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 government of its five year tenure focused on reviving the economy, resolving the energy crisis, reducing non-development expenditures and providing relief… Continue reading

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 (PSDP) for the fiscal year 2017-18 for new development schemes. According to a budget document released here Friday, three new… Continue reading

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 took over in 2013, said Federal Finance Minister Senator Ishaq Dar in his budget speech on Friday outlaying budget 2017-18… Continue reading

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 of raw materials by an industrial undertaking for its own use, without collection of tax at the import stage, is… Continue reading

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 currently paying sales tax on the basis of consumption of electricity at the rate of Rs. 9.0 per unit of… Continue reading

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 subsidy is proposed to be substituted with reduction in sales tax rates on various fertilizers. Instead of ad valorem rates,… Continue reading

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 duty from 11 percent to 3.0 percent and removal of 5.0 percent regulatory duty (RD) on grandparent and parent stock… Continue reading

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 Finance Bill 2017. According to proposed budget for year 2017-18, WHT or income tax for telecom services is reduced from… Continue reading

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 — from with-in Islamabad — will also be exempted from sales tax. Software houses and startups in provinces will be… Continue reading

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 decreased to Rs. 650. Government said that step is taken to increase the uptake of smartphones in the country. It… Continue reading

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