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NA passes mini-budget as govt withdraw several proposed taxes

NA passes mini-budget as govt withdraw several proposed taxes

NA approves State Bank of Pakistan (Amendment) Bill 2021 and supplementary finance bill with some amendments proposed by govt, PTI allies. In the amended bill, govt rolls back its plan to impose additional sales taxes…

BUDGET
Cottage industry annual turnover limit proposed to change

Cottage industry annual turnover limit proposed to change

Which persons required to get sales tax registration ? Registration Section 14 of Sales Tax Act 1990 According to Registration provisions under Section 14(1) of Sales Tax Act, 1990, Every person engaged in making taxable supplies…

BUDGET
CNIC condition to be waived on digital payment

CNIC condition to be waived on digital payment

The Federal Board of Revenue (FBR) may withdraw the condition of providing details of Computerized National Identity Card (CNIC) in case payment made through digital means. The Finance (Supplementary) Bill, 2021 proposed to waive the condition of…

BUDGET
What is new in Govt announced supplementary finance bill 2021?

What is new in Govt announced supplementary finance bill 2021?

Federal Minister for Finance Shaukat Tarin on Thursday presented the much-awaited supplementary finance bill 2021 — termed by the Opposition as a “mini-budget” — in the National Assembly, as a pre-requisite to resume the $6…

BUDGET
Federal Cabinet second time defers highly inflationary mini budget

Federal Cabinet second time defers highly inflationary mini budget

The federal cabinet on Tuesday approved the State Bank of Pakistan (SBP) amendment bill to give absolute autonomy to the central bank in a bid to qualify for the $1 billion loan, but on the…

BUDGET
Proposed increase in taxes on telecom services in mini budget

Proposed increase in taxes on telecom services in mini budget

The proposed increase of five percent (5%) in the withholding tax (WHT) on telecommunication services and the standard rate of 17% percent sales tax on import of computers and accessories is expected in the forthcoming…

BUDGET
All set to introduce Finance Bill and State Bank autonomy bill in Parliament tomorrow

All set to introduce Finance Bill and State Bank autonomy bill in Parliament tomorrow

The government is all set to introduce the amended Finance bill, and State Bank of Pakistan (SBP) autonomy bills in Parliament for approval tomorrow (Tuesday) despite resistance by opposition. Both the bills are being introduced…

BUDGET
Govt to impose 17% GST on 140 goods in the mini budget

Govt to impose 17% GST on 140 goods in the mini budget

The government of Pakistan completed the mini-budget to the tune of Rs 360 billion that would smack 17% General Sales Tax (GST) on around 140 vital expendable and manufacturing goods, as well as growing the…

BUDGET
FBR achieves historic revenue collection growth in November 2021

FBR achieves historic revenue collection growth in November 2021

The Federal Board of Revenue (FBR) has exceeded the five-month tax collection target by Rs298 billion and received around Rs2.3 trillion, largely because of higher collection at import stage, which contributed more than half of…

BUDGET
Tax credit to Tier-1 retailers installing Point of Sales machines of FBR

Tax credit to Tier-1 retailers installing Point of Sales machines of FBR

All Tier 1 retailers are required to integrate with Board’s Point of Sale online real time reporting system. In order to encourage integration with point of sale real time reporting system of FBR, tax credit…

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