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…
Ad-hoc relief of 50 per cent not merged into basic salary
ISLAMABAD: Although the federal budget for the financial year 2016-17 saw merger of two ad-hoc reliefs announced for the year 2013 and 2014 into basic salary of federal government employees,…
Non-filers to pay more CGT on securities
KARACHI: The federal government has increased the rate of capital gains tax (CGT) on disposable of securities for non-filers, while rates are kept intact for filers. Finance Bill 2016 proposes…
Federal government announces relief for government employees
ISLAMABAD: Federal government on Friday announced a major relief for government employees and the labour in the federal budget 2016-17. Fiance Minister Senator Ishaq Dar in his budget speech said…
Property rental income taxed
ISLAMABAD: The federal government has imposed income tax on income derived from rental property on both individuals and association of persons. According to the proposals made in finance Bill 2016,…
Rs.188 bln allocated for construction of roads, highways, bridges
ISLAMABAD: Minister for Finance Ishaq Dar Friday announced an allocation of Rs.188 billion for construction of roads, highways and bridges in the current financial year 2016 17. Unveiling budget 2016-17,…
Income tax imposed on foreign produced commercials
KARACHI: All payments made to non-resident person for foreign produced commercials has been subjected to income tax at the rate of 20 percent in the budget FY 2016-17. The Finance…
Gwadar Port gets 40-year sales tax, excise duty holiday
KARACHI: Federal government through the Finance Bill 2016 has granted 40-year exemption from sales tax and federal excise duty on imports and supplies to concession holder of Gwadar Port Authority…
Finance Bill 2016 rationalizes customs duty structure
KARACHI: The Finance Bill 2016 proposes to rationalize the Customs tariff besides withdrawing exemptions aimed at eliminating discriminatory tax exemptions and concessions. Finance Bill proposes to reduce tariff slabs from…
Federal Budget 2016-17 brings relief to almost all sectors, custom duties reduced, strict measures against non filers proposed
KARACHI: Federal Finance Minister Senator Ishaq Dar announced relief and special measures for almost all sectors of economy besides a substantial increase in salaries of Federal government employees, pensioners while…
Pakistan Bait-ul-Maal funds doubled for FY 2016-17
ISLAMABAD: Minister for Finance Senator Ishaq Dar Friday proposed an 100 per cent increase in funds for the Pakistan Baitul Maal (PBM) in the federal budget 2016-17 to mitigate sufferings…
Railways Division allocated Rs 41,000 m for 43 dev projects
ISLAMABAD: The Federal Government has allocated Rs 41,000 million for executing 43 development projects of Railways Division in the Public Sector Development Programme (PSDP) for the fiscal year 2016-17 which…
Water projects get Rs 31,716.370
ISLAMABAD: Rs 31,716.370 million have been allocated by the federal government for various ongoing water schemes and new projects under Public Sector Development Programme (PSDP) for next fiscal year 2016-17…
Government successfully moves to end load-shedding by 2018
KARACHI: The efforts by the PML-N government to control the energy crisis and end load-shedding from the country are proving successful as work on different projects with energy mix have…