Suzuki Alto Price in Pakistan after Budget: The federal government has implemented a new car taxation policy in the 2024–25 budget, taxing cars based on engine size to simplify the tax system and boost revenue. The new taxes range from 0.5% to 12% of the vehicle’s value, depending on engine size. The Suzuki Alto, the … Read more
Pakistani government plans to raise advance tax on property purchases by non-filers to boost revenue. Aim is to discourage non-compliance and increase tax revenues from the real estate sector. IMF recommends structural reforms, including blocking SIM cards of non-filers, to broaden the In a move aimed at bolstering revenue and curbing non-compliance, the Pakistani government … Read more
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has shown dismay, as the Federal Board of Revenue (FBR) continues with the provisions of the ITO Third Amendment 2021, a statement said. FPCCI president Mian Nasser Hayat Maggo blasted the FBR over its provisions which seek to compel companies to make payments for … Read more
KARACHI: The Federal Board of Revenue (FBR) on Friday formally launched the Export Facilitation Scheme 2021. The FBR issued an SRO 957(I)/2021 to implement the provisions for facilitating exports from Pakistan. Previously, the tax body issued draft law on July 9, 2021, inviting feedback from the stakeholders. According to the latest SRO, the scheme would … Read more
KARACHI: The Federal Board of Revenue (FBR) has collected around Rs10 billion as withholding tax from non-cash banking transactions during the fiscal year 2020/21 due to accelerated economic activities during the period after an ease in the number of coronavirus cases. The collection is 33 per cent higher in the fiscal year under review, compared … Read more
KARACHI: The elimination of withholding tax on certain banking transactions would cost the tax authorities around Rs28 billion annually, besides hampering the efforts of compliance through the filing of income tax returns. The Finance Bill, 2021 has proposed to delete around 12 different provisions of withholding taxes, which is aimed at providing relief to the … Read more
