Tag Archives: Institute of Chartered Accountants of Pakistan

Evidence of payment should be made mandatory for Afghan Transit Trade

KARACHI: In order to prevent smuggling under Afghan Transit Trade, it is recommended that evidence of payment of goods by Afghanistan importer to their supplier and submission of bank guarantee equivalent to government levies should be collected on Afghan imports by Pakistan Customs before release.

Measures proposed to prevent misuse on CPEC imports

KARACHI: Federal Board of Revenue (FBR) has been suggested measures to prevent smuggling and illegal trade by taking advantage of facilitation granted to trade under China Pakistan Economic Corridor (CPEC).

Withholding tax exemption for filers on cash withdrawal suggested

KARACHI: Federal Board of Revenue (FBR) has been suggested that income tax return filers should be granted exemption from withholding tax on cash withdrawal from banks.

CNIC/NTN should be made mandatory on airline tickets for facilitating tax adjustment

KARACHI: Federal Board of Revenue (FBR) should make it mandatory for all airlines operating on domestic routes to ensure that NTN/CNIC of passenger or his/ her employer appears on the air ticket issued by the airline.

FBR advised to pay 2.5 percent service charges of collected amount to withholding agents

KARACHI: Chartered Accountants have advised Federal Board of Revenue (FBR) to pay 2.5 percent of the amount collected to withholding agents as service charges.

FBR urged to clarify status of taxpayers becoming withholding agent

KARACHI: Federal Board of Revenue (FBR) has been urged to clarify status of a taxpayer to become withholding agent.

ICAP suggests reviewing tax on ‘income from property’ to relief lower earning group

KARACHI: Institute of Chartered Accountants of Pakistan (ICAP) has suggested the Federal Board of Revenue (FBR) to review tax on income from property to provide relief to lower income group.

FBR suggested Sept 30 as last date for filing returns by salaried persons

KARACHI: Federal Board of Revenue (FBR) has been advised to amend income tax laws and extend the last date for filing annual income tax returns by salaried persons and filing statement of final tax from August 31 to September 30.

FBR advised prior information to taxpayers in recovery through freezing bank accounts

KARACHI: Federal Board of Revenue (FBR) has been advised to inform taxpayers and banks prior to making recovery through freezing accounts.

ICAP suggests measure to resolve exemption certificate issue at import stage

KARACHI: Institute of Chartered Accountants of Pakistan (ICAP) has proposed solution to resolve problems in obtaining exemption certificates at import stage for raw material and capital goods.