Monthly Archives: December 2017

FBR collects Rs1,722 billion in first half; hopes to achieve full year target

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs1,722 billion during the first half of the current fiscal year, posting 17.46 percent growth when compared with Rs1466 billion in the same half of the last fiscal year.

FBR issues notification to extend application of 0.4pc on non-filers

ISLAMABAD: Federal Board of Revenue (FBR) has issued notification to implement 0.4 percent withholding tax applicable on non-filers of income tax returns on non-cash banking transactions.

Commerce ministry invites suggestions on next 5-year trade policy

ISLAMABAD: The commerce ministry has asked stakeholders to provide their suggestions by January 10, 2018 for formulation of next five-year strategic trade policy framework (STPF) 2018-2023.

SECP directs stock exchange to elect directors

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has directed the Pakistan Stock Exchange Limited (PSX) to complete the process of holding election for board of directors by February 28, 2018.

Withholding tax at 0.4pc on non-filers extended up to June 30

ISLAMABAD: The government has allowed extension the applicability of reduced withholding tax rate at 0.4 percent on non-cash transactions made by non-filers of income tax returns.

PTBA demands extension in corporate return filing up to March 27

KARACHI: Pakistan Tax Bar Association (PTBA) has demanded extension in last date for filing income tax returns by companies to March 27, 2018 from December 31, 2017 in order to facilitate the corporate sector.

Appraisement East & West to remain open and observe extended working hours on Dec 30, 31

ISLAMABAD: Federal Board of Revenue (FBR) has announced that Karachi customs stations will remain open on December 30 and 31 (being the weekly holidays) and observed extended working hours for collection of duty and taxes.

FBR headquarters to remain open on Dec 30

ISLAMABAD: Federal Board of Revenue (FBR) will observe Saturday, December 30, 2017 as normal working day for monitoring the collection of duty and taxes.

Hotels, restaurants below turnover Rs4 million exempted from sales tax on services

KARACHI: The sales tax on services at 13 percent is exempted on hotels and restaurants whose annual turnover should not exceed Rs4 million.

FBR starts crackdown against 10,000 non-filers in property, education and service sector

ISLAMABAD: Federal Board of Revenue (FBR) will issue 10,000 notices next month to non-filers of income next as first phase of the drive against tax evaders.