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Tag Archives: Economic and Finance News

Current tax regime to fetch more revenue than CGT: KSE managing director

KARACHI (June 05 2008): The government's decision to retain the current tax regime for capital markets will contribute more revenue than imposition of capital gains tax on listed shares. This was stated by Karachi Stock Exchange Managing Director Adnan Afridi while speaking at a press conference at KSE building here on Wednesday. He pointed out that according to the decision ...

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Raise in withholding tax on cash withdrawal likely

ISLAMABAD (June 05 2008): The government is likely to withdraw 'time-bound exemptions,' substantially reduce income tax exemptions; raise withholding tax on cash withdrawal from banks from 0.2 percent to 0.3 percent and raise capital value tax (CVT) on immovable property from 2 percent to 5 percent in budget 2008-2009. Sources told Business Recorder on Wednesday that the government is seriously ...

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CGT exemption extended to 2010, no change in CVT

KARACHI (June 04 2008): The government has agreed to extend exemption of Capital Gain Tax (CGT) on listed shares to further two years to June 30, 2010 from June 30, 2008. This was decided at a meeting of a Karachi Stock Exchange delegation and Finance Minister Naveed Qamar at Islamabad on Tuesday. The meeting was also attended by the members ...

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No withholding tax deduction for making payments to banking companies

ISLAMABAD (March 01 2008): There is no requirement in the Seventh Schedule (banking schedule) of the Income Tax Ordinance 2001 to deduct withholding tax at the time of making payment to banking companies. FBR has issued an income tax circular on Friday to clarify the applicability of withholding tax provision in case of banking companies. According to circular 2 of ...

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FBR Abolishes Bank Endorsement Condition on Good for Payment

ISLAMABAD (February 28 2008): The Federal Board of Revenue (FBR) has abolished condition of bank's endorsement (good for payment) on post-dated cheques for the consignments being released for public and private bonded warehouses, expediting clearance of industrial/commercial consignments at Karachi. Mohammad Abdullah, information secretary, All Pakistan Customs Agents Association (APCAA) told Business Recorder on Wednesday the FBR has issued instructions ...

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Bank of Punjab seeking Licence to Launch Islamic Banking Services

LAHORE (February 27 2008): The Bank of Punjab (BoP) has applied to the State Bank of Pakistan (SBP) for the issuance of a licence to launch Islamic banking from the platform of BoP. After the issuance of license, BoP will open specific Islamic banking branches throughout the country, BoP President Hamesh Khan, said. While addressing the concluding ceremony of the ...

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Special Excise Duty Adjustment: FBR to Remove Confusion

ISLAMABAD (February 27 2008): The Federal Board of Revenue (FBR) will remove the confusion about the issuance of invoices by certain importers for claiming adjustment of one percent special excise duty (SED), which is inadmissible under the Sales Tax Act, 1990. Sources told reporters on Tuesday that the board has issued instructions to the FBR Sales Tax Wing to thoroughly ...

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Commercial importers to file goods declarations through clearing agents

ISLAMABAD (February 24 2008): The Federal Board of Revenue (FBR) has decided to abolish the condition of bachelor degree (BA) for customs agents to obtain license and drastically reduced licensing fee from Rs 500,000 to Rs 100,000 under the revised rules. It has also been decided that the commercial importers would file goods declarations (GDs) through the clearing agents and ...

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Non-filers of Sales tax Returns to be De-registered

ISLAMABAD (February 25 2008): The Federal Board of Revenue (FBR) has decided to cancel the sales tax registration of all habitual non-filers of sales tax returns through strict enforcement of the law. At present, a registered person not filing sales tax returns for six months past is liable to de-registration, but the law is not being practically enforced. Now, amended ...

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FBR seeks cash withdrawal data to increase WHT collection from SBP

ISLAMABAD (February 13 2008): To increase withholding tax collection, the Federal Board of Revenue (FBR) has approached the State Bank of Pakistan (SBP) to furnish data on cash withdrawals from banks, payments made on prize bonds and total profit on debt paid by the banks during 2007-08. THE BOARD IS READY TO AMEND THE INCOME TAX ORDINANCE 2001 TO REMOVE ...

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