FED on services withdrawn
KARACHI: The much awaited withdrawal of the federal excise duty (FED) on services, which are now subject to provincial sales tax, has been proposed in the Finance Bill 2016. In…
Government caps tax exempted import of raw material
KARACHI: The government has proposed to cap the tax exempted import of raw materials to 110 percent of the quantity imported and consumed in the last tax year. Presently, taxpayers…
New tax regime for Pakistan cricket board
KARACHI: The government has proposed to tax income of Pakistan Cricket Board (PCB) derived from sources outside Pakistan at the rate of 4.0 percent. According to Finance Bill 2016, PCB’s…
Tax increased on foreign receipts
KARACHI: The governments intends to introduce multi-fold increase in the tax rate applicable, gross receipts from services rendered and construction contracts executed outside Pakistan. Presently, gross receipts from services rendered…
Separate tax rates for filer, non-filer mutual fund investors
KARCHI: Through Finance Bill 2016, the rate of tax on dividends from mutual funds is proposed to include separate rates for filers and non-filers. According to the proposes structure, individual…
Avoidance of double taxation and prevention of fiscal evasions
KARACHI: The Finance Bill 2016 proposes to enable the Federal Government to enter into a tax treaty or tax information and exchange agreement or multilateral convention or inter government agreement…
Super tax extended for another year
KARACHI: Federal government, through the Finance Bill 2016, has extended Super tax as applicable for tax year 2015 to tax year 2016 also. Through Finance Act, 2015, Super tax was…
Federal Budget 2016 brings no policy change
KARACHI: The Federal Budget 2016 brings no major policy change in the taxation regime. Except for certain incentives for industrialization, most of the proposals relate to tax collection measures instead…
Fixed tax regime proposed for builders & developers
KARACHI: The Finance Bill 2016 seeks to introduce a unique non-income based Fixed Tax Regime for ‘Builders’ and ‘Developers’. Under this regime, tax liability for the builders and developers shall…