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Sohail Sarfraz

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Sectors earning high profits: FBR may suggest one-time taxation

The Federal Board of Revenue (FBR) is planning to propose a one-time tax on sectors earning high profits in the budget 2020-21. The board is also working on several other proposals to generate additional revenue to the tune of Rs500-600 billion in the nex
Published 10 May, 2020 12:02am
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Stay orders: PM asks FBR to finalise list of cases

Prime Minister Imran Khan has directed the Federal Board of Revenue (FBR) to immediately finalise the list of cases where stay orders have been granted by the high courts and the Supreme Court for early disposal of tax-related cases involving huge amounts
Published 09 May, 2020 12:06am
Markets

SECP introduces concept of 'start-up companies'

The Securities and Exchange Commission of Pakistan (SECP) has introduced concept of "Start Up companies" to promote startup of new business relating innovation and technology through recently promulgated Companies (Amendment) Ordinance, 2020.
Published 09 May, 2020 12:06am
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Shops must show prices, tax separately on menu cards: FBR

To check sales tax evasion, all restaurants, bakeries, caterers and sweetmeat shops supplying prepared food, foodstuff and sweetmeats would be required to show prices and amount of tax separately on menu cards or menu board displayed in their outlets for
Published 07 May, 2020 12:02am
Business

Repayment of duty on import of raw materials allowed

The Federal Board of Revenue (FBR) has allowed repayment of customs duty (5.33 percent of the FOB value) on the import of raw materials (RBD palm olein etc) used in export of finished products i.e. supplementary/therapeutic foods from April 27, 2020.
Published 07 May, 2020 12:02am
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Reduction in CGT rates for two years under study

Keeping in view current stock market situation, the Securities and Exchange Commission of Pakistan (SECP) and Federal Board of Revenue (FBR) are working on a key budget proposal for reducing capital gains tax (CGT) rates for two years on disposal of liste
Published 06 May, 2020 12:04am
Business

PTAA moves FBR Member for credit of tax refunds

Pakistan Tax Advisors Association (PTAA) has approached Nadeem Hussain Rizvi new Member (Inland Revenue Operations), Federal Board of Revenue (FBR) for immediate credit of income tax refund amount into taxpayers' bank accounts where refunds have been conf
Published 05 May, 2020 12:06am
Markets

STR becomes operational from April 30

The Securities and Exchange Commission of Pakistan (SECP) has notified that Secured Transaction Registry (STR) has become operational from April 30, 2020.
Published 05 May, 2020 12:06am
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Sales tax frauds: FTO's recommendation remains unimplemented

A key recommendation issued by the Federal Tax Ombudsman (FTO) remained unimplemented by the Federal Board of Revenue (FBR) to proceed against tax employees, particularly those in higher ranks, found involved in perpetration of sales tax frauds.
Published 04 May, 2020 12:07am
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Emissions cuts: 'Carbon market' envisaged to generate credits

The government has decided to establish 'carbon market' in Pakistan with the basic objective of increasing source of revenue; spurring investment into innovative technologies, and engaging the private sector in addressing the climate change issues.
Published 03 May, 2020 12:05am