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

Misuse of Afghan transit trade should be checked

May 4

Budget 2020-2021

Misuse of Afghan transit trade should be checked

KARACHI: Smuggling through Afghan Transit Trade has always been the biggest threat for economic growth and hardly any sector has been left untouched by this menace. Pakistan Business Council (PBC) in its proposals for budget 2020/2021 said that smuggled goods through the borders of Afghanistan, Iran China, India and the Afghan Transit Trade form a […]

by Faisal Shahnawaz

Withholding tax rate should be increased for immovable property purchase by non-filer

May 3

Budget 2020-2021

Withholding tax rate should be increased for immovable property purchase by non-filer

KARACHI: The withholding tax rate should be enhanced to 10 percent for non-filer purchaser of immovable property in the budget 2020/2021. Pakistan Business Council (PBC) in its budget proposals 2020/2021 recommended to increase the rate of withholding tax for unregistered and non-filers of income tax returns. The PBC recommended that advance income tax is collected […]

by Mrs. Anjum Shahnawaz

Massive under-invoicing by commercial importers destroying domestic industry: PBC

May 3

Budget 2020-2021, Trade & Industry

Massive under-invoicing by commercial importers destroying domestic industry: PBC

KARACHI: Pakistan Business Council (PBC) has said that massive under-invoicing especially by commercial Importers is destroying domestic industry. In its budget proposals for fiscal year 2020/2021, 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 clear import […]

by Mrs. Anjum Shahnawaz

FBR proposed to review regulatory duty regime to promote domestic industry

May 2

Budget 2020-2021

FBR proposed to review regulatory duty regime to promote domestic industry

KARACHI: Business community has urged the Federal Board of Revenue (FBR) to review existing regulatory duty regime in order to promote domestic industry. Pakistan Business Council (PBC) in its budget proposals 2020/2021 advised the FBR to review of the regulatory duty where domestic industry can expand and market its capacity to the export markets. The […]

by Mrs. Anjum Shahnawaz

Revival of sales tax zero rating suggested to ease liquidity problem

May 2

Budget 2020-2021

Revival of sales tax zero rating suggested to ease liquidity problem

KARACHI: Business community has recommended revival of zero rated sales tax for the export sector in the wake of difficulties faced following COVID-19. Pakistan Business Council (PBC) has suggested sales tax proposals for budget 2020/2021 to ease the pressure on the industry. It said that the proposal for bringing the five export sectors under the […]

by Mrs. Anjum Shahnawaz

Minimum tax collection should be suspended for two years

May 2

Budget 2020-2021, Trade & Industry

Minimum tax collection should be suspended for two years

KARACHI: Pakistan Business Council (PBC) has recommended suspending minimum tax under Section 113 of Income Tax Ordinance, 2001 considering the pandemic of COVID-19 and its impact on businesses. The PBC in its budget proposals 2020/2021, said that a turnover based minimum tax is fundamentally flawed in that it fails to take account of the industry […]

by Mrs. Anjum Shahnawaz