The Federal Board of Revenue (FBR) has introduced a major documentation measure by imposing restriction on non-filers to purchase new motor vehicle manufactured in Pakistan or new imported vehicle. Under the Finance Bill 2018, non-filers shall not be permitted to purchase new motor vehicles manufactured in Pakistan or new imported vehicles.
The FBR has also extended reduced rate of minimum tax for large trading houses till June 30, 2021. According to the Finance Bill 2018 issued here on Friday, the companies qualifying as large trading houses upon fulfillment of certain conditions specified in clause (57) of Part-IV of the Second Schedule have the facility of reduced rate of minimum tax @ 0.5% up to the Tax Year 2019. In order to promote and encourage the growth of such entities, the facility of reduced rate of minimum tax is being extended for another two years up to June 30, 2021.
The government has also imposed 5 percent of the total bill of marriage halls or Rs 20, 000 per function in certain mentioned cities. According to Finance Bill 2018, the FBR has slapped 5% of the bill ad valorem or Rs 20,000 per function, whichever is higher for Islamabad, Lahore, Multan, Faisalabad, Rawalpindi, Gujranwala, Bahawalpur, Sargodha, Sahiwal, Shekhurpura, Dera Ghazi Khan, Karachi, Hyderabad, Sukkur, Thatta, Larkana, Mirpur Khas, Nawabshah, Peshawar, Mardan Abbottabad, Kohat, Dera Ismail Khan, Quetta, Sibi, Loralai, Khuzdar, Dera Murad Jamali and Turbat.
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