Karachi, August 27, 2019: Muhammad Saqib Goodluck Chairman, Pakistan Yarn Merchants Association (Sind & Baluchistan Zone) has strongly protested over imposition of 4 percent Withholding Tax instead of 1 percent requested to withdraw recent clarification of FBR. He said that during different meetings with FBR, imposition of 1 percent withholding Tax was agreed over Textile…
Karachi, July 31, 2019: The Federal board of revenue explained tax collection measures on plot said that 100 percent gain will be taxed on plots if the holding is up to one year 75 percent of the gain will be taxed if the holding period of open is more than 1 year but not more…
Karachi, July 22, 2019: Input tax inadmissibility against sales made without CNIC should be as a percentage of such sales applied in stages increasing progressively, Saud Mahmood, Chairman SITE Taxation and Trade Policy. In order to dampen the effect a major policy decision of submission of CNICs, SAI strongly recommends that input tax inadmissibility should be made in stages giving time for the…
Karachi, May 18, 2019: The Federation of Pakistan Chambers of Commerce and Industry held an emergent meeting of its members at its head office Karachi under the chairmanship of Abdul Rauf Mukhtar, Acting President of FPCCI and reviewed/discussed the new tax amnesty scheme namely “Asset Declaration Scheme 2019” as announced by the PTI government which has come…
Karachi, May 15, 2019: The tractor manufacturers have urged the Federal Board of Revenue (FBR) to reduce refund claims by eliminating General Sales Tax (GST) at import stage, which is touching 1,900 million on annual basis for the industry. “This will, in turn, give a sign of relief to the local tractor industry,” suggested Chief…