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VAT

UAE’s new corporate tax: A boon to business

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uae

The UAE will introduce a 9 per cent corporate tax on business profits of more than Dh375,000 ($102,000) from June 1, 2023, the Finance Ministry said, in a major change of course, as the country seeks to diversify its income. For the UAE, the regional headquarters for a swathe of multinationals, the move marks a … Read more

Balancing the book

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FBR

KARACHI: The Federal Board of Revenue (FBR) has launched a flagship initiative, Point of Sale, to bring Rs16 trillion worth of undocumented retail sales into the tax net. Pakistan’s total retail sales are estimated at Rs20 trillion annually. The FBR’s integration of POS will also help the tax authorities implement a full-fledged value-added tax (VAT) … Read more

Saudi Arabia expects budget surplus of $24 billion in 2022

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Saudi Arabia

RIYADH: Saudi Arabia expects a budget surplus of SR90 billion riyals ($24 billion), Saudi Press Agency reported, citing a cabinet statement. The total revenues for 2022 is estimated at SR1.05 trillion, while the spending is at SR955 billion, the statement said; following a meeting chaired by King Salman. With the Saudi budget statement for the 2022 fiscal … Read more

Bahrain to increase value-added tax to 10%

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Bahrain

RIYADH: Bahrain’s parliament on Wednesday approved plans to increase value-added tax to 10 per cent from the current 5 per cent, according to Reuters. The Cabinet referred last September a draft law to the parliament, to decide on increasing VAT starting Jan. 1, 2022. The  legislators discussed earlier this year the options of reducing wages or social … Read more

Saudi Arabia will not reduce VAT any time soon: minister

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RIYADH: Saudi Finance Minister Mohammed Al-Jadaan revealed that there will be no reduction in value-added tax (VAT) in the near future, but it would be considered when public finances improve in several years, Arab News reported. The goal of the VAT is to deal with the shock of the Corona pandemic, he said. There will be no … Read more

Port Qasim Authority has reduced port charges by 50%

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Port Qasim

According to details, Port Qasim Authority has reduced port charges by 50% to increase exports. Sources said that a 50% reduction in VAT and dry port charges would lead to a reduction in port revenue of Rs.24 crore.

It may be recalled that Port Qasim had released a profit of Rs 18 billion after-tax was charged last year.

In this regard, a meeting of the Cabinet Committee on Transport and Logistics was held in Islamabad under the chairmanship of Federal Minister for Maritime Affairs Ali Zaidi.

The meeting also sought suggestions from Karachi Port Trust (KPT) for the reduction in port charges.

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FBR finds $3.8 billion gap in VAT collection

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FBR

KARACHI: Pakistan through effective policy measures can enhance value-added tax (VAT) collection by around $3.8 billion/annum, according to a report issued by the Federal Board of Revenue (FBR) on Tuesday. The value-added tax is an important component of sale tax, which is imposed on every value addition in supply chain. The existing sales tax collection … Read more

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