Tag Archives: Budget 2015/2016

100pc of payable tax to be imposed as penalty for making false statement in annual return


KARACHI: The Federal Board of Revenue (FBR) may impose 100 percent of payable tax as penalty on a taxpayer for making false or misleading statement regarding his return of income or wealth statement.

Domestic electricity consumers to pay 7.5pc advance tax on Rs75,000 monthly bill


KARACHI: The Federal Board of Revenue (FBR) has imposed 7.5 percent adjustable withholding tax on domestic electricity consumers on the monthly bill exceeding Rs75,000.

Rumors of reshuffle in FBR’s top brass


KARACHI: Strong rumors engulfed tax departments on Tuesday that top brass of Federal Board of Revenue (FBR) likely to be reshuffled over revenue collection performance in the first quarter and failure of Information Technology (IT) for keeping away the major chunk of revenue.

Tax card for salaried persons during Tax Year 2016

KARACHI: Tax card for persons driving salary income during tax year 2016. The rate amended through Finance Act, 2015 as announced in Budget 2015/2016.

Zero refunds of export sector by August 31; report to be presented to finance minister


KARACHI: The Federal Board of Revenue (FBR) will present a report of zero pendancy of sales tax refund to the finance minister. The FBR has been asked to issue all the pending sales tax to zero for the period May 2015.

FBR releases updated tax laws amended through Finance Act 2015


KARACHI: The Federal Board of Revenue (FBR) on Thursday issued updated tax laws that were amended through Finance Act 2015.

Withholding tax on cash withdrawal is 0.6 percent for non-filers

KARACHI: PkRevenue.com has received many queries regarding the withholding tax on banking transactions asking whether cash withdrawal by non-filers is 0.3 percent or 0.6 percent.

Withholding tax exemption on imports under Chapter 27 of Pakistan Customs Tariff withdrawn


KARACHI: The Federal Board of Revenue (FBR) on Monday said that previously, under clause (56) of Part IV of Second Schedule, exemption from collection of tax at import stage under section 148 was available in respect of goods classified in Chapters 27, 86 and 99 of Pakistan Customs Tariff.

Withholding tax at 0.6 percent remained applicable on non-filers against several banking transactions


KARACHI: The withholding tax on various banking transactions is remained 0.6 percent for non-filers as relaxation granted of reduced 0.3 percent is only on non-cash banking transactions.

Customs duty reduced to 20 percent on import of dump truck by construction companies

KARACHI: The government ha reduced the customs duty to 20 percent from 30 percent on import of construction machinery by companies registered with Securities and Exchange Commission of Pakistan (SECP) as promised by finance minister in his budget speech for fiscal year 2015/2016.