Tag Archives: Budget Proposals 2018/2019

Limiting tax exemption proposed to check double benefit

ISLAMABAD: Federal Board of Revenue (FBR) has been recommended to limit exemption under income tax laws in order to put a check upon claim of double benefit.

FBR may introduce taxpayers’ card for reducing refunds

ISLAMABAD: Federal Board of Revenue (FBR) may introduce taxpayers’ smart card for broadening of tax base and reduction of refunds.

FBR urged to rationalize tax on rental income

KARACHI: The Federal Board of Revenue (FBR) has been urged to rationalize tax on rental income from property and investors should be encouraged to declare their genuine income.

Harsh action recommended against officials harassing taxpayers

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has recommended harsh action against officials of Federal Board of Revenue (FBR) found involved in harassing taxpayers.

National chamber urges to protect taxpayer rights through restricting tax official’s jurisdictions

KARACHI: The apex trade body has suggested to restrict the tax officials jurisdictions in discretionary powers to raid on business premises in order to obtain information; as to protect the taxpayers right.

FPCCI advocates reduced WHT to 1pc on export agent commission

KARACHI: The Federation of Pakistan Chambers of Pakistan (FPCCI) has advocated to reduce the withholding tax on export agent commission to one percent from five percent in upcoming budget 2018/2019.

Amendment to discretionary power for information by banks recommended

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed amendment to discretionary power for furnishing of information by banks in section 165A and 165B.

Massive increase in FED on cigarettes on the cards

ISLAMABAD: Federal Board of Revenue (FBR) is considering a massive increase in federal excise duty on sales of cigarettes in the budget 2018/2019 as measures taken in the last budget were resulted in decline of FED during first nine months of current fiscal year.

FPCCI proposes amendment to WHT on promotional material

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has suggested amendment in Section 156 for withholding tax on promotional material; however 20 percent tax chargeable on prizes given to the consumers while considering it as business income; which is harsh and unjustifiable.

National chamber demands exemption on income of WPPF; WWF

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has demanded to exempt income of the workers’ profit participation fund (WPPF) and Workers Welfare Fund (WWF) as it benefits of their workers to build schools; hospitals etc.