07292016Fri
Last update: Fri, 29 Jul 2016 12pm

Taxation: Pakistan

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The Federal Board of Revenue (FBR) and the real estate sector have yet not developed consensus on fair market value of immovable properties in the three main cities of the country, ie, Karachi, Lahore and Islamabad and next round of talks would be held on Friday (July 29). Sources told Business Recorder here on Thursday that there is a deadlock on the issues of property valuation in Karachi, Lahore and Islamabad.
The Federal Board of Revenue (FBR) has exempted sales tax on the import of three sets of Scan Body Scanner-Dual View received as donation from Saudi Arabia by the Anti Narcotics Force (ANF). According to SRO.643(I)/2016 issued by the FBR here on Thursday, in exercise of the powers conferred by clause (a) of sub-section (2) section 13 of the Sales Tax Act, 1990, the federal government has exempted whole of sales tax chargeable on import of three sets of Braun-i-Scan Body
The Federal Board of Revenue (FBR) on Wednesday notified that after amendments introduced through the Finance Act, 2016, the income of a builder or a land developer shall now be subject to final taxation on the basis of specified rates based on cities and areas of properties in respect of projects approved after July 1, 2016.
The Federal Board of Revenue (FBR) has announced that the companies declaring gross loss shall now be obliged to pay minimum tax irrespective of whether they declare gross profit or loss under section 113 of the Income Tax Ordinance 2001. The FBR''s circular issued here on Wednesday revealed that the scope of minimum tax (turnover tax) under section 113 has been expanded through Finance Act, 2016.
President, Frontier Customs Agents Group (FCAG), Khyber Pakhtunkhwa and vice chairman, FPCCI standing committee on Customs Agents, Zia-ul-Haq Sarhadi has termed the levy of one percent Infrastructure Development Cess (IDC) by Khyber Pakhtunkhwa government on imported goods disastrous for trade and industry in the province. In a statement issued here Wednesday, he said that the recovery of IDC at the time of ex-bond at Gadoon and Hattar Industrial Estates is not only affecting import process at Peshawar Dry Port rather also badly affecting the units of these two industrial estates of the province.
Directorate General of Customs Valuation (DGCV) has drastically increased customs duty with an average of over 400 percent on unbranded garments, forcing commercial importers to find other illegal means to bring imported attires into the country.
The Federal Board of Revenue (FBR) has clarified that the taxable income for the purpose of computation of super tax on corporate sector shall be taken before the adjustment of brought forward depreciation or business losses. The FBR Wednesday explained rationalisation and extension of super tax [Section 4B] through an income tax circular.