Asian shares tripped up by new U.S. tariff threat
U.S. President Donald Trump is likely to announce new tariffs on about $200 billion on Chinese imports as early as Monday.
E&T creates four zones of property, two of motors to facilitate taxpayers
RAWALPINDI:Â In order to improve the performance of Excise and Taxation Department and facilitate the taxpayers, Property Tax Rawalpindi has been divided into...
IMF team briefed about forthcoming mini-budget via video link
The IMF was apprised by the Pakistani authorities that the government was considering taking additional taxation measures of Rs100 to Rs125 billion via proposed changes in the Finance Act 2018 and enactment of additional customs duty and raising regulatory duty on import of luxury items
PTC cautions its sales will be impacted, if govt restores two-tier tax system
According to the formal sector, the creation of the third-tier helped to dent illicit cigarette trade from 41.2 percent to 33.3 percent in a span of one year
Company fined Rs2 million for smuggling cell phones
ISLAMABAD: The Collector, Customs Intelligence has imposed a penalty of Rs2 million to the foreign cellular phone company in the case smuggling...
PTI govt contemplating to levy wealth tax on moveable assets
The measure to hike additional customs duty from 2 to 3 percent would contribute to high inflation but generate Rs40 billion in additional taxes for the government
Assets recovery unit established to retrieve offshore assets
Officials from the State Bank of Pakistan, Federal Board of Revenue (FBR), National Accountability Bureau (NAB), Federal Investigation Agency (FIA) and intelligence agencies are amongst the new members of this newly constituted unit
FBR commences legal action against proprietors of undeclared properties in UK
The tax regulator had found out a big amount of non-compliant individuals via data obtained from UK’s non-ministerial Her Majesty’s Revenue and Customs (HMRC)
FBR launches offline mode App for taxpayers to file returns
ISLAMABAD: The Federal Board of Revenue (FBR) has launched an application enabling taxpayers to file Income Tax Return and Wealth Statement without...
Tax regulator collected Rs506 billion taxes in July-August FY19
The tax regulator needs 15.5 percent growth to reach its target since its collection at end of FY18 stood at Rs3.842 trillion
Oil refineries earned Rs500 billion under ‘deemed duty’ since 2002
Deemed duty was provided by the government as an incentive to make oil refineries upgrade their plants which would result in the production of environment-friendly and higher-grade fuel
Advance tax on economy international air tickets to be exempted: FBR
Furthermore, the airlines issuing the air ticket can subtract the advance tax on the purchase of international air ticket at Rs16,000 per individual for first/executive class and Rs12,000 per person for others leaving aside economy class
FBR amasses record withholding tax of Rs3.84 billion on school fee in FY18
According to FBR officials, the rise in revenue collection was made possible by an increase in tuition fees by educational institutions in FY18
Pakistani’s offshore accounts data set to be accessible from 1st September
As many as $64 million have been remitted to Pakistan under the recently concluded tax amnesty scheme
PTI govt faces daunting challenge to meet its Rs8 billion tax collection target
The slashed income tax rates incorporated by the previous government would make it difficult for the FBR to achieve budgetary targets set for FY19 due to the recent changes has effectively exempted 1.2 million out of 1.4 million taxpayers, as per their projections