Category Archives: Budget 2015-16

Income tax on undistributed profit reduced to 7.5pc

fbr

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

fbr

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

fbr

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

fbr

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

sindh_revenue_board

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

sindh_revenue_board

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

fbr

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

sindh_revenue_board

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.

SRB expands definition of taxable services

sindh_revenue_board

KARACHI: The services provided or rendered by program producers and productions houses are subject to Sindh Sales Tax. Definition of the term program is contained in the Sindh Sales Tax on Services Act, 2011, which is now being amended to include re-recording and other post-production processes (like dubbing, colouring, sub-titling and captioning).

SRB includes virtual business in sales tax on services regime

sindh_revenue_board

KARACHI: Sindh Revenue Board (SRB) has brought virtual business in the definition of sales tax of services. As per changes introduced through provincial finance bill 2017, the scope of the expression ‘place of business’ is proposed to be broadened to include persons carrying on economic activity in Sindh through virtual presence, website, web portal or any other form of E-commerce.