Budget Proposals 2017/2018: PBC recommends changes to Alternate Corporate Tax

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KARACHI: Pakistan Business Council (PBC) has recommended changes in Alternate Corporate Tax (ACT) saying that the current regime will discourage / penalize investment in the manufacturing sector.

Budget Proposals 2017/2018: PBC terms super tax unconstitutional

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KARACHI: Pakistan Business Council (PBC) has termed that the imposition of super tax is unconstitutional and against the spirit of reduction of corporate income tax rate policy of the government.

New companies’ law comes into force after president’s assent

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ISLAMABAD: Zafar Hijazi, chairman, Securities and Exchange Commission of Pakistan (SECP) on Wednesday presented a copy of the Companies Bill 2017 to Finance Minister Senator Mohammad Ishaq Dar. The National Assembly on Wednesday passed the bill. The new Companies law will come into force after assent by the President.

Revision appeal for customs valuation of textile machinery rejected

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KARACHI: Director General, Directorate General of Customs Valuation has rejected revision appeal against the customs valuation of imported textile machinery.

Zakat Nisab for bank accounts fixed at Rs38,406

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KARACHI: State Bank of Pakistan (SBP) has instructed the banks to follow the Zakat Nisab issued by Administrator General Zakat, which is fixed at Rs38,406 for profit and loss sharing bank accounts.

Urea export quota doubled, date extended up to Oct 31

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KARACHI: The government has doubled the quantity of urea export to 0.6 million tons and extended the deadline for export of urea up to October 31, 2017.

FBR extends suspension of four customs officials for three months

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KARACHI: Federal Board of Revenue (FBR) has extended the suspension of four customs officials for further three months.

Budget Proposals 2017/2018: APTMA proposes duty, tax free import of 4m cotton bales annually

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ISLAMABAD: All Pakistan Textile Mills Association (APTMA) has proposed the government to allow import of duty and tax free 4 million bales of cotton per annum.

Cost of transactions for non-filers to be increased further in budget 2017/2018

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ISLAMABAD: Federal Board of Revenue (FBR) is likely to enhance withholding tax rates on non-filers in order to increase the cost of transactions and compelling them to file annual income tax returns and wealth statements.

NAB informed some media channels funded through dubious, untaxed money

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ISLAMABAD: National Accountability Bureau (NAB) has been informed that some media channels have been funded through dubious and untaxed money.