Tag Archives: Finance Bill 2016

National Assembly approves Finance Bill 2016

ISLAMABAD: The National Assembly on Wednesday approved the Finance Bill 2016, with certain amendments, providing legal cover to the budgetary proposals for the fiscal year 2016/2017 year.

Omitting input tax adjustment on provincial services to increase cost of doing business

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KARACHI: Tax experts have said that the recent amendment proposed through Finance Bill 2016 of eliminating input adjustment against provincial services will increase cost of doing business.

Sales tax exemption on stationary items closes door for illegal input adjustment, false refund claims

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KARACHI: The Federal Board of Revenue (FBR) has closed the door for illegal input adjustment and fake refund claims by exempting sales tax on supply of stationary items.

Duty, tax incentives to agriculture package to be implemented from June 22

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ISLAMABAD: The government has announced the implementation of agriculture package from June 22 subject to approval by the President that was to be implemented from July 01, 2016 as per budget 2016/2017 announcement.

FBR may take assistance from banking experts for property valuation to determine fair value

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KARACHI: The Federal Board of Revenue (FBR) may take assistance from a team of experts for valuation of property in those cases where commissioner Inland Revenue (IR) believes property value has been declared much lower than fair market value.

Zero-, reduced duty rates proposed for vehicles, auto-parts

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KARACHI: The Finance Bill 2016 has proposed to implement the recently announced Automotive Development Policy 2016-2021 in order to achieve long-term goal of developing modern, competitive and viable automobile and auto-part industry in Pakistan. The bill also proposed removal of regulatory duty on certain automobile parts and implementation of customs duty at zero-percent or reduced rate on certain automobile parts from fiscal year 2016/2017.

FBR to embark thorough examination of cash withdrawal, non-cash transactions

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KARACHI: The Federal Board of Revenue (FBR) is preparing for thorough examination of cash withdrawal and non-cash transactions from July 01, 2016 in the light of amendments made to withholding tax regime through Finance Bill 2016.

Advance tax on sale, purchase of securities enhanced by 100pc

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KARACHI: Rate of advance tax has been enhanced by 100 percent on commission earned by brokers or member of stock exchange on sale or purchase of securities.

CGT exemption proposed to be withdrawn on security held for above 48 months; new rates introduced for non-filers

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KARACHI: The Finance Bill 2016 has proposed to withdraw exemption of capital gain tax where holding period of a security is more than four years. Experts believed that it would discourage foreign investors.

Tax authorities advised to review proposed withholding tax on foreign advertisement

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KARACHI: Tax experts have advised the tax authorities to review the proposed withholding tax at 20 percent on foreign produced commercials as the chargeability will not be available in case of a tax treaty.