Pakistan: Income tax proposals invited for Budget 2017/18
The Federal Board of Revenue (FBR) on 27 December 2016 issued income tax proposals for Budget 2017/18 and invited the general public and all stakeholders, including the Chambers of Commerce and Industry, Bodies of Trade and Industry, Provincial
See MorePakistan: KTBA Requests the date extension for return filing up to December 31
Karachi Tax Bar Association (KTBA) on 19 December 2016 request Finance Minister Senator to extend the last date for filing income tax return for the tax year 2016 up to December 31 because the online return filing portal of FBR was crashed on the
See MoreChina and Pakistan signed third protocol
On 8 December 2016, China and Pakistan signed an amending protocol to the Avoidance of Double Taxation Agreement. Mr. Wang Jun, Commissioner State Administration of Taxation (SAT) China and Mr. Nisar Muhammad, Chairman Federal Board of Revenue (FBR)
See MoreChina-Pakistan FTA negotiations held
The 7th Meeting of China-Pakistan free trade agreement (FTA) negotiation (Phrase 2) was held in Islamabad, Pakistan on December 6 to 7. The two sides negotiated on tax reduction model for trade in goods, Pakistan’s tax regulating and further
See MorePakistan: FBR issues rules for computation of capital gain tax
Federal Board of Revenue (FBR) has issued a notification for the calculation of capital gain tax on the transaction of commodities in Pakistan Mercantile Exchange (PMEX). For the purpose, the FBR issued SRO 1145(l)/2016 and added PMEX under various
See MorePakistan: FBR issues income tax return form for companies-tax year 2016
The Federal Board of Revenue (FBR) has published income tax return form for companies for the tax year 2016 on Tuesday. However; according to SRO972(I)/2016, the FBR had issued the draft on September 9, 2016 in which they invited all stakeholders
See MorePakistan: FBR asks taxpayers to file returns for tax year 2016 before deadline
The Federal Board of Revenue (FBR) has asked the taxpayers to file their annual income tax returns for the tax year 2016 as no further extension in date will be given after November 30. On its official website, the FBR asked the taxpayers to file
See MorePakistan: President enacts Companies Ordinance 2016
The President approved the Companies Ordinance 2016 on 11 November 2016, which replaces the Companies Ordinance 1984. The main points of the new company’s ordinance are set out below: –Registration and operations of companies in Pakistan have
See MoreIMF mission chief comments on economic reform in Pakistan
A news report published by the IMF on 10 November 2016 contains an interview with the IMF mission chief for Pakistan. The report notes that Pakistan’s economy has stabilized and that economic growth has been increasing during the recent three
See MoreIMF statement comments on fiscal policy in Pakistan
On 25 October 2016 a statement was issued following the conclusion of a visit by the IMF Managing Director to Pakistan. Pakistan has completed an IMF-supported economic reform program and has improved macroeconomic stability. Public finances have
See MorePakistan: Changes capital gains tax and immovable property
The President of Pakistan has circulated the Income Tax (Amendment) Ordinance, 2016 to further amend the provisions regarding valuation of immovable properties under the Income Tax Ordinance 2001 (the Ordinance). Main features of the Amendment
See MorePakistan: Government has decides to apply 0% sales tax on five export sectors
The government has decided to zero-rate for the local suppliers of textile, leather, carpets, surgical and sports sectors from 2016-17. According to the meeting between textile sector and Finance Minister, Five Export Sectors'' Associations,
See MorePakistan: Publishes Budget for 2016/17
The Minister of Finance has published the tax proposals on 3 June 2016 in the Finance Bill 2016 as part of the annual budget for fiscal year 2016/17. The main details of the Budget on income taxes are summarized below: The following measures
See MorePakistan: Foreign tax registration documents mandatory for non-resident companies
The Federal Board of Revenue (FBR) has proposed to make it mandatory for non-resident companies with or without a permanent establishment (PE) in Pakistan to be registered for tax purposes and to provide their company and business details (including
See MoreIMF report comments on tax policy of Pakistan
On 25 March 2016 the IMF issued a press release in connection with the tenth review under the Extended Fund Facility for Pakistan. The IMF notes that economic activity has continued to gain strength. Further progress is required on structural
See MorePakistan: IMF paper comments on the tax system
Following consultations with Pakistan under Article IV of its articles of agreement the IMF published a report and a selected issues paper on 12 January 2016. One of the matters examined in the issues paper is how to unlock Pakistan’s revenue
See MorePakistan: IMF comments on economic position
On 18 December 2015 the International Monetary Fund (IMF) issued a report on Pakistan’s economic position following its ninth review under the External Fund Facility. The report notes that Pakistan’s economic growth remains robust.
See MoreDTA between Czech Republic and Pakistan enters into force
The Income Tax Treaty (2014) between Czech Republic and Pakistan entered into force on 30th October 2015 and it generally applies for the Czech Republic from 1st January 2016 and from 1st July 2016 for
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