Tag Archives: Tax Proposals 2016/2017

Banks demand 2pc service charge for collecting withholding tax

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

Curbing whitening of money: Amendments to Protection of Economic Reform Act, Income Tax law suggested

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KARACHI: The government has been urged to amend income tax laws and Protection of Economic Reform Act (PERA) to curb the rampant practice of whitening of money under the umbrella of such laws.

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

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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

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

Tax Proposals 2016/2017: Machinery parts, fuel should be zero rated

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KARACHI: The business community demanded the government that purchase of machinery parts, fuel and other items used in the manufacturing of zero rated products and goods should be zero rated as well.

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

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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.

Tax Proposals 2016/2017: 5pc rebate for companies issuing electronic invoices sought

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KARACHI: The foreign investors urged the government that a rebate of five percent should be given to companies who are issuing electronic invoices in order to encourage documented collection of duty and taxes.

Tax Proposals 2016/2017: Exempt all WHT on plant, machinery import recommended

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KARACHI: The taxpayers have recommended the tax authorities to exempt levy of all withholding tax on plant and machinery, at import stage to attract new foreign direct.

Tax Proposals 2016/2017: Exemption certificate should be issued for machinery importers

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KARACHI: The business community has suggested that exemption certificate should be issued on import of machinery by industrial undertaking which must be free of prescribed time limit.

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

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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.