Duty on hybrid cars reduced
ISLAMABAD: Aimed at promoting usage of hybrid vehicles, which are environment-friendly, the government has proposed withdrawal of 16 percent Customs duty on electric vehicles in the federal budget for fiscal…
Rs 5.93 trillion budget presented, defence gets major chunk Full term budget presented by un-elected Finance Minister
ISLAMABAD: The outgoing PML-N government’s newly appointed Finance Minister Miftah Ismail presented a sixth full-term budget in the National Assembly Friday amid a raucous protest staged by opposition leaders calling…
salary of government servants – 10 per cent ad-hoc relief announced, house rent to increase by 50 per cent,
ISLAMABAD: The government yesterday announced an ad-hoc relief of 10 per cent in the salaries and pensions of civil and military employees in the federal budget 2018-19. Newly-inducted Finance Minister…
Commercial importers to file mandatory income tax returns
KARACHI: The Federal Budget 2018-19 has proposed to treat income tax paid by the commercial importers as minimum tax instead of final tax, which means commercial importers are now required…
Tax on banking transactions reduced
KARACHI: Federal Budget 2018-19 has proposed reduced rate of advance tax on banking transactions by non-filers. Under section 236P of the Ordinance banks are obliged to collect advance tax at…
Income tax relief announce for corporate sector
KARACHI: The Federal Budget 2018-19 has introduced a number of income tax rationalization measures to provide relief to corporate sector and businessmen, which include gradual reduction in super tax and…
Federal Budget seeks to institutes tax reforms in the real estate sector
KARACHI: The Federal Budget 2018-19 seeks to institute tax reforms in the real estate sector. Widespread tax reforms have been envisaged for streamlining the issues related to the real estate…
Sales tax increased on finished articles
KARACHI: Finance Bill 2018 proposes that the rate of sales tax on import and supply of finished articles of leather and textile sector is being increased to 9.0 percent. However,…
Taxpayer to be audited only once in three years
KARACHI: Finance Bill 2018 seeks to impose a restriction that sales tax and federal excise audit of a registered person can be conducted only once in three years. The Bill…
Sales tax exemptions on LNG, plant & machinery, computer parts’ import
KARACHI: The Finance Bill 2018 proposes to waive the value addition tax of 3.0 percent chargeable on import of LNG under Rule-58B of Sales Tax Special Procedure Rules, 2007. It…
Government undertaking reforms that under climate change initiatives
KARACHI: Finance Division and Ministry of Climate Change are leading reforms which also involve federal ministries/divisions that undertake climate change initiatives. These reforms are aimed at building a more transparent,…
Federal Budget 2018-19 proposes tariff rationalization measures, imposes RD on kits
KARACHI: Federal Budget 2018-19 has proposed several revenue measures including rationalization of custom duty on several importable items along with imposition and increase in regulatory duty on certain goods. It…
Statutory rate of additional customs duty increased to 2.0 percent
KARACHI: The Federal Budget 2018-19 announced by Advisor to PM on Finance Miftah Ismail proposes to increase the statutory rate of Additional Customs Duty to 2.0 percent from existing 1.0…
Concessions announced for electric cars
KARACHI: Federal Budget 2018-19 has announced a number of import concessions to promote use and manufacturing of environment friendly electric cars. The budget has proposed reduction of customs duty from…
Budget proposes Rs175 billion of subsidies
KARACHI: The federal budget 2018-19 has proposed to allocate a sum of Rs175 billion under subsidies and grants. A total estimate of subsidies for budget 2018-19 is 0.5 percent of…