Cement prices increase by Rs 35-40/bag owing to FED
KARACHI: Owing to the rising Federal Excise Duty (FED) through the finance bill 2016, the cement prices would be increased by Rs 35-40/bag or around 7 per cent throughout the…
Banks to deduct WHT on every account opened on a CNIC
KARACHI: The Federal Board of Revenue (FBR) has directed all the banks to deduct Withholding Tax (WHT) on every kind of banking transactions of every account opened on a Computer…
FED on services withdrawn
KARACHI: The much awaited withdrawal of the federal excise duty (FED) on services, which are now subject to provincial sales tax, has been proposed in the Finance Bill 2016. In…
New tax regime for Pakistan cricket board
KARACHI: The government has proposed to tax income of Pakistan Cricket Board (PCB) derived from sources outside Pakistan at the rate of 4.0 percent. According to Finance Bill 2016, PCB’s…
Avoidance of double taxation and prevention of fiscal evasions
KARACHI: The Finance Bill 2016 proposes to enable the Federal Government to enter into a tax treaty or tax information and exchange agreement or multilateral convention or inter government agreement…
Super tax extended for another year
KARACHI: Federal government, through the Finance Bill 2016, has extended Super tax as applicable for tax year 2015 to tax year 2016 also. Through Finance Act, 2015, Super tax was…
Fixed tax regime proposed for builders & developers
KARACHI: The Finance Bill 2016 seeks to introduce a unique non-income based Fixed Tax Regime for ‘Builders’ and ‘Developers’. Under this regime, tax liability for the builders and developers shall…
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…