Daily Archives: April 18, 2018

FBR urged streamlining sales tax refunds, timely input tax adjustment

KARACHI: All Pakistan Textile Mills Association (APTMA) has demanded the Federal Board of Revenue (FBR) to streamline refunds system and also ensure timely adjustment of inputs for textile sector to resolve liquidity issue of the textile sector.

SBP declares virtual currency dealing as suspicious transaction

KARACHI: State Bank of Pakistan (SBP) on Wednesday declared dealing in virtual currency or Initial Coin Offering (ICO) tokens as suspicious transaction and directed exchange companies to report such dealings to Financial Monitoring Unit (FMU).

Textile sector suggests rationalizing zero-rating on supply of energy products

KARACHI: All Pakistan Textile Mills Association (APTMA) has suggested rationalizing the sales tax zero-rate regime for supply of energy products such as coal, diesel and gas for textile units.

KCCI calls for duty, tax reduction on motorcycle spare parts import

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Wednesday urged Federal Board of Revenue (FBR) to reduce taxes and duties on import of motorcycle spare parts to discourage smuggling and provide relief to common man.

Cabinet approves budget 2018/2019 outlay at Rs5,500bn with revenue collection target at Rs4,500bn

ISLAMABAD: The federal cabinet on Tuesday approved budgetary papers with total outlay of Rs5,500 billion for budget 2018/2019, where tax collection has been set at Rs4,500 billion.