Budget
Bad News for Salaried & Retired Employees in Upcoming Budget
According to media, the IMF proposed to charge a tax of 7.5% on all pension holders because the government’s discussion with the IMF and the World Bank on the federal budget for…
Budget Page 4
82 articles
Budget
Real Estate Sector Demands Extension In Construction Package & Amnesty Scheme
The real estate sector has demanded in the next budget that the construction package of the Prime Minister and the related amnesty scheme be extended till June 30, 2022. 50% reduction in…
Budget
Budget in front but Pakistan and IMF will discuss taxes next week
There is also a proposal to tax interest income under normal tax regime, instead of charging a maximum rate of 15% that is at the lower end. The talks between the both…
Budget
Shaukat Tarin warns Tax defaulters of action after third-party audit
"In this regard, we have created a section to review all the bills of the people, the number of deposits and the date of travel, etc. and if a person is found…
Budget
Govt called for the National Assembly session on June 11 to present the budget
Adviser to Prime Minister on Parliamentary Affairs Babar Awan and National Assembly Speaker Asad Qaiser held a meeting to decide the schedule of the budget. The budget will be submitted by Finance…
Budget
Govt considering to reduce taxes on cars in upcoming budget
The proposal, seeks to cut import duties and taxes on new imported cars by up to 63% and cut down them by nearly 7% for locally made cars. The proposal includes eliminate…
Budget
The KTBA Proposed the FBR to separate the tax fraud investigation
The KTBA urged to establish special directorate to audit of cases involving tax fraud. KTBA proposed amendment in different tax law provisions. If the tax officer determined that the registered person is…
Budget
Shaukat Tarin seeks time to present budget for Fiscal Year 2021-2022
According to media reports, the speaker’s chamber had contacted Shaukat Tarin and consulted about summoning the budget session. Shaukat Tarin, however, told the speaker office that he has just taken charge of…
Budget
Federal Board of Revenue Rejected a News Report Published
Federal Board of Revenue (FBR) issued a press release. Where FBR has issued a denial on a news item published in Daily Business Recorder. FBR explained that the meeting was conducted under…
Budget
FBR Banned Transfers, Postings & Leaves during 4th Quarter
On Tuesday, as per the FBR guidelines issued to all IR offices. Despite this fact it has been observed with concern. That IR field formations applied for leave approval including ex-Pakistan leave…
Budget
FBR Submits Proposed Tax Exemptions Withdrawal Bill in National Assembly secretariat
The bill proposes to streamline the tax system for non-profit organisations, listing of firms in the stock market, tax exemptions for oil refineries, special economic zones (SEZs) set up under the China-Pakistan…
Budget
Income Tax Credit Proposed for IT Sector
Budget proposal available to expand the scope of tax incentives available for income from the export of software, IT services and IT-enabled services, a statement said. For this purpose, the 'Tax Exemption'…
Budget
Cabinet approved budget proposals to meet the IMF's Demands
The Income Tax Second Amendment Act 2021 approved in a cabinet meeting chaired by Prime Minister Imran Khan after resisting the IMF's demand for more than a year. The IMF suspended more…
Budget
Additional Taxes of 700 billion expected In Upcoming Budget under IMF Deal
Sources in the finance ministry told the Express Tribune that the increase in revenue would include the burden of income tax on business people and the corporate sector. The salaried class, especially…
Budget
Sales Tax Relief by Punjab Revenue Authority
Hotels, motels and guest houses. 9801.1000 Tax Rate: Five percent without input tax adjustment for noncorporate, nonfranchise, nonchain businesses with less than 20 rooms; and Sixteen percent for others. Marriage halls and…
Budget
FBR called for income tax proposals for 2021/2022 budget
The FBR has asked suggestions from the tax offices including Large Taxpayer Offices (LTOs), Medium Tax Offices (MTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) as well as traders and…
Budget
FBR allowed to taxpayers to file settlement application for agreed assessment
The Federal Board of Revenue has issued a statement saying that the government has added a new section 122D to the Income Tax Ordinance 2001 through the Finance Act 2020. Under which…
Budget
Retailers registered with FBR started obtaining CNIC of consumers on sales above than Rs100,000
Retailers with Sales Tax Registration Number (STR) were providing details of ordinary consumers on sale of goods worth more than Rs 100,000 through monthly sales tax returns. Through the Finance Act 2020,…
Budget
Disallowance of Commission: Commission in respect of Third Schedule Items
Amendment made through Finance Act 2019, to disallow any expenditure incurred on account of commission in respect of supplies covered by the Third Schedule to the Sales Tax Act, 1990 (STA), if…
Budget
FBR allowed adjustability of property expenses against income from rent on property for all individuals and AOP's
FBR issued circular no. 03 of 2020, dated 3rd September, 2020. Whereby, FBR allowed adjustability of property expenses against income from rent on property for all individuals and AOP's Amendment in Finance…