Tag Archives: Finance Bill 2017

FBR revives circle system to identify potential taxpayers


ISLAMABAD: Federal Board of Revenue (FBR) has revived income tax circle system to tap potential taxpayers and enhance facilitation for existing taxpayers at district level.

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.

Turnover tax on electronic trade reduced to 0.5pc


ISLAMABAD: The turnover income tax has been reduced to 0.5 percent from 1.25 percent for entities engaged in e-commerce.

Income tax on undistributed profit reduced to 7.5pc


ISLAMABAD: The proposed income tax rate of 10 percent on undistributed profit by listed companies has been reduced to 7.5 percent for the tax year 2018.

Anomaly identified in proposed capital gain tax on disposal of securities


KARACHI: Tax experts have identified anomaly in proposed capital gain tax regime on disposal of securities in equity market.

Informer not to get reward on lack of tax evidence


KARACHI: The tax official said that the Federal Board of Revenue (FBR) has introduced reward for whistleblower in the last year but in the Finance Bill 2017 it is proposed that informers will not be eligible for reward in case of information not supported by evidence.

FBR creating gulf between government and private sector: FPCCI


KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday said that Federal Board of Revenue (FBR) has deliberately proposed such amendments to tax laws through Finance Bill 2017 to create gulf between the government and private sector.

Federal minister urges provinces to reduces sales tax on internet services


ISLAMABAD: Minister of state for IT & Telecom Mrs Anusha Rehman has urged provincial governments to reduce sales tax on internet services so the Information Technology sector should tax maximum benefits of already announced reduction in duty and taxes by the federal government in the Budget 2017/2018.

Tax practitioners stun over amnesty to political parties, harsh measures for NPOs


KARACHI: Tax fraternity is surprised over government policy for giving amnesty to political parties and tightening conditions for non-profit organizations.

Equipment import for mobile phone manufacturing granted duty exemption


KARACHI: Federal Board of Revenue (FBR) has allowed zero-rate customs duty on import of equipment for manufacturing of mobile phones in the country.