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…
Bilawal Bhutto dubs N-Leagues as Nakam (failed) League
KARACHI: Criticising the ruling party Pakistan Muslim League (Nawaz) for its failure on fiscal side, Bilawal Bhutto Zardari chairman of Pakistan Peoples Party dubbed the PML-N as “Nakam” (failed) League.…
Pulses register increase in prices due to poor agricultural production
KARACHI: The prices of all pulses have gone up before the federal budget 2016-17 due to falling production as agricultural sector is ignored by the present government viz a viz…
PCA detects duty/tax evasion of Rs289.58 million in May 2016
KARACHI: Directorate of Post Clearance Audit Karachi has detected duty/tax evasion and short payment of Rs289.58 million in the month of May 2016 by various companies and traders. The Directorate…
PCA Karachi expedites revenue recovery
KARACHI: The Directorate of Post Clearance Audit (PCA) Karachi has detected a huge amount of duty and tax evasion and made a part recovery. During the audit of import clearances…
MCC Appraisement East starts attaching accounts/properties of revenue evaders
KARACHI: MCC Appraisement East has started issuing notices to various banks and Land Departments advising to attach bank accounts and properties of various importers/companies, which evaded government revenue to the…
Officials caught red-handed while extorting businessmen
KARACHI: IRS officials on deputation in Pakistan Customs have been caught red-handed while extorting businessmen. According to the details of the case, information was received that some fraudsters pretending to…
Inland Revenue focuses on CREST to generate additional revenue to meet target
KARACHI: The Federal Board of Revenue (FBR) has initiated a campaign to make up for the losses caused by lower oil prices in the estimated targets of sales tax collection.…
Crackdown in the offing against corrupt elements in judiciary
KARACHI: It seems that the bureaucracy and the judiciary are the next in line to face the music and pay for their wrong doings. The arrest of Finance Secretary Mushtaq…
PCA detects duty/tax evasion of Rs455.37 million in April
KARACHI: Directorate of Post Clearance Audit Karachi has detected duty/tax evasion and short payment of Rs455.37 million in the month of April 2016 by various companies and traders. The Directorate…
Pakistan Customs post 14.2 percent growth in revenue collection
KARACHI: The overall revenue collection by Pakistan Customs in the fiscal year so far i.e. ten months (July-April 2016) has surged by 14.2 percent to Rs860 billion as against Rs753…