05302016Mon
Last update: Mon, 30 May 2016 11am

Taxation

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The government would announce withdrawal of 16 percent Federal Excise Duty (FED) on various services in budget (2016-17) including stock brokers, shipping agents, banking companies, stevedores, forex dealers, insurance companies, franchise services and other services where provincial sales tax is applicable.
Fulfilling a major budget demand of leading export sectors, the government has decided to apply sales tax at the rate of zero-percent on five export oriented sectors ie textile, leather, carpets, surgical and sports goods from 2016-17.
Federal Board of Revenue (FBR) has reportedly attached accounts of five power Distribution Companies (Discos) to achieve revenue targets agreed with the International Monetary Fund (IMF), well informed sources told Business Recorder.
All Pakistan Customs Agents Association (APCCA) Sunday stressed upon federal/ provincial authorities to remove double taxation on the clearance of imported consignments from ports in Punjab during the coming budget (2016-17).
President Mamnoon Hussain has endorsed the order of Federal Tax Ombudsman (FTO) that information relating to departmental representation in appellate forums and revenue involved in appeal cases is not confidential and does not pertain to the personal information under Freedom of Information Ordinance (FIO), 2002.
Federal Board of Revenue (FBR) is contemplating to take special measures to ensure the issuance of electronic invoicing to avoid the risk of claiming inadmissible input by the unscrupulous elements; it was learnt here on Friday.
Japanese Prime Minister Shinzo Abe intends to push back his debt-loaded country's next tax hike for two and a half years, when he will likely have left office, reports said Sunday. Abe on Saturday told his close aides, including Finance Minister Taro Aso, that he intends to push back a planned raise in taxes to October 2019, according to Japanese media. Abe's premiership will end in September 2018 unless his ruling Liberal Democratic Party approves an exceptional measure to extend his leadership.