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

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 trade-based money laundering. In order to control trade-based money laundering and mis-declaration of value for illegal transfer of funds abroad,… Continue reading

Property valuation rates, market rates to be equal

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to jack up the valuation rates of properties for different cities in the upcoming budget for 2019-20 to bring it at par with the market rates, The News reported on Sunday. [the_ad id=”31605″]Tax authorities involved in budget making process have witnessed… Continue reading