FED not applicable on telecommunication services
KARACHI: In budget 2014/2015, it is proposed that federal excise duty (FED) will not be applicable on telecom sector if provincial sales tax (PST) payable to the tax machinery however,…
Sales tax proposed to be fixed on cellular/ smart phones
KARACHI: The Finance Bill 2014 has introduced a new sub-section for fixing sales tax rates on cellular/smart phones under ninth schedule which is ranging from Rs 150 to 500 per/set…
Finance Bill introduces five percent sales tax on goods of eighth schedule
KARACHI: In budget 2014/2015, it introduced reduce rate of sales tax of five percent on goods under eighth schedule with prescribed conditions and limitations. The description of such goods is…
Non-resident members of trade bodies/business associations withdrawn from return filing
KARACHI: The Finance Bill 2014 has proposed to withdraw the requirement for return filing of the non-resident persons who are registered members of the trade bodies, business associations, Pakistan engineering…
New scheme proposed for alternative corporate tax of 17 percent
KARACHI: The Finance Bill 2014 has proposed to insert a new taxation scheme of a higher corporate tax by company in order to charge 17 percent from accounting income having…
Finance Bill 2014 reduces minimum tax; rate varies on amount of turnovers
KARACHI: The minimum tax has been reduced for diversified segments of the economies as the tax rate varies on amount of different turnovers however; the minimum value is at 0.2…
Non-profit organizations entitled to tax credit instead of tax exemptions in Finance Bill 2014
KARACHI: The Finance Bill 2014 has proposed to withdraw all exemptions which are being given to the non-profit organizations, trusts or welfare institutions and it is mentioned that organizations should…
Holding period enhanced to 24 months on capital gain on disposal of securities in order to charge tax at zero percent
KARACHI: The Finance Bill 2014 has revised the income tax on capital gain on disposal of securities as it enhanced the holding period to 24 months from 12 months for…
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…
Tax officials using political influence in service matter to be penalized
ISLAMABAD: The Federal Board of Revenue (FBR) has decided to take stern action against its officials, who approach the board to exert political pressure for their promotion and postings. In…
M/s Bahria Town imports bullet-proof vehicles on fake NOC by Ministry of Interior: FIR lodged
KARACHI: The Model Customs Collectorate (MCC) of Appraisement-West has lodged an FIR against two persons including Amir Malik of M/s Bahria Town (Pvt) Ltd and Ghufran Tahir of M/s Jumbo…
FBR directs for smooth process of cash rewards
KARACHI: The Federal Board of Revenue (FBR) has notified that process of delivering cash rewards to the staff officials are not being implementing in its true spirit by the field…
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…
FBR defends issuance of SROs before Finance Bill approval
ISLAMABAD: The Federal Board of Revenue (FBR) has defended the issuance of Statutory Regulatory Orders (SROs) stating that there is no irregularity or transgression of powers by the board in…
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…
Government announces special incentives for agriculture and export sectors
KARACHI: In order to give impetus to development in sectors, which are central to economic development and there recent dormant performance has been a cause of concern, the government has…
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…