Rs4.778 trillion federal budget 2017-18 unveiled
ISLAMABAD: Finance Minister Ishaq Dar presented the federal budget for the fiscal year 2017-18 today with an estimated outlay of Rs 4.8 trillion. The national budget, the last by PML-N…
Rs 217.5 million set aside for Textile Industry Division
ISLAMABAD: The federal government has laid a special emphasis on development of textile sector amd has allocated Rs 217.5 million for Textile Industry Division under the Public Sector Development Programme…
PML-N steered Pakistan out of default : Dar
ISLAMABAD: Pakistan was on the brink of technical default on its financial commitments with forex reserves at a historic low covering only two weeks’ worth of imports when PML-N government…
Raw material import limit enhanced
KARACHI: Government of Pakistan has announced enhancement in limit for importing raw material by manufacturers without collection of income tax at the import stage. Presently, the quantitative limit for import…
Sales tax rationalized to increase government revenue
KARACHI: In order to arrest the declining revenue trends, the federal government has proposed to revise and raise incidence of sales tax on various imports and sectors. Steel sector is…
Federal Budget 2017-18 proposes several sales tax exemptions
KARACHI: Government of Pakistan through Federal Budget 2017-18 has reduced sales tax on fertilizers to replce subsidy. Due to complications in payment of subsidy to fertilizers manufacturers and importers, the…
Government announces relief and revenue measures in federal budget
KARACHI: Government of Pakistan through Federal Budget 2016-17 has announced several relief measures for local industry along with various revenue measures and tariff rationalization. The relief measures include reduction of…
Tax on mobile phone services reduced
KARACHI: Government of Pakistan has decided to reduce taxe on mobile phone service usage as a reduction of withholding tax and Federal Excise Duty on telecom services is proposed through…
IT companies, tech start-ups given three-year tax holiday
KARACHI: Government of Pakistan has announced a tax holiday for tech-start-up companies and software houses for a period of three years. Proposed budget for 2017-18 said that all IT exports…
Tax on smart phone import reduced
KARACHI: Government of Pakistan has reduced tax on imported smartphones. According to details, one category — for which import duty was Rs. 1,000 — the rate of duty has been…
Exemption of withholding tax for branchless banking agents
KARACHI: The government has given a relief to branchless banking sector through exemption of withholding tax on cash withdrawal for agents associated with branchless banking companies. Accordingly, agents could save…
Government continues super tax for another year
KARACHI: The government has decided to continue the super tax levied for another year, it was imposed in 2015-16 for the purpose of rehabilitating temporary displaced persons (TDP) affected by…
Stock market disappointed with federal budget 2017-18
KARACHI: The federal budget announcement for fiscal year 2017-18 came rather disappointing for the stock market as finance ministry igonred all its recommendations and instead raised the incidence of tax…
FBR empowered to sign agreements with foreign, international organizations
KARACHI: The Finance Bill 2017 has empowered Federal Board of Revenue (FBR) to enter into mutual legal assistance agreements on customs matters with other foreign and international organizations. The Bill…
Suspension of WeBOC user ID is appeal-able before Chief Collector
KARACHI: The Finance Bill 2017 has given unlimited power to the chief collector of annulling, modifying or confirming the order passed by the collector suspending user ID of an importer…
Declared value to be assess-able value
KARACHI: The value of an imported consignment declared in the goods declaration (GD) or the value mentioned on the invoice retrieved from the consignment will be assess able value if…
Salaries of government employees raised by 10 percent
KARACHI: Finance Minister Ishaq Dar has proposed an ad-hoc increase of 10 percent in salaries of government’s employees in the Federal Budget 2017-18. Unveiling the federal budget in the National…
IR Tribunal stays recovery of tax demand
KARACHI: Judical Member Inland Revenue Appellate Tribunal Muhammad Javed Zakaria has stayed the recovery of tax demand against M/s PAIR Investment Company Limited. The company’s representative stated that income tax…
Inland Revenue Tribunal strikes down revenue demand against SEPCO
KARACHI: Judical Member Inland Revenue Appellate Tribunal Muhammad Javed Zakaria has struck down the order-in-original served on M/s Sukkur Electric Power Company (SEPCO) demanding payment of Rs12.246 billion outstanding against…
M/s Al-Moazzin Hajj Services granted 30-days stay FBR sends income tax of Rs 8 million
KARACHI: The Appellate Tribunal Inland Revenue (ATIR) Karachi on Friday granted 30-day stay against the Federal Board of Revenue (FBR) who was struggling to recover an amount of Rs 8.3…