Exporters also fear about fate of other refunds of income tax, customs rebate, duty drawback as Govt. still has not released billions of rupees, GOP must clear refunds in one go or reduce GST from 17% to 4% or restore Zero-Rating reinstating SRO 1125

Textile Exporters are annoyed and distressed in the wake of highest ever liquidity crunch being faced due to imposition of 17 percent GST whose refunds are excessively delayed by the Government without any justification which has caused hurdles in export production. Anti-Export moves of the Government in the hands of… Continue reading

Government simplifies withholding tax regime

KARACHI: To augment efforts towards simplification of the withholding tax regime, the government has deleted several withholding tax provisions including collection collection of advance tax on education related expenses remitted abroad; tax on steel melters and composite units; withdrawal of balance under pension fund; tax on local purchase of cooking… Continue reading

Government notifies rules for Secured Transactions Registry

ISLAMABAD: The Federal Government has notified the Financial Institutions (Secured Transactions Registry – STR) Rules, 2019, enabling the establishment of a secured transactions registry for entities other than companies.  The STR will facilitate small-scale borrowers in obtaining secured credit by pledging their movable assets. The rules issued under section 70… Continue reading

Moody’s reaffirms Auckland Council’s Aa2 credit rating

SYDNEY: Moody’s Investors Service has reaffirmed Auckland Council’s Aa2 credit rating on a stable outlook. Auckland Council s Group Chief Financial Officer Matthew Walker says that the rating reaffirms that the council is prudently managing its borrowings as it embarks on an ambitious infrastructure programme to cater for unprecedented population… Continue reading

Property registration comes to a halt throughout Pakistan

KARACHI: The new property valuation mechanism introduced by the federal government has totally halted property registration activities all over Pakistan causing frustration among applicants and huge loses of revenue to the government. Senior Vice Chairman of Association of Builders and Developers of Pakistan (ABAD) Arif Yousuf Jeewa said that the… Continue reading

FBR to notify property value throughout the country, says Ishaq Dar

KARACHI: The Federal Board of Revenue (FBR) has been authorized to notify the valuations of the properties throughout the country including Karachi, Lahore and Islamabad, said Ishaq Dar, Federal Finance Minister in a press conference at FBR Islamabad office on Saturday. The minister announced the government has accepted the demand… Continue reading

Cotton association criticize duty, tax on cotton import

KARACHI: The Karachi Cotton Association (KCA) has expressed its deep concern over the levy of 3.0 percent customs duty, 1.0 percent additional duty and 5.0 percent sales tax on import of cotton. Keeping in view the devastating cotton crop and expected shortfall in cotton crop for 2016-17 season, the local… Continue reading

Govt increases duty on Cotton import from 2% to 3%

KARACHI: The government has further increased the custom duty on cotton import from 2 per cent to 3 per cent, while the industry has to pay a total 4 per cent duty on cotton imports, said Tariq Saud, chairman APTMA here on Friday. APTMA has expressed great concern over the… Continue reading

FBR likely to introduce tax stamps on cigarette packs

KARACHI: The Federal Board of Revenue (FBR’s) likely initiative to introduce tax stamps on cigarette packs and other goods would not only help tightening noose around the unbridled non-tax paid cigarette trade it would also significantly improve revenue collection for the government. In the context Pakistan where billions of rupees… Continue reading

Builders’ meeting with Ishaq Dar and Haroon Akhtar postponed till Thursday

KARACHI: The meeting of Finance Minister Ishaq Dar and Advisor to the Prime Minister Haroon Akhtar with 13-members committee of the builders and developers has been postponed till tomorrow (Thursday) morning, while all the members submitted their suggestions before the Federal Board of Revenue (FBR) here on Wednesday. President Federation… Continue reading