Tier-1 retailers to stop misusing sales tax registration for point of sales (POS). Pakistan Business Council (PBC) in its proposals for budget 2022/2023 submitted to the FBR proposed to make Google pin location for Tier-1 retailers. READ MORE: […]
KARACHI: The Pakistan Business Council (PBC) has alleged that commercial importers are misusing registration as manufacturers to avail reduced tax rates on imports. The PBC in its proposals for budget 2022/2023 submitted to Federal Board of Revenue (FBR), said many “commercial importers” have been importing goods under the garb of fake registration as “manufacturer” to […]
KARACHI: The Federal Board of Revenue (FBR) has been urged to massively reduce the withholding tax rates for annual filers of income tax returns in order to ease burden on compliant taxpayers. Pakistan Business Council (PBC) in its proposals for budget 2022/2022 submitted to the FBR, recommended reduction in withholding tax rates for return filers. […]