Tag Archives: Budget 2017/2018

Finance ministry notifies revision in basic pay scales and allowances for 2017


ISLAMABAD: The ministry of finance has notified revision in basic pay scales and allowances of civil servants of federal government – 2017. The significance of changes is that the ad hoc allowance for 2017 will be subjected to income tax.

KCCI criticizes injustice in sales tax on mobile phones


KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has opposed uniform sales tax rates for all type of mobile phones saying that it is injustice to down trodden segment of society.

Dignitaries of UAE, Qatar and Bahrain allowed duty free imports


ISLAMABAD: The government of Pakistan has allowed duty free imports by dignitaries of UAE, Qatar and Bahrain, which includes household articles and personal effects including vehicles and goods for donation to projects established in Pakistan.

Duty free gifts, donations by charitable institutions to be disallowed on misuse


ISLAMABAD: Federal Board of Revenue (FBR) said that concession of duty free gifts and donations received by charitable non-profit making hospital or institutions will be disallowed in case of misuse detection.

Duty free imports allowed to Edhi Foundation


ISLAMABAD: The federal government has allowed duty free imports by Edhi Foundation subject to the condition that the imported goods mean for use by the foundation.

Past concessionary SROs to be presented for parliamentary approval


ISLAMABAD: The government has decided to take parliamentary approval for concessionary SROs issued in the past instead of extending through Finance Bill 2017.

One percent further tax imposed on zero-rated supplies


ISLAMABAD: The government imposed one percent further sales tax on five export oriented sector, which will be implemented from July 01, 2017.

Customs duty reduced on import of value added products used by poultry sector


ISLAMABAD: The government has reduced customs duty for value added products used by poultry sector considering more investment and exports.

Income Tax on mutual fund dividend reduced to 10 percent


ISLAMABAD: The government has decided to withdraw the tax rate on dividend received from mutual funds from proposed rate of 12.5 percent to 10 percent.

Condition of higher capital gain tax rate relaxed


ISLAMABAD: The government has announced that new or higher rate of capital gain tax will not be applicable on securities purchased up to June 30, 2015.