Category Archives: Budget 2015-16

Advance income tax on plastic raw material reduced for commercial, industrial importers

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ISLAMABAD: The government has reduced advance income tax on import of raw plastic to 4.5 percent for commercial importers and 1.75 percent for industrial units to be implemented from July 01, 2017.

Turnover tax on electronic trade reduced to 0.5pc

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ISLAMABAD: The turnover income tax has been reduced to 0.5 percent from 1.25 percent for entities engaged in e-commerce.

Income tax on undistributed profit reduced to 7.5pc

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ISLAMABAD: The proposed income tax rate of 10 percent on undistributed profit by listed companies has been reduced to 7.5 percent for the tax year 2018.

New NPOs allowed tax exemption for three years

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ISLAMABAD: The government has exempted 10 percent income tax on non-profit organizations (NPOs) for first three years from establishment with condition that their annual turnover is less than Rs100 million.

Anomaly identified in proposed capital gain tax on disposal of securities

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KARACHI: Tax experts have identified anomaly in proposed capital gain tax regime on disposal of securities in equity market.

Informer not to get reward on lack of tax evidence

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KARACHI: The tax official said that the Federal Board of Revenue (FBR) has introduced reward for whistleblower in the last year but in the Finance Bill 2017 it is proposed that informers will not be eligible for reward in case of information not supported by evidence.

One year imprisonment, Rs100,000 penalty proposed for obstructing electronic monitoring under Sindh sales tax

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KARACHI: Sindh government has initiated electronic monitoring and tracking of registered persons and proposed one year imprisonment and Rs100,000 for those who obstruct such monitoring.

Reduced, fixed tax not allowed input adjustment under Sindh sales tax on services

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KARACHI: Sindh government has made part of main statute that input adjustment is not available to persons subject to provincial tax at reduced or fixed rate.

All sectors to be catered in final budget documents: Dar

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ISLAMABAD: Finance Minister Senator Mohammad Ishaq Dar has said that all sectors of the economy will be catered in the final budget document.

Sindh government sharply increases estimates for direct and indirect taxes collection; 34pc higher revenue projected from property tax

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KARACHI: Sindh government has estimated 26 percent higher tax revenue to Rs185.62 billion in the fiscal year 2017/2018 as compared with revised target of Rs147.39 billion in the outgoing fiscal year.