Daily Archives: April 7, 2018

PTBA recommends softening penalties for failure in return, statement filing

KARACHI: Pakistan Tax Bar Association (PTBA) has recommended the Federal Board of Revenue (FBR) to soften penalties for failure in filing returns and wealth statement.

FBR urged to frame rules for conducting ADR proceedings

KARACHI: Federal Board of Revenue (FBR) has been urged to frame rules for formation of the Alternate Dispute Resolution (ADR) committee, scope of work, conducting of ADR proceedings, stay of matter/demand, disposal of application by the ADR Committee, retention of record, remuneration for members of ADRC and etc.

Service sector should be allowed minimum tax at 2pc

KARACHI: Pakistan Tax Bar Association (PTBA) has proposed that all service sector should be allowed to pay minimum tax at the rate of 2 percent of their gross amount of turnover from all sources.

Corporate sector should be allowed to opt out from presumptive tax

KARACHI: The Federal Board of Revenue (FBR) has been urged to introduce options for corporate sector to opt out from presumptive tax.

PTBA suggests outsourcing potential taxpayers’ profiles for broadening tax base

KARACHI: Pakistan Tax Bar Association (PTBA) has suggested the Federal Board of Revenue (FBR) to outsource profile of potential taxpayers to a data mining company for broadening the tax base.

PTBA recommends withholding tax exemption on cash, non-cash withdrawal by filers

KARACHI: Pakistan Tax Bar Association (PTBA) has recommended the Federal Board of Revenue (FBR) to exempt the withholding tax provisions on cash and non-cash banking transactions for filers of income tax return.