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Finance

CBR gives options under tax concessionary scheme

ISLAMABAD (July 06 2005): The Central Board of Revenue (CBR) has given option to the companies to avail the concessionary scheme introduced for retailers of textiles and other sectors to pay 3 percent combined concessionary tax including one percent income tax and three percent sales tax. However, income tax paid by companies under this scheme will be treated as advance ...

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Procedure for withholding tax agents simplified

ISLAMABAD (July 05 2005): The Central Board of Revenue (CBR) has made it mandatory for all withholding tax agents to submit quarterly and annual statements with details of tax collected or deducted. The CBR has amended Income Tax Rules 2002 through SRO 641(I)/2005 to simplify the deduction procedure for withholding tax agents. All withholding tax agents, other than Federal and ...

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Basel II implementation: criteria for ECAIs' recognition outlined

KARACHI (July 05 2005): The State Bank of Pakistan on Monday outlined the eligibility criteria for recognition of 'External Credit Assessment Institutions' (ECAIs) for the purpose of implementing Basel II in the country. According to SBP, the criteria, which have been developed after due consultation with various stakeholders, will serve as a transparent policy document for evaluating and granting recognition ...

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Six percent withholding tax on three items restored

ISLAMABAD (July 04 2005): The Central Board of Revenue (CBR) has decided to restore 6 percent withholding tax on import of three items. These are Sodium Hydroxide (Caustic Soda), solid (PCT heading 2815.1100); Sodium Hydroxide (Caustic Soda), in aqueous solution (PCT 2815.1200); and Disodium carbonate (soda ash) (PCT heading 2836.2000). Official sources told Business Recorder on Sunday that the withholding ...

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Sales tax defaulters offered amnesty

KARACHI (June 17 2005): About 400 sales tax registered persons in Karachi will be benefited from the amnesty scheme announced by the Central Board of Revenue (CBR) under SRO 520(1)/2005 in the Federal Budget 2005-06. The amnesty provides that if a registered person pays the principal amount he would be exempted from payment of additional tax and penalty. The Sales ...

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SBP asks exchange companies to adhere to rules and regulations

KARACHI (June 17 2005): The State Bank of Pakistan (SBP) has directed all the exchange companies to strictly adhere to the rules and regulations and not effect remittance on account of trade-related activities/payments against services/commission, etc, whether on account of individual or on behalf of corporate clients. “In order to ensure adherence to the above in true spirit, while accepting ...

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CBR proposes amendment in Income Tax Rules

ISLAMABAD (June 17 2005): For becoming member of the Alternate Dispute Resolution (ADR) Committee, the Central Board of Revenue (CBR) has decided to withdraw condition for chartered accountants, advocates of high court or income tax practitioner to have at least 25 high profile cases published in reputed journals. The CBR has proposed amendment to the Income Tax Rules 2002 through ...

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CITs empowered to select cases for audit

KARACHI (June 15 2005): Commissioners of Income Tax (CITs) have been empowered to select a person for carrying out audit of his income tax affairs under Section 177 of the Finance Bill even after assessment under the Universal Self-Assessment Scheme (USAS) has been finalised. Under the USAS, introduced in Income Tax Ordinance 2000, all tax returns filed by taxpayers were ...

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