Government to impose 10 percent tax on bonus shares
The government has proposed to levy a 10 percent withholding tax on bonus shares issued by companies to their shareholders, according to the budget document for 2023-24. The document states…
Government Raises Withholding Tax on International Credit Card Transactions and Offshore Digital Services
In a bid to increase foreign exchange reserves and address loopholes hindering progress in this regard, the federal government has announced its decision to raise the Withholding Tax (WHT) on…
SHC allow petitions by service providers
KARACHI: An appellate bench of High Court of Sindh (SHC) allowed a bunch of petitions, 28 in all through a common order in favor of service providing companies against levy…
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…
Tax rate on dividend paid by power generation companies doubled to 15%
KARACHI: The rate of tax on dividend distributed by power generation companies is proposed to be enhanced to 15 percent from existing 7.5 percent, suggests Finance Bill 2019. Applicable tax…
WHT on bank transactions, cash withdrawals removed for tax return filers
KARACHI: The Finance Supplementary 2nd Amendment Bill presented by Finance Minister Asad Umar on Wednesday has proposed to remove withholding tax (WHT) on bank transactions and cash withdrawals by tax…
SHC orders release of consignment of yarn, polyster
KARACHI: A division bench of High Court of Sindh (SHC) comprising Justice Aqeel Ahmed Abbasi and Justice Zulfiqar Ahmed Khan ordered release of a consignment of yarn imported by Golden…
Spinning mills entitled to benefit of SRO 1125/2011 rules SHC
KARACHI: Justice Muhammad Shafi Siddiqui of High Court of Sindh decreed two suits in favour of plaintiffs Umer Spinning Mills and Sunrays Textile Mills declaring that the plaintiffs are entitled…
Internal Audit points inefficiencies on part of MCC Port Exports Port Qasim
KARACHI: The Directorate of Internal Audit – Customs has pointed several acts of omissions on the part of MCC Exports Port Qasim, which caused losses to the national exchequer. The…
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…
FBR further clarifies taxation of immovable property, Through finance Act 2016
KARACHI: Federal Board of Revenue (FBR) on Thursday said that about eight amendments have been introduced to Income Tax Ordinance, 2001 through Finance Act, 2016 regarding taxation of immovable properties…
Date extended
KARACHI: The Federal Board of Revenue (FBR) has notified 7-day extension in the date of filing withholding tax (WHT) statements for the tax year 2016 till July 22, 2016. “FBR…
Export of jewelry, gold against fake Form-Es; exporters imposed mammoth penalties
KARACHI: Collector Customs Adjudication Chaudry Muhammad Javaid has charged an entire racket for fiscal fraud and imposed mammoth penalties on several exporters and agents for exporting jewelry against fake Form-E…
PBA sends letter to Chairman FBR to reconsider its budget proposals
KARACHI: The federal finance ministry has again imposed 4 per cent super tax on banks tax income and rejected all proposals of the Pakistan Banks Association (PBA). In a letter…
Exemption allowed to growers of agricultural produce
KARACHI: The Federal Board of Revenue (FBR) has notified special exemption allowed to growers of agricultural produce. Representatives of flour mills and trade bodies have raised the issue of income…
Customs Adjudication slaps penalty on M/s M.M Marine Services
KARACHI: Collector Abdul Basit Chaudry has imposed a penalty of Rs10,000 on shipping agent M/s M.M Marine Services Pvt Ltd for non-intimating non-arrival of vessel as per schedule within 24…
FBR issues active taxpayers list for tax year 2015
KARACHI: Federal Board of Revenue (FBR) has issued Active Taxpayers List (ATL) for the Tax Year 2015. The ATL 2015 contains CNICs/names of individuals/NTNs of companies & Association of Persons…
Textile company penalized for evading government revenue
KARACHI: Collector Customs Adjudication Chaudry Mohammad Javaid has imposed a penalty of Rs5.0 million on M/s Magna Textile Industries Pvt Ltd along with the payment of Rs25.57 million duty/taxes evaded…
0.4pc WHT to continue on banking transactions till April 30
KARACHI: The Federal Board of Revenue (FBR) has notified extension of reduced withholding tax rate at 0.4 percent on banking transaction up to April 30, 2016. The government imposed 0.6…
Central bank reproaches FBR’s dependence on regressive taxation
KARACHI: The central bank has highlighted Federal Board of Revenue (FBR) dependence on regressive taxation to meet targets, and advocates broadening of base through documentation of economy. Regressive tax is…