Author Archives: Ali

Tax Proposals 2016/2017: Two percent tax on registration of property by non-filers recommended

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has recommended two percent withholding tax on non-filers at the time of registration of property.

Five-year tariff plan for imported vehicles issued

KARACHI: The government has approved tariff plan for next five years on import of passenger cars, other motor vehicles and auto parts falling under HS Code 8703.

All prerequisites, allowances to be calculated under salary for income tax

KARACHI: The Federal Board of Revenue (FBR) has said that for the purpose of income tax under the head of salary income the value of all prerequisites, allowances and benefits provided by the employer to the employee will be included in such income.

Procedure, documents required for registration to WeBOC customs clearance

KARACHI: In order to log-in to Federal Board of Revenue (FBR) online customs clearance system the users need to provide mandatory information including National Tax Number and Sales Tax Registration Number.

Tax Return Form – 2015 for e-filing by all salaried persons having taxable income

KARACHI: The Federal Board of Revenue (FBR) has finally launched the income tax return form for Tax Year 2015 to be filed electronically by all salaried taxpayers having taxable income or above Rs400,000 by August 31, 2015.

Withholding tax rate card for fiscal year 2015/2016

KARACHI: Directorate General of Withholding Taxes has updated the tax rate card as on June 30, 2015 for the fiscal year 2015/2016 with the amendments made through Finance Act, 2015 and presidential ordinance to amend withholding tax rate for banking transactions.

Budget 2015/2016: The Fifth Schedule to the Customs Act, 1969

KARACHI: Following is the text of fifth schedule to the Customs Act, 1969 announced in budget 2015/2016.