Pakistan Customs, Tax, Shipping & Business News Resource
KARACHI: As the Finance Bill 2014 has left an ambiguity announcing promotion of superintendents of Grade-16 into Grade-17 and leaving the principal appraisers, who are also in Grade-16, the Federal…
KARACHI: The Investigation Committee, formed by the Federal Board of Revenue on the recommendations of Federal Tax Ombudsman (FTO) to investigate clearance of older vehicles misusing the interpretation-of the provisions…
ISLAMABAD: The Federal Board of Revenue (FBR) has taken stern action against 94 officials of BS-17&18 by stopping performance allowance for not submitting their asset declaration, which is mandatory for…
KARACHI: The Finance Bill 2014 has proposed significant amendments in customs duty/tax rates in order to provide relief to the importers and also rationalize the tariff measures. The following are…
KARACHI: In budget 2014/2015, it is proposed that federal excise duty (FED) will not be applicable on telecom sector if provincial sales tax (PST) payable to the tax machinery however,…
KARACHI: The Finance Bill 2014 has introduced a new sub-section for fixing sales tax rates on cellular/smart phones under ninth schedule which is ranging from Rs 150 to 500 per/set…
KARACHI: In budget 2014/2015, it introduced reduce rate of sales tax of five percent on goods under eighth schedule with prescribed conditions and limitations. The description of such goods is…
KARACHI: The Finance Bill 2014 has proposed to withdraw the requirement for return filing of the non-resident persons who are registered members of the trade bodies, business associations, Pakistan engineering…
KARACHI: The Finance Bill 2014 has proposed to insert a new taxation scheme of a higher corporate tax by company in order to charge 17 percent from accounting income having…
KARACHI: The minimum tax has been reduced for diversified segments of the economies as the tax rate varies on amount of different turnovers however; the minimum value is at 0.2…
KARACHI: The Finance Bill 2014 has proposed to withdraw all exemptions which are being given to the non-profit organizations, trusts or welfare institutions and it is mentioned that organizations should…
KARACHI: The Finance Bill 2014 has revised the income tax on capital gain on disposal of securities as it enhanced the holding period to 24 months from 12 months for…
KARACHI: The Finance Bill 2014 has proposed justified amendments to the provision of taxation of bonus shares where the amount of bonus declared by a company would be treated as…
ISLAMABAD: The Federal Board of Revenue (FBR) has decided to take stern action against its officials, who approach the board to exert political pressure for their promotion and postings. In…
KARACHI: The Model Customs Collectorate (MCC) of Appraisement-West has lodged an FIR against two persons including Amir Malik of M/s Bahria Town (Pvt) Ltd and Ghufran Tahir of M/s Jumbo…
KARACHI: The Federal Board of Revenue (FBR) has notified that process of delivering cash rewards to the staff officials are not being implementing in its true spirit by the field…
KARACHI: Ministry of Finance, Economic Affairs Statistics and Revenue on Thursday directed the federal government to make further amendments in Statutory Regulatory Orders (SRO) 421(I)/2014 of the Sales Tax Special…
ISLAMABAD: The Federal Board of Revenue (FBR) has defended the issuance of Statutory Regulatory Orders (SROs) stating that there is no irregularity or transgression of powers by the board in…
ISLAMABAD: Federal Finance Minister Ishaq Dar on Wednesday warned of taking stern action against those who increase prices linking to the budget and the finance bill. Addressing the post budget…
KARACHI: The Revenue Division has imposed quite lofty federal excise duty (FED) on locally produced cigarettes to be collected on fixed basis. According to SRO No. 422(I)/2014 issued by Federal…