Tag Archives: budget 2016/2017

Budget deficit at 5.8pc in 2016/2017: finance ministry

ISLAMABAD: Pakistan’s fiscal deficit for the fiscal year 2016/2017 was at 5.8 percent against the target of 3.8 percent set for the year.

Retailers, wholesalers required to charge sales tax on sugar supplies

KARACHI: Retailers and wholesalers have been required to charge sales tax on supply of sugar at eight percent under new reduced sales tax regime for sugar sale.

Finance Act 2016: Commissioner Inland Revenue barred from recovery in appeal cases, taxpayer requires to pay 25pc of due amount

KARACHI: A Commissioner Inland Revenue has been barred from issuing recovery notice to a taxpayer where an appeal has been filed before adjudication. However, this restriction is subject to 25 percent payment of due amount by the taxpayer.

Finance Act 2016: 3pc advance tax slapped on provincial sales tax registered persons

KARACHI: The federal government has slapped three percent adjustable advanced income tax of the turnover declared by a person registered under provincial sales tax laws.

Finance Act 2016: higher tax rate for non-filers in FTR adjustable on return filing

KARACHI: The higher advance tax rate for non-filers paying under Final Tax Regime (FTR) is adjustable subject to filing of income tax return of that year where adjustment is sought, said a senior official at Federal Board of Revenue (FBR) on Wednesday.

Finance Act 2016: SBP approved panel to determine fair market value of properties for FBR

KARACHI: The Federal Board of Revenue (FBR) will take help from a panel of valuers approved by the State Bank of Pakistan (SBP) for ascertaining fair market value of a property for determination of chargeability of income tax.

Finance Act 2016: FBR empowered to enforce income tax return of past 10 years

KARACHI: The parliament has approved the Finance Act 2016 empowering Federal Board of Revenue (FBR) to ask a person, who has not filed any return during past five years, to file return during last 10 years.

Finance Act 2016: ADRC decision to be implemented if FBR fails to pass order in 90 days

KARACHI: The government has inserted changes in respective Customs and Inland Revenue laws through Finance Act 2016 for speedy disposal of disputes between taxpayers and tax authorities and bound Federal Board of Revenue (FBR) to pass orders in 90 days other decision of Alternate Dispute Resolution Committee (ADRC) will be treated final verdict.

Disallowing input adjustment against provincial sales tax made part of Finance Act 2016

KARACHI: The federal government has ignored the demand of business community for restoring input adjustment against deduction of sales tax on services by provincial authorities as the proposal of disallowing such adjustment has been made part of Finance Act 2016.

FBR lists duty/tax changes in Finance Act 2016 implemented from June 25

KARACHI: A number of changes approved through Finance Act, 2016 has been implemented from today (Saturday June 25, 2016) following the approval from the President of Pakistan.