ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail on Friday said that the government has planned to give complete tax exemption to charity hospitals. In a budget speech in the Parliament, the minister said that many charity hospitals were playing an effective role in the provision of health services to the citizens in the […]
Tax
Govt urged for withdrawing sales tax on hybrid seeds
Pakistan Hi-Tech Hybrid Seed Association (PHHSA) on Tuesday urged the government to withdraw 17pc sales tax on hybrid seeds for boosting agriculture production in the country in order to ensure food safety and security by increasing per-acre output of all major and minor crops. This was stated by Chairman PHHSA, Shahzad Ali Malik, talking […]
Excise generates Rs13.5b tax during ongoing year
Excise and Taxation department, Islamabad had collected over Rs13.5b revenue during the ongoing fiscal year, generating 4b rupees more than the previous year.” Another milestone in revenue collection achieved after bringing reforms in tax collection system”, said Director Excise Bilal Azam on Tuesday. Talking to APP, he said, the department had introduced new methods of […]
Govt urged to withdraw 17% ST on agriculture seeds
ISLAMABAD: Pakistan Hi-Tech Hybrid Seed Association Sunday demanded of the government immediate withdrawal of 17% Sales Tax on all kinds of agricultural seeds to avoid shifting of its burden on poor people besides fully protecting planned Chinese investment on “China Hybrid Agriculture Model and Transfer of Technology” under phase-II of CPEC. Presiding over Executive Committee […]
Revenue collection surges by 28.6pc to Rs4.858t in 10 months
The Federal Board of Revenue (FBR) collected net revenues of Rs4,858b during the first ten months of the current fiscal year (July-April 2021-22), showing growth of 28.6 percent over the collection of Rs3,778b during the corresponding period of last year. According to provisions figures shared by the board here on Saturday, the collection during July-April […]
President Alvi proclaims new tax laws, non-filers to face penalties
ISLAMABAD: President Arif Alvi has issued new tax laws, empowering the authorities to disconnect mobile phones/SIMS, electricity, and gas connections of non-filers. According to the new amendment, the Federal Board of Revenue (FBR) will share its data with the National Database and Registration Authority (NADRA) to broaden the tax net. As per the ordinance, NADRA shall […]
Lower & predictable taxes for growth
The outdated and oppressive tax structures at federal and provincial levels have created further fiscal mess and how come out of it is discussed in Towards Flat, Low-rate, Broad and Predictable Taxes (PRIME Institute, Islamabad, published in December 2020, available free at: https://primeinstitute.org/towards-flat-low-rate-broad-and-predictable-taxes/). A webinar on this book was held on July 10, 2021 hosted […]
Germany buys data from Dubai in crackdown on tax fraud
Germany has purchased data from an anonymous source in Dubai on millions of taxpayers worldwide in a bid to crack down on tax evasion, the finance ministry said Wednesday. The data provides information on people who own land, property and other assets in the Gulf emirate, including several thousand Germans, the ministry said in a […]
Budget 2021-22 and erratic taxation
The federal budget for fiscal year (FY) 2021-22, third of the coalition Government of Pakistan Tehreek-i-Insaf (PTI) [hereinafter “the PTI Government”] and first of its fourth Finance Minister, Shaukat Fayaz Ahmed Tarin, announced on June 11, 2019 along with Finance Act, 2021 was a routine and ritual exercise with no innovation at all to make […]
Govt announces special tax relief measures, introduces steps to enhance tax to GDP ratio
ISLAMABAD: Minister for Finance Shaukat Tarin on Friday said that the government had taken several measures in order to provide tax relief to already tax payers, besides introducing steps to enhance tax to GDP ratio, which was at the lowest level as compared the regional countries. Presenting the federal budget 2021-22 in the National Assembly, […]