Monthly Archives: April 2018

Finance Bill 2018: PTR for commercial importers abolished

KARACHI: The commercial importers have been brought into normal tax regime as the option of presumptive tax regime (PTR) has been abolished through Finance Bill 2018.

Finance Bill 2018: Gifts to non-relatives made taxable transfers

KARACHI: The Finance Bill 2018 has recommended changes in Income Tax Ordinance, 2001 making a gift to any person other than a relative will be a taxable transfer.

Finance Bill 2018: Immovable property, vehicle purchases only by return filers

KARACHI: The government has introduced major changes through Finance Bill 2018 for broadening the tax base and makes it mandatory purchases of immovable properties and vehicles only by filers of income tax returns.

Highlights of Finance Bill 2018

KARACHI: The highlights of Finance Bill 2018 explained by PwC A. F. Ferguson & Co. Chartered Accountants Firm.

Finance Bill 2018: Banks to collect 5pc tax on digital services

ISLAMABAD: Banks are required to collect five percent income tax on gross amount of fee remitting outside for offshore digital services.

Finance Bill 2018: various stationary items allowed zero-rate sales tax

ISLAMABAD: The government has announced sales tax zero-rating regime for various stationary items.

Finance Bill 2018: Orders of Director General I&I IR established validated

ISLAMABAD: The orders passed by Directorate General Intelligence and Investigation (Inland Revenue) have been validated through amendment made to Sales Tax Act 1990.

Finance Bill 2018: Parliamentary approval sought for regulator duty imposition

ISLAMABAD: The government has sought parliamentary approval for securing payment of regulatory duty in order to avoid court restrictions.

Finance Bill 2018: Collector Appeals empowered to stay recovery for 30 days

ISLAMABAD: The collector appeals has been empowered to grant stay the recovery proceedings for 30 days.

Finance Bill 2018: Pilferage of transhipment consignments to get 7-year imprisonment, huge penalty

ISLAMABAD: The Finance Bill 2017 has recommended seven year imprisonment and penalty of 10 time value of goods for pilferage of transshipment.