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, principally designed for the transport of persons. [the_ad id=”31605″]Through Finance Supplementary Second Amendment Act 2019 FED on cars 1700 cc… Continue reading

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. [the_ad id=”32940″]Vegetable ghee and cooking oil are subject to FED only. Manufacturers only pay Rs1 per kg on value addition and Rs 40 per kg… Continue reading

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%. [the_ad id=”31605″]Presently Sugar is subject to sales tax at 8%. This sector has huge economic potential but the tax collection from this sector is Rs 18 billion which is much lower than its… Continue reading

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. [the_ad id=”32940″]SRO 1125(I)/2011 provides for zero-rate of sales tax on inputs and products of five export-oriented sectors i.e. textile, leather, carpets, sports… Continue reading

Income tax slabs for individual, association of persons revised

KARACHI: PTI government has revised the income tax slabs on the income of every individual and association of persons except salaried individuals. Where taxable income does not exceed Rs. 400,000, there will be no income tax. Where taxable income exceeds Rs. 400,000 but does not exceed Rs. 600,000, income tax… Continue reading

Income tax slabs for salaried class revised

KARACHI: The PTI government has revised the tax slabs for salaried persons vide Finance Bill 2019. Income of an individual chargeable under the head ‘salary’ exceeds 75 percent of the his taxable income, the rates of tax to be applied will be as follows. Where taxable income does not exceed… Continue reading

Austerity at top, reformation of tax system haul mark of PTI government first budget

ISLAMABAD: PTI lead coalition government silenced an increasingly critical opposition by resorting to austerity at top with federal  cabinet deciding to receive salaries slashed by 10 per cent. Expressing commitment to reform the taxation system, State Minister for  Revenue Hammad Azhar announced a total outlay of Rupees 8238 billion for… Continue reading