PBC recommends restriction on cash above certain limit

Apr 27

Budget 2022-2023

PBC recommends restriction on cash above certain limit

KARACHI: Pakistan Business Council (PBC) has recommended use of cash above certain limit in order to document the economy. In its proposals for budget 2022/2023 submitted to Federal Board of Revenue (FBR), the PBC recommended that the use of cash in the economy should be discouraged. READ MORE: FBR proposed to exempt withholding tax on […]

by Faisal Shahnawaz

Apr 19

PBC submits measures to avoid challenges confronting Sri Lanka

KARACHI: Pakistan Business Council (PBC) has urged the new prime minister of Pakistan Shahbaz Sharif don’t allow the country to experience the kind of challenges confronting Sri Lanka. The PBC in a letter congratulated the Prime Minister and assured him of full support in tackling the challenges facing the economy. READ MORE: Minimum tax 0.2% […]

by Faisal Shahnawaz

Prudent reforms helped improve tax-to-GDP ratio: Tarin

Dec 9

Finance

Prudent reforms helped improve tax-to-GDP ratio: Tarin

ISLAMABAD: Shaukat Tarin, Adviser to the Prime Minister on Finance and Revenue, Thursday said prudent fiscal reforms have helped in improving the tax-to-GDP ratio. He said this while addressing at an event organized by Pakistan Business Council. READ MORE: Tax to GDP ratio at 20% prime objective: Tarin The adviser highlighted the economic priorities of […]

by Mrs. Anjum Shahnawaz

Nov 10

Taxation

LTO Karachi, PBC discuss tax issues

KARACHI: A team of senior officials from Large Taxpayers Office (LTO) Karachi visited Pakistan Business Council (PBC) on Wednesday. Shahid Iqbal Baloch, Chief Commissioner Inland Revenue, Large Taxpayers Office (LTO) Karachi headed the team of tax officials. Kazi Hifzur Rehman, Commissioner Inland Revenue, Audit Zone-ll, LTO, Karachi also part of the team. LTO Karachi is […]

by Hamza Shahnawaz

POS installation offers reduced tax rates: LTO Karachi

Oct 6

Taxation, Trade & Industry

POS installation offers reduced tax rates: LTO Karachi

KARACHI: Officials of Large Taxpayers Office (LTO) Karachi have apprised the business community that installation of Point of Sale (POS) offered reduced rate of sales tax. A team of tax officials from Large Tax Office (LTO) Karachi visited Pakistan Business Council (PBC) on Wednesday to discuss the integration of Tier-1 retailers, a statement said on […]

by Mrs. Anjum Shahnawaz

Measures proposed to curb under invoicing by commercial importers

Jun 4

Budget 2021-2022, Trade & Industry

Measures proposed to curb under invoicing by commercial importers

KARACHI: Pakistan Business Council (PBC) has recommended the authorities to take additional measures to stop massive under invoicing by commercial importers. In its proposals for the budget 2021/2022, the PBC said that across the board massive under invoicing and dumping of imported products has been increasing. Information regarding values at which various custom check posts […]

by Mrs. Anjum Shahnawaz

Massive rise in withholding tax rates proposed for non-filers

Jun 3

Budget 2021-2022, Taxation, Trade & Industry

Massive rise in withholding tax rates proposed for non-filers

KARACHI: The concept of separate withholding tax rates for filers and non-filers was introduced as a measure for increasing documentation of the economy. However, no efforts were made to increase the tax base. Pakistan Business Council (PBC) in its proposals for budget 2021/2022 submitted to the Federal Board of Revenue (FBR), said that though large […]

by Mrs. Anjum Shahnawaz

Under-invoicing by commercial importers destroying industry: PBC

May 29

Budget 2021-2022, Trade & Industry

Under-invoicing by commercial importers destroying industry: PBC

KARACHI: The Pakistan Business Council (PBC) has informed the higher authorities that the massive under-invoicing, especially by commercial importers, is destroying domestic industry. In its proposals for budget 2021/2022 the PBC pointed out that across the board massive under invoicing and dumping of imported products has been increasing. Information regarding values at which various custom […]

by Mrs. Anjum Shahnawaz

FBR urged to restore group tax laws in actual form

May 28

Budget 2021-2022, Taxation, Trade & Industry

FBR urged to restore group tax laws in actual form

KARACHI: Pakistan Business Council (PBC) has urged the Federal Board of Revenue (FBR) to restore laws related to group taxation in the initial form as introduced via Finance Act 2007 and Finance Act 2008. In its proposals for budget 2021/2022, the business council said that most recently, via Income Tax Laws (Second Amendment) Ordinance, 2021, […]

by Mrs. Anjum Shahnawaz

Business Council identifies anomalies in minimum tax regime

May 28

Budget 2021-2022, Taxation, Trade & Industry

Business Council identifies anomalies in minimum tax regime

KARACHI: Pakistan Business Council (PBC) has identified anomalies in minimum tax rates and demanded the levy should be abolished. In its budget proposals for 2021/2022 submitted to the Federal Board of Revenue (FBR) the council said that the rate of minimum tax of 1.5 percent is extremely high and unrealistic. It identified that as per […]

by Mrs. Anjum Shahnawaz