Penalty for late filing of sales tax return doubled
KARACHI: The Finance Bill 2019 has proposed to increase penalty for late filing of Sales Tax return from Rs 5,000 to Rs 10,000. Further, in case the return is filed…
Tax rate on dividend paid by power generation companies doubled to 15%
KARACHI: The rate of tax on dividend distributed by power generation companies is proposed to be enhanced to 15 percent from existing 7.5 percent, suggests Finance Bill 2019. Applicable tax…
Withholding tax from payments under cohesive business operation rationalized
KARACHI: The Finance Bill 2019 has proposed certain amendments to address the practical issues which were being faced by withholding agents of non-resident contractors in relation to payments for offshore…
Commissioner Inland Revenue to examine, amend income statements of insurance companies
KARACHI: The Finance Bill 2019 has proposed discretionary power for the Commissioner Inland Revenue to examine and amend the reported income of insurance companies for the purpose of computing the…
Tax collected from commercial importers, ship breakers at import stage made minimum
KARACHI: The Finance Bill 2019 has proposed to reintroduce minimum tax for commercial importers and ship breakers for tax collected at import stage. The Tax collected at import stage from…
Finance Bill proposes to abolish final tax regime, introduce minimum tax regime
KARACHI: The Finance Bill 2019 has proposed to abolish final tax regime (FTR) and replace the same with minimum tax regime in all cases other than exports, prizes and winnings…
Payment against purchase of property worth more than Rs5.0 million must be made through banking channel
KARACHI: The Finance Bill 2019 has proposed to restrict purchase of property (valuing more than Rs5.0 million), any other asset (valuing more than Rs1.0 million) by any person otherwise than…
CGT regime for real estate trading proposed to be revamped, tax to go up
KARACHI: The Finance Bill 2019 has proposed the revamp the capital gains tax (CGT) regime on disposal of immovable property, whereby incidence of tax on gains arising from real estate…
IR Commissioner might get powers to raid premises, confiscate undeclared assets
KARACHI: The Finance Bill 2019 has proposed enhanced powers for Income Tax Commissioner enabling them to enter and search the premises and confiscate undeclared assets. Section 175 of the Income…
Finance Bill 2019 proposes to do away with the concept of ‘filer’ and ‘non-filer’
KARACHI: The Finance Bill 2019 has proposed to do away with the concept of ‘filer’ and ‘non-filer’ and instead introduces provisions to deal with such persons whose names do not…
Business licensing scheme proposed to detect future taxpayers
KARACHI: The government through Finance Bill 2019 has proposed a business licensing scheme with a view to detect future taxpayers. Through the proposed Section 181D in Customs Act, 1969, Finance…
New taxes, duties, exemptions withdrawal to fetch Rs600 billion
ISLAMABAD: The Federal Board of Revenue (FBR) is eyeing Rs2.082 trillion in shape of direct taxation and Rs3.473 trillion through indirect taxes in the coming fiscal year. FBR Chairman Shahbar…
Country’s business leaders term PTI’s first budget hostile for business, people
KARACHI: The business leaders have dubbed the federal budget 2019-20 unfriendly for business and unfriendly for masses, and it would adversely impact the industrialization in the country. “We will comment…
At least stock market is happy with the PTI government’s first budget
KARACHI: The stock market has welcomed the federal budget 2019-20, as no additional taxes were imposed on the equity market, and traders believe the market would observe a positive momentum…
Federal Budget 2019-20: 10% ad hoc increase in salaries of government employees
ISLAMABAD: The Federal Budget 2019-20 has recommended a 10 per cent ad hoc increase in the salaries of government employees. State Minister for Revenue Hammad Azhar presented the budget in…
FED in range of 2.5% to 7.5% imposed on locally assembled cars
KARACHI: The Federal Budget 2019-20 has proposed Federal Excise Duty (FED) in the range of 2.5% to 7.5% on locally manufactured or assembled motor cars, SUVs and other motor vehicles,…
FED at the rate of 17 percent proposed on edible oils, ghee
KARACHI: The Federal Budget 2019-20 announced on Tuesday has proposed Federal Excise Duty (FED) at the rate of 17 percent on edible oil and ghee. Vegetable ghee and cooking oil…
Sales tax on sugar increased to 17%
KARACHI: Federal budget 2019-20 has proposed to increase sales tax on sugar to 17% from existing 8.0%. Presently Sugar is subject to sales tax at 8%. This sector has huge…
PTI government proposes to rescind SRO 1125
KARACHI: PTI government has proposed to rescind SRO 1125(I)/2011, thus restoring standard rate of 17 percent on import of raw materials by five value added export oriented sectors. SRO 1125(I)/2011…
New regime proposed to counter trade based money laundering
KARACHI: Money laundering is a menace and source of bad publicity and economic cost; therefore the government of Pakistan has proposed a completely new regime to curb the practice of…