Category Archives: Budget 2018-19

FBR notifies imposition of 2pc additional customs duty

ISLAMABAD: Federal Board of Revenue (FBR) has notified additional customs duty at 2 percent on import of goods specified in the First Schedule to the Customs Act, 1969.

FBR withdraws regulatory duty on over 250 tariff lines

ISLAMABAD: Federal Board of Revenue (FBR) has abolished regulatory duty on over 250 tariff lines to 480 from 731 tariff lines.

FBR notifies enhanced FED on cigarettes, cement

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified federal excise duty on cigarettes enhanced through Finance Act, 2018.

Advance booking of cars to be cancelled for non-filers

KARACHI: Car assemblers have warned general public that their advance booking may be cancelled in case they are not filer of income tax returns at the time of delivery i.e. after July 01, 2018.

Raw material importers express disappointment over abolishing FTR

KARACHI: The importers of raw materials have expressed disappointment over abolishing final tax regime (FTR) and termed the imposition of minimum tax at six percent as injustice to them.

No recovery from taxpayers until ADRC decision

KARACHI: Finance Act 2018 has granted stay against recovery till decision in a dispute where Alternate Dispute Resolution Committee (ADRC) is formed.

10pc tax imposed on gain on disposal of assets outside Pakistan

KARACHI: A 10 percent rate of tax has been introduced on gain on disposal of assets outside Pakistan.
The finance bill had proposed 15 percent rate of tax but in the final the rate has been reduced to 10 percent.

FED increased on all three tiers of cigarettes

KARACHI: The government has increase federal excise duty in all the three tiers in order to discourage use of cigarettes. The national assembly on the other day approved the finance bill 2018 and enhanced the rates even proposed in the budget.

Commercial importers demand of restoring FTR rejected

KARACHI: The government has finally rejected the demand of commercial importers for restoring final tax regime (FTR) and excluding them from audit.

Restriction imposed on non-filers on purchasing immovable properties, vehicles

KARACHI: The government finally imposed restrictions on non-filers while purchasing immovable properties and vehicles through Finance Act 2018.