Tag Archives: Tax Proposals 2016/2017

Banks demand 2pc service charge for collecting withholding tax

KARACHI: Banking companies have demanded collection charges for deducting withholding tax at two percent for rendering services to Federal Board of Revenue (FBR).

Up to 100 percent sales tax increase on import of mobile phone likely

KARACHI: The government may increase introduce up to 100 percent increase in sales tax on import of certain category of mobile phones in the budget 2016/2017.

FBR HQ closed for budget exercise

ISLAMABAD: The head office of Federal Board of Revenue (FBR) is remained closed on Monday May 30, 2016 for budget 2016/2017 exercise.

Tax exempt salary income proposed to increase up to Rs500,000

KARACHI: The minimum threshold for the purpose of income tax on salaried person has been proposed to increase from Rs400,00 to Rs500,000. Presently, the salary individual earning annual income up to Rs400,000 has been exempted from the levy of income tax.

Salaried class should be given income tax exemption in budget 2016/2017

KARACHI: Salaried persons should be given income tax exemption in the budget 2016/2017 and the government should take harsh action against tax evaders, Liaquat Sahi, Labour Leader said on Saturday.

Tax Proposals 2016/2017: PTR should be restricted to dividends, bank profits

KARACHI: The Federal Board of Revenue (FBR) has been urged to restrict the presumptive tax regime (PTR) on dividends and bank profits and charge normal tax to all sectors.

Tax Proposals 2016/2017: duty exemption for power generators above 1100kva urged

KARACHI: The business community has urged the government to exempt customs duty on import of power generating units above 1100 KVA to encourage in-house production of electricity to operate factories for increasing exports.

Tax Proposals 2016/2017: compensation for delayed refund demanded

KARACHI: Taxpayers have demanded compensation for delayed issuance of cheques against Refund Payment Orders (RPOs) alleging the Federal Board of Revenue (FBR) deliberately holding eligible payments.

Tax Proposals 2016/2017: Withdrawal of sales tax withholding rules demanded

KARACHI: The Federal Board of Revenue (FBR) has been urged to withdraw Sales Tax Withholding Rules for all registered taxpayers, which is imposed while making to registered persons.

Tax Proposals 2016/2017: revival of zero-rating for entire textile chain recommended

KARACHI: Federal Board of Revenue (FBR) has been urged to revive sales tax zero-rating or introduce regime of no tax – no refund for entire textile chain, which is the largest export oriented sector and contributes more than 55 percent of foreign exchange earnings through exports.