Category Archives: Budget 2015-16

IMF advises raising taxes on petroleum, withholding tax for curtailing budget deficit in 2017/2018

ISLAMABAD: International Monetary Fund (IMF) has advised Pakistan for enhancing petroleum with withholding taxes for curtailing budget deficit at 5 percent during fiscal year 2017/2018.

Budget deficit target may be missed: adviser

ISLAMABAD: Miftah Ismail Adviser to Prime Minister on Finance on Thursday admitted that few budget targets for fiscal year 2017/2018 would be missed.

Tax credit allowed for investment in Sukuk, premium to life insurance

ISLAMABAD: Federal Board of Revenue (FBR) has said that tax credit has been granted on investment made in Sukuks and on payment of premium to a life insurance company.

Scope of concessionary minimum tax regime extended

ISLAMABAD: Federal Board of Revenue (FBR) has said that the concession of reduced rate of minimum tax at the rate of two percent of gross turnover from all sources extended to building maintenance services, services rendered by Pakistan Stock Exchange Limited and Pakistan Mercantile Exchange Limited for the Tax Year 2018.

Sales tax exemption to supply of goods under Islamic mode of financing

ISLAMABAD: Federal Board of Revenue (FBR) has said that goods supplied under Islamic Mode of Financing have been exempted from sales tax.

Tax offices directed to implement changes on retailers to broaden base

ISLAMABAD: Federal Board of Revenue (FBR) has directed tax offices to implement changes in law regarding sales tax on big retailers to broaden tax base of sales tax and for collection of due tax.

No more zero rate facility on imported raw and ginned cotton: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has said that imported raw and ginned cotton are no more entitled for zero rating as this facility has been withdrawn.

Withholding tax exemption granted to promote digital payment

ISLAMABAD: Federal Board of Revenue (FBR) has said that it has exempted withholding tax on cash withdrawal by branchless banking agents to promote digital payment.

Consumed raw material limit enhanced to 125pc for availing income tax exemption

ISLAMABAD: Federal Board of Revenue (FBR) has said that manufacturers will need to enhance consumption of imported raw material to 125 percent from 110 percent from last year in order to avail income tax exemption on imports.

Non-filers’ transaction cost increased through 12 withholding tax provisions

ISLAMABAD: Federal Board of Revenue (FBR) has increased the cost of transactions for non-filers of income tax return by enhancing withholding tax rates in 12 different provisions of Income Tax Ordinance, 2001.