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Monthly Archives: April 2018

Finance Bill 2018: PTR for commercial importers abolished

KARACHI: The commercial importers have been brought into normal tax regime as the option of presumptive tax regime (PTR) has been abolished through Finance...

Finance Bill 2018: Gifts to non-relatives made taxable transfers

KARACHI: The Finance Bill 2018 has recommended changes in Income Tax Ordinance, 2001 making a gift to any person other than a relative will...

Finance Bill 2018: Immovable property, vehicle purchases only by return filers

KARACHI: The government has introduced major changes through Finance Bill 2018 for broadening the tax base and makes it mandatory purchases of immovable properties...

Highlights of Finance Bill 2018

KARACHI: The highlights of Finance Bill 2018 explained by PwC A. F. Ferguson & Co. Chartered Accountants Firm. It explains following: 1. The Finance Bill 2018...

Finance Bill 2018: Banks to collect 5pc tax on digital services

ISLAMABAD: Banks are required to collect five percent income tax on gross amount of fee remitting outside for offshore digital services. Finance Bill 2018 defined...

Finance Bill 2018: various stationary items allowed zero-rate sales tax

ISLAMABAD: The government has announced sales tax zero-rating regime for various stationary items. Finance Bill 2018 introduced amendment to Fifth Schedule of Sales Tax Act...

Finance Bill 2018: Orders of Director General I&I IR established validated

ISLAMABAD: The orders passed by Directorate General Intelligence and Investigation (Inland Revenue) have been validated through amendment made to Sales Tax Act 1990. Finance Bill...

Finance Bill 2018: Parliamentary approval sought for regulator duty imposition

ISLAMABAD: The government has sought parliamentary approval for securing payment of regulatory duty in order to avoid court restrictions. The regulatory duty was imposed through...

Finance Bill 2018: Collector Appeals empowered to stay recovery for 30 days

ISLAMABAD: The collector appeals has been empowered to grant stay the recovery proceedings for 30 days. Through Finance Bill 2018 an amendment has been made...

Finance Bill 2018: Pilferage of transhipment consignments to get 7-year imprisonment, huge penalty

ISLAMABAD: The Finance Bill 2017 has recommended seven year imprisonment and penalty of 10 time value of goods for pilferage of transshipment. According to the...

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