Thursday, 18 August 2022
Trending
Businesses

Tax relief proposed for telecom sector

Tax relief proposed for telecom sector in ECC committee meeting. Whereby, advance income tax on the telecom sector proposed to abolish and reduction in the FED rate.

Matter moved to a committee that will see the matter in detail and it’s impact on the tax system of Pakistan. Committee comprises ministers for industries, IT & telecommunication, Chairman Federal Board of Revenue (FBR) and secretary of IT ministry.

Currently, telecom sector is paying 12.5% advance income tax and 17% federal excise duty on telecom services. ECC proposed that abolish 12.5% advance income tax and tax relief in federal excise duty from 17% to 16%.

Advance Income tax @ 12.5% is more than any other sectors in the country. At present- 5% is on airline tickets and 1% is on property transfer. Which now require to give relief to general public. Same tax rate is applicable at all income levels of society, which is also unjustified.

It is correct that paid advance income tax under section 236, on telecom services can be latter on claimed as refund or adjustment against tax liability. But, every citizen is not filer and can not get benefit from this facility given in tax laws of Pakistan.

ECC also proposed to reduce the additional customs duty on raw material from the existing rates of 20% and 7% to 5% and 3%.

ECC also proposed to give relief by giving exemption from Section 147 of the Income Tax Ordinance, 2001. Like that for banking and oil industries. To ensure ease of doing business.

Top-Tax-Consultants-Lahore-Pakistan-Global-Tax-Consultants

 

RELATED STORIES

https://www.youtube.com/watch?v=F5eQCxy4Q0E
Related posts
Businesses

Suzuki Cultus Car to Discontinue in Pakistan

Pak Suzuki Motor Company (PSMC) has decided to discontinue Cultus car. According to media reports…
Read more
Businesses

E-Filing System Implemented in Government Departments

The National Information Technology Board (NITB), a department of the Ministry of Information…
Read more
Businesses

How to Make Money on Amazon in Pakistan

In Pakistan now a days everyone wants to know How to earn money from Amazon in Pakistan? here we…
Read more
Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

    Leave a Reply

    Your email address will not be published.