May 3

PBC recommends key reform measures for energy sector

KARACHI: Pakistan Business Council (PBC) has recommended the government a set of reforms for bringing improvement in the energy sector. The PBC sent its recommendations to the federal minister for industries and production and proposed key reform measures for the energy sector: • Federal government to restrict its role to removing the existing bottlenecks in […]

by Mrs. Anjum Shahnawaz

Premature reversal of tax exemption hurt investors’ sentiment: PBC

Apr 22

Trade & Industry

Premature reversal of tax exemption hurt investors’ sentiment: PBC

KARACHI: Pakistan Business Council (PBC) has said that the premature reversal of tax exemption hurt the investor sentiments. In a letter sent to Finance Minister Shaukat Tarin, the PBC said that the recent reversal of tax exemptions, some which had just a few years to run, and others which were conceptually aimed at promoting scale […]

by Mrs. Anjum Shahnawaz

Pakistan Business Council urges Sindh to reopen industries

May 20

Trade & Industry

Pakistan Business Council urges Sindh to reopen industries

KARACHI: Pakistan Business Council (PBC) has urged Sindh government to allow industries to reopen with surety of safety compliance to prevent coronavirus. In a letter to Sindh Chief Minister on Wednesday, PBC appreciated the proactive steps taken by your government to contain the spread of the Covid-19. No doubt countless lives have been saved. We […]

by Mrs. Anjum Shahnawaz

PBC for abolishing anti-dumping duty on raw material

May 19

Budget 2020-2021, Trade & Industry

PBC for abolishing anti-dumping duty on raw material

KARACHI: Pakistan Business Council (PBC) has advocated abolishing anti-dumping duty on imported raw material that are used for export oriented units (EOU). In a letter sent to Abdul Razak Dawood, Advisor to Prime Minister on Commerce, Textile and Investment regarding budget proposals 2020/2021, the PBC said that following issues with the Federal Board of Revenue […]

by Faisal Shahnawaz

FBR proposed to ensure CPR for deposited withholding tax

May 18

Budget 2020-2021, Taxation

FBR proposed to ensure CPR for deposited withholding tax

KARACHI: Federal Board of Revenue (FBR) has been advised to ensure Computerized Payment Receipt (CPR) for deposited withholding tax in order to avert chances of revenue leakages. Pakistan Business Council (PBC) in its proposals for budget 2020/2021 submitted to the FBR, said that presently the taxpayer has to deposit the withholding tax deducted fortnightly, i.e. […]

by Mrs. Anjum Shahnawaz

FBR advised to amend withholding tax on prize winnings

May 17

Budget 2020-2021, Taxation

FBR advised to amend withholding tax on prize winnings

KARACHI: Federal Board of Revenue (FBR) has been advised to amend the income tax law related to withholding tax deduction on prize winnings. Pakistan Business Council (PBC) in its budget proposals for 2020/2021 submitted to the FBR said that under Section 156 of the Income Tax Ordinance, 2001 requires a company to deduct 20 percent […]

by Mrs. Anjum Shahnawaz

FBR advised to make annexure-J mandatory to prevent under reporting

May 16

Budget 2020-2021, Taxation

FBR advised to make annexure-J mandatory to prevent under reporting

KARACHI: Federal Board of Revenue (FBR) has been advised to make it mandatory the filing annexure-J along with monthly sales tax returns in order to remove disparity between formal and informal sectors. Pakistan Business Council (PBC) in its proposals for budget 2020/2021 submitted to the FBR, said that currently only certain persons as defined under […]

by Mrs. Anjum Shahnawaz

FBR urged to clarify income tax relief to group companies

May 16

Budget 2020-2021, Taxation

FBR urged to clarify income tax relief to group companies

KARACHI: Federal Board of Revenue (FBR) has been urged to clarify group relief under income tax laws regarding a holding company can purchase losses of its subsidiary. Pakistan Business Council (PBC) in its proposals for budget 2020/2021 submitted to the FBR, stated that as per Section 59B of the Income Tax Ordinance, 2001, a holding […]

by Mrs. Anjum Shahnawaz

Various tax laws discouraging investment: PBC

May 9

Budget 2020-2021, Trade & Industry

Various tax laws discouraging investment: PBC

KARACHI: Pakistan Business Council (PBC) has detected that various tax laws are discouraging investment in the country. The council recommended measures for promoting industrialization, growth and job creation. The PBC in proposals for budget 2020/2021 said that at present, new local/foreign investors are reluctant to invest in manufacturing industry of Pakistan due to various impediments […]

by Faisal Shahnawaz

Exemption from withholding tax at import stage suggested

May 5

Budget 2020-2021

Exemption from withholding tax at import stage suggested

KARACHI: Pakistan Business Council (PBC) has suggested the tax authorities to exempt withholding tax at import stage for avoiding generation of tax refunds and expansion of industry. In its proposals for budget 2020/2021, the PBC recommended exemption from collection of withholding tax under section 148 at import stage and exemption for manufacturing concerns under Section […]

by Faisal Shahnawaz