Amount of bonus be chargeable to tax under source of head income
KARACHI: The Finance Bill 2014 has proposed justified amendments to the provision of taxation of bonus shares where the amount of bonus declared by a company would be treated as…
SRO 421(I)/2014 issued to amend rules for steel-melters, re-rollers
KARACHI: Ministry of Finance, Economic Affairs Statistics and Revenue on Thursday directed the federal government to make further amendments in Statutory Regulatory Orders (SRO) 421(I)/2014 of the Sales Tax Special…
Post Budget Conference: Dar warns profiteers against increasing prices making budget as excuse
ISLAMABAD: Federal Finance Minister Ishaq Dar on Wednesday warned of taking stern action against those who increase prices linking to the budget and the finance bill. Addressing the post budget…
Harsh duties imposed on locally produced cigarettes
KARACHI: The Revenue Division has imposed quite lofty federal excise duty (FED) on locally produced cigarettes to be collected on fixed basis. According to SRO No. 422(I)/2014 issued by Federal…
OICCI expresses federal budget 2014-2015 as business friendly; growth oriented
KARACHI: The Overseas Investors Chambers of Commerce and Industry (OICCI) has expressed good gesture over federal budget 2014-2015 as it is being called as balanced, business friendly and growth oriented…
Finance minister presents Rs3.945 trillion budget for the year 2014-2015
KARACHI: The federal cabinet on Tuesday approved the federal budget for the year 2014-15, with a total outlay of Rs3.945 trillion, and a Public Sector Development Programme (PSDP) allocation of…
National Economic Council approves overall national PSDP at Rs1.175 trillion
KARACHI: For the year 2014-15 National Economic Council (NEC) has approved an overall size of Public Sector Development Programme (PSDP) at Rs 1,175 billion, which is higher by 1.7% when…
Budget 2014-2015: Income Tax salient features
KARACHI: Following are the salient features of income tax announced in the Budget 2014-2015. Incentives for less developed areas, agriculture and investment 1. To help the locally grown fruits in…
Budget 2014-2015: salient features of Sales Tax and Federal Excise
KARACHI:Following are the salient features of Sales Tax and Federal Exise announced in the budget 2014-2015. The budgetary measures pertaining to Sales Tax & Federal Excise are primarily aimed at:…
Budget 2014-2015: salient features of Customs
KARACHI:Following are the salient features of Customs announced in budget 2014-2015. The objectives are including relief to general public; tariff rationalization; reducing discretionary powers and balancing controls and facilitation. Relief…
Economic Survey 2013-2014: 188.2 million total population projected
KARACHI: The total population of the country has projected to 188.2 million in year 2014 however; population has been decreased to 1.95 percent in current year comparatively to previous year…
Economic Survey 2013-2014: climate change threats identified as water-, food-; energy security
KARACHI: Pakistan is facing serious challenges due to climate changes and there are major threats to water security, food security and energy security, Economic Survey 2013-2014 said. The report said…
Economic Survey 2013-2014: govt plans four percent of GDP on education by 2018
KARACHI: The government has planned to enhance the public sector spending on education sector from current two percent of GDP to four percent by 2018 as the current allocation is…
Economic Survey 2013-2014: spending on health increases by 29 percent
KARACHI: The government has increased spending on health and nutrition sector by 29 percent from Rs 79.46 billion in 2012-2013 to Rs 102.33 billion in the outgoing fiscal year for…
Federal Budget envisages drastic revision in duty/structure for vehicles import
KARACHI: The Federal Budget 2014-15, scheduled to be announced on Tuesday, is envisaging drastic changes in the duty/tax structure on import of vehicles, sources told Customnews.pk. According to details reaching…
GDP growth hits six years high, Dar unveils economic survey 2013/2014
ISLAMABAD: Federal Finance Minister Muhammad Ishaq Dar on Monday launched the Pakistan Economic Survey 2013-2014 revealing that the country’s economic growth stood at 4.1 percent, which is six years high.…
Dar to announce setting up commission for single stage sales tax
ISLAMABAD: Finance Minister Ishaq Dar in his budget speech to announce formation of a commission to deliberate single stage sales tax rate and to revert the field formation of Federal…
FBR suspends all information system during Federal Budget
KARACHI: The Federal Board of Revenue (FBR) has imposed restrictions on information system usage during Federal Budget 2014-15. Internet service will remain unavailable in FBR (HQ) till conclusion of budget…
Customs intelligence Karachi recovers smuggled goods worth Rs438 million in three months
KARACHI: Asif Marghoob Siddiqui, Director, Customs Intelligence, Karachi has said that in the ongoing anti-smuggling drive his office recovered huge quantity of smuggled goods worth Rs438 million during past three…
Budget proposals 2014-2015: cement be brought under normal sales tax regime
KARACHI: Institute of Cost and Management Accountants of Pakistan (ICMAP) has proposed that cement should be brought under the normal sales tax regime by removing the cap of the third…