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

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 rate including collection of advance tax on dividend distributed by purchaser of power project privatized by WAPDA or on shares… Continue reading

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 return filers. The government acknowledged in various documents that withholding tax imposition is a major impediment to banking sector’s growth…. Continue reading

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 Textiles. The petitioner challenged the detention of the consignment by custom authorities, while seeking concession at the rate of two… Continue reading

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 to the benefit of SRO 1125 (1) of 2011 dated 31-12-2011 as amended time to time. The single judge earlier… Continue reading

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 Audit Team comprising Deputy Director Ghulam Haider Mahesar, Assistant Director Laeq Hasan and Deputy Superintendent Shaikh Mansur scrutinized the DTRE… 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

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 in which withholding tax on transfer of property has been increased by 100 percent for filers and non-filers of income… Continue reading

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 has extended the date of filing withholding tax statement which was due on July 15, 2016 under the provisions of… Continue reading

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 depriving the country of foreign exchange, withholding tax and export development surcharge. The Collector Adjudication has imposed penalties in the… Continue reading