Tag Archives: Finance Act 2017

Tax credit allowed for investment in Sukuk, premium to life insurance

ISLAMABAD: Federal Board of Revenue (FBR) has said that tax credit has been granted on investment made in Sukuks and on payment of premium to a life insurance company.

Scope of concessionary minimum tax regime extended

ISLAMABAD: Federal Board of Revenue (FBR) has said that the concession of reduced rate of minimum tax at the rate of two percent of gross turnover from all sources extended to building maintenance services, services rendered by Pakistan Stock Exchange Limited and Pakistan Mercantile Exchange Limited for the Tax Year 2018.

Sales tax exemption to supply of goods under Islamic mode of financing

ISLAMABAD: Federal Board of Revenue (FBR) has said that goods supplied under Islamic Mode of Financing have been exempted from sales tax.

Tax offices directed to implement changes on retailers to broaden base

ISLAMABAD: Federal Board of Revenue (FBR) has directed tax offices to implement changes in law regarding sales tax on big retailers to broaden tax base of sales tax and for collection of due tax.

Withholding tax exemption granted to promote digital payment

ISLAMABAD: Federal Board of Revenue (FBR) has said that it has exempted withholding tax on cash withdrawal by branchless banking agents to promote digital payment.

Consumed raw material limit enhanced to 125pc for availing income tax exemption

ISLAMABAD: Federal Board of Revenue (FBR) has said that manufacturers will need to enhance consumption of imported raw material to 125 percent from 110 percent from last year in order to avail income tax exemption on imports.

Non-filers’ transaction cost increased through 12 withholding tax provisions

ISLAMABAD: Federal Board of Revenue (FBR) has increased the cost of transactions for non-filers of income tax return by enhancing withholding tax rates in 12 different provisions of Income Tax Ordinance, 2001.

Non-filer to pay 4pc advance tax on lease of motor vehicle

ISLAMABAD: A non-filer of income tax return is required to pay 4 percent advance tax on a lease of a motor vehicle either leased by Sharia compliant or conventional mode of financial institution.

Tax collected on import of plastic raw material made minimum tax

ISLAMABAD: Federal Board of Revenue (FBR) has explained the important changes to Income Tax Ordinance, 2001 made through Finance Act, 2017 and said that tax collected on import of plastic raw material would constitute minimum tax on income of an importer.

Inland Revenue officer barred from appointment as judicial member of appellate tribunal

ISLAMABAD: Federal Board of Revenue (FBR) has explained the important changes to Income Tax Ordinance, 2001 through Finance Act, 2017 and said that an officer of Inland Revenue has been barred from appointment as judicial member of Appellate Tribunal.