Daily Archives: June 14, 2017

Condition of higher capital gain tax rate relaxed

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ISLAMABAD: The government has announced that new or higher rate of capital gain tax will not be applicable on securities purchased up to June 30, 2015.

Advance income tax on plastic raw material reduced for commercial, industrial importers

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ISLAMABAD: The government has reduced advance income tax on import of raw plastic to 4.5 percent for commercial importers and 1.75 percent for industrial units to be implemented from July 01, 2017.

Turnover tax on electronic trade reduced to 0.5pc

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ISLAMABAD: The turnover income tax has been reduced to 0.5 percent from 1.25 percent for entities engaged in e-commerce.

Income tax on undistributed profit reduced to 7.5pc

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ISLAMABAD: The proposed income tax rate of 10 percent on undistributed profit by listed companies has been reduced to 7.5 percent for the tax year 2018.

New NPOs allowed tax exemption for three years

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ISLAMABAD: The government has exempted 10 percent income tax on non-profit organizations (NPOs) for first three years from establishment with condition that their annual turnover is less than Rs100 million.

SBP, Competition Commission sign information sharing agreement

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KARACHI: State Bank of Pakistan (SBP) and Competition Commission of Pakistan (CCP) have signed a Memorandum of Understanding (MoU) for sharing information between the two institutions.

SBP directs banks to tighten monitoring, reporting of suspicious transactions

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KARACHI: State Bank of Pakistan (SBP) has directed banks to tighten the monitoring and reporting of suspicious transactions under Anti-Money Laundering (AML)/Combating the Financing of Terrorism (CFT).

Commerce ministry focuses on payment of tax refunds: Dastagir

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ISLAMABAD: Minister for Commerce Engr. Khurram Dastgir Khan has said that the ministry is focused on reimbursement of tax refunds and payment of funds under Prime Minister’s package to boost exporter’s confidence.