16 percent GST on sugar to be levied through Presidential Ordinance
16 percent GST on sugar to be levied through Presidential Ordinance The Federal Board of Revenue has proposed 16 percent standard rate of sales tax on sugar in Budget (2013-14). Sources told Business Recorder on Saturday that the FBR has moved the proposal to the Ministry of Finance for consideration in coming budget. The FBR […]
PTA concerned over FBR’s proposal to enhance WHT rates
Pakistan Tanners Association (PTA) has expressed its concern over the Federal Board of Revenue’s proposal, submitted to the Ministry of Finance, to enhance withholding tax (WHT) rates. While talking to Business Recorder, PTA Chairman Agha Saiddain said FBR had once again moved a proposal to the Ministry of Finance suggesting upward changes in the rates […]
Revision of FED slabs: Cigarettes makers’ proposal now part of Presidential Ordinance
The cigarette manufactures have succeeded in incorporating the proposal of their choice in the Presidential Ordinance for revision of Federal Excise Duty (FED) slabs on cigarettes. Sources told Business Recorder on Tuesday that the cigarette manufacturing units have managed to get their own proposal approved in the Finance Ordinance. This will allow them to raise […]
ST to be charged on basis of printed retail price: Presidential Ordinance to expand scope of Third Schedule
Presidential Ordinance to be issued would considerably expand the scope of the Third Schedule of the Sales Tax Act 1990 by including a number of new items including bottled water and fertilisers for imposition of sales tax on the basis of printed retail price. Sources told Business Recorder here on Tuesday that the draft of […]
Provisional figures: Rs 1.59 trillion revenue collected during July-May 18
Provisional figures: Rs 1.59 trillion revenue collected during July-May 18 The Federal Board of Revenue has provisionally collected Rs 1,591.6 billion during July-May 18 (2012-13) against Rs 1,502.9 billion in same period last fiscal year, reflecting an increase of 5.9 percent. Sources told Business Recorder here on Tuesday that the budgetary target of Rs 2,381 […]
New taxation measures: law division vets Presidential Ordinance
The Law and Justice Division has vetted the Presidential Ordinance to introduce new taxation measures before federal budget 2013-14. Sources told Business Recorder that the process of vetting the Finance Ordinance has been completed. If the Finance Ordinance has been signed and subsequently promulgated, it would cover new taxation measures of sales tax, income tax, […]
Curtailing tax losses in energy sector: FBR seeks amendments to ST laws in budget
The Federal Board of Revenue has proposed comprehensive amendments to the sales tax laws in Budget (2013-14) to check huge tax losses in energy sector by curtailing sales tax refunds to power sector entities. Sources told Business Recorder here on Monday that the FBR has proposed amendments to the Sales Tax Act 1990 and Sales […]
Budget (2013-14): FBR proposes 16 percent GST on sugar
The PML-N has no intention to impose wealth tax in the 2013-14 budget. “We have no intention to impose wealth tax,” PML(N)-designated federal finance minister Ishaq Dar categorically stated, squashing reports that the new government had plans to impose wealth tax. At present, Dar is finalising the contours of next fiscal year”s budget.
New government won”t impose wealth tax: Dar
The PML-N has no intention to impose wealth tax in the 2013-14 budget. “We have no intention to impose wealth tax,” PML(N)-designated federal finance minister Ishaq Dar categorically stated, squashing reports that the new government had plans to impose wealth tax. At present, Dar is finalising the contours of next fiscal year”s budget.