PSX opposes withdrawal of Tax credit on enlistment

KARACHI: Pakistan Stock Exchange (PSX) has reviewed the proposed tax amendments reported in the media with concern and strongly recommends a review of the same by the Ministry of Finance, Federal Board of Revenue (FBR) and relevant authorities. The PSX Board delineated the following with regard to the proposed amendments…. Continue reading

Motorcycle industry is over burdened with customs duty and additional excise duty on motorcycle spare parts

KARACHI: The motorcycle industry is over burdened with customs duty and additional excise duty on motorcycle spare parts. The government has levied a total of 85.5 per cent duty on commercial importers on auto parts, leaving legal importers of motorcycle spare parts in trouble and encouraging spare parts smugglers. The… Continue reading

FBR surpasses tax collection target by Rs20bln in Jul-Jan

ISLAMABAD: FBR has surpassed the tax collection target by Rs20 billion for the first seven months (July-January) of the current fiscal year, official data showed on Saturday. According to the provisional information released by FBR, the board collected net revenue of Rs2.57 trillion during July-January period, which has significantly exceeded… Continue reading

A.F Fergusons expects effect of the pandemic to subside in the following months

KARACHI: It is expected that the consequences and effect of the pandemic will subside in the following months and Pakistan will be again on the trajectory of growth of 3% to 5% of GDP, notes A.F Ferguson’s Tax Memorandum on Federal Budget 2020. “We are fortunate that our country is… Continue reading

OICCI proposes advance tax on sale of agricultural produce

KARACHI: Overseas Investors Chambers of Commerce and Industry (OICCI), in its proposals for provincial budget, proposed advance tax should be introduced on sale of agricultural produce, such as sugar cane, wheat, cotton and others. There are only around 10 to 15 agencies and enterprises which acquire such crops. “The advance… Continue reading

KCCI seeks 50 pc reduction for three months in tax, petroleum prices, interest rates

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Agha Shahab Ahmed Khan has requested the Federal Government to permanently withdraw Industrial Support Package Adjustment (ISPA) arrears which would provide some relief to the industries. In a letter sent to Chairman of Cabinet Committee on Energy Asad Umer, President KCCI… Continue reading

Business leaders condemn PM Imran Khan for calling everyone tax thieves

KARACHI: Chairman Businessmen Group & Former President Karachi Chamber of Commerce & Industry (KCCI) Siraj Kassam Teli and President KCCI Agha Shahab Ahmed Khan demanded to make public the city-wise tax collection so that everyone could know which city is paying what taxes and which isn’t and running away from… Continue reading

FTO dismisses real estate developer’s application against Inland Revenue

KARACHI: The Federal Tax Ombudsman (FTO) has dismissed a complaint filed by M/s Black Stone Developers against Inland Revenue for failing to issue refund for Tax Year 2017. M/s Black Stone Developers filed a complaint against Inland Revenue for failing to issue refund for Tax Year 2017, determined vide order… Continue reading

SHC adjourns Regulatory Duty cases till Oct 16 DAG asked to bring the format of approval by the Federal government

KARACHI: An appellate bench of High Court of Sindh (SHC) directed a federal law officer to place before the court the format, minutes of the Cabinet or Agenda for approving imposition of tax, duty or other levies. The bench was hearing identical petitions filed by Noor Enterprise and Hikmat Traders… Continue reading