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Last update: Sat, 01 Oct 2016 03pm

Taxation

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The Federal Board of Revenue (FBR) has declared that the import of machinery/equipment by telecommunication companies on which tax is collected under section 148 of the Income Tax Ordinance 2001 at import stage has been treated as commercial import, as the status of industrial undertaking is not granted by these companies.
Federal Board of Revenue (FBR) has provisionally collected Rs 625 billion during first quarter (July-September) 2016-17 against Rs 600 billion during same period last fiscal, reflecting an increase of Rs 25 billion. Sources told Business Recorder here on Friday that the provisional revenue collection of the FBR would cross Rs 625 billion on compilation of final figures in coming days.
The Federal Board of Revenue (FBR) has extended date for filing of income tax returns/statements by individuals, Associations of Persons, companies and returns of total income/statement of final taxation for Tax Year 2016 till October 31, 2016. According to an income tax circular 11 of 2016 issued here on Friday, in exercise of the powers conferred under Section 214A of the Income Tax Ordinance, 2001, the FBR has extended the date of filing of returns/statements for the Tax Year 2016.
Excise and Taxation Department Sindh has recovered Rs 12.68 million during a road checking campaign in different cities of the province. In Karachi, Hyderabad, Sukkur, Larkana, Mirpurkhas and Shaheed Benazirabad overall 24,117 vehicles were checked. In Karachi 11,370, in Hyderabad 4,412, in Sukkur 4,298, in Larkana 1,148, in Mirpurkhas 1,921 and in Shaheed Benazirabad 968 vehicles were checked.
The Federal Board of Revenue (FBR) has reduced sales tax from 21.5 to 20 percent on the High Octane Blending Component (HOBC)-a petroleum product, reflecting a decrease of 1.5 percent from October 1, 2016. According to an S.R.O. 925(1)/2016 issued by the FBR here on Friday, sales tax on motor spirit remained unchanged at 20 percent. Sales tax rate on Kerosene would remain the same at 5 percent from October 1.
The Federal Board of Revenue (FBR) has granted exemption to third Pakistan International Sukuk Company Ltd from income tax and Capital Value Tax (CVT). In this regard, the FBR has issued three notifications here on Friday. According to the notification, tax exemption has been granted on yield of third Pakistan Sukuk. The federal government has accorded approval for the purpose of clause (75) of Part I of Second Schedule to the Income Tax Ordinance, 2001, to the income of agency of a foreign government, a foreign national (company, firm or association of persons), or any other non-resident person, from profit on moneys borrowed in respect of Pakistan International Sukuk 2016 issued by "The Third Pakistan International Sukuk Company Limited."
The Danish tax authority said on Thursday it had paid an anonymous source almost six million kroner (0.81 million euros, $0.9 million) for leaked data from the Panama Papers on hundreds of Danes. The government justified the payment earlier this month saying it needed to take all necessary measures to catch tax evaders.