Minimum tax regime withdrawn on commercial imports

KARACHI: The government has withdrawn the five percent minimum tax applicable on importer of finished goods. Through Finance Supplementary (Second Amendment) Bill, 2019, which was presented in the National Assembly on Wednesday it is proposed to delete clause (a) of Sub-Section 8 of Section 148 to Income Tax Ordinance, 2001. The existing clause said that […]

by Anjum Shahnawaz

Withholding income tax rates at import stage for tax year 2019

KARACHI: The collector of customs has been empowered to collect withholding income tax from importer of goods. Under Section 148 of Income Tax Ordinance, 2001, the collector of customs has been empowered to collect withholding tax from importer of goods at the same time and manner as the customs duty is payable in respect of […]

by Anjum Shah

Collection of withholding tax at import stage under Income Tax Ordinance 2001

KARACHI: The collector of customs has been empowered to collect advance tax from every importer of goods on the value of goods. The power has been given under Section 148 of Income Tax Ordinance, 2001. The Federal Board of Revenue (FBR) recently issued updated Income Tax Ordinance, 2001, which explained Section 148 as: Section 148: […]

by Anjum Shahnawaz