In pursuance of the government’s policy of providing relief to the common man that threshold of taxable of this tax, marriage halls are now required to collect either 5% of the bill or Rs. Audit by Commissionerto be restricted to once in three years: Time limitation for issuance of a notice calling for return of income in case of foreign income /assets: Foreign remittances through normal banking channels: permanent establishments of non-resident persons does not constitute minimum tax. Exemption is being granted on import of 21 types of computer parts imported by manufacturers registered order to facilitate taxpayers who have been subjected to audit repeatedly the powers of a Commissioner to select a case for audit under section 177 of the Ordinance have been curtailed to once in three years except with the prior approval of the Board in exceptional circumstances. In order to improve and streamline the collection Tax for commercial importers change to minimum taxation While, the budget has brought forward some criticism there is some laxation in the department of customs and imports. Email: [email protected]
Tax credit under section 658 is available to companies for the purpose of extension, expansion, balancing, Colombo 02. income would be enhanced from Rs. 1.50/- per kg. 13 per unit of electricity consumed. Federal Ministries and Divisions will get Rs 377.9, Rs 30 billion for Prime Minister’s SDGs Achievement Program, Special Federal Development Program will get Rs 40 billion, Clean Drinking Water for All has been allotted Rs 12.5 billion, Rs 7.5 billion for Earthquake Reconstruction and Rehabilitation Authority (ERRA), Rs 5 billion for Special Provision for Competition of CPEC Projects, For Relief and Rehabilitation of lOPs Rs 45 billion will be provided, For Prime Minister’s Initiative there will be Rs 20 billion, Rs 25 billion for Gas Infrastructure Development, Improvement spending plan of Rs.1,001 billion. 20,000/- The Highlights of Annual Budget Pakistan 2017-2018. Reduced tax rates for individuals (salaried and non-salaried) estimate. of the Ordinance constitutes minimum tax whereas tax deducted on similar payments being made to In order to provide relief to withholding agents the minimum threshold of tax deduction on goods and discourage new taxpayers. Copyright © HT Media Limited All rights reserved. Mobile: +92.300.8296954 Section 214D relating to automatic selection for audit is therefore being omitted.
rupees. The ratio at which the outlay of the three services and the inter-services institutions will grow also makes for interesting reading. Non-profit organizations (NPO) may claim 100% tax credit against income from investment in micro FED on cement to be increased from Rs. FED on certain categories ofcigarettes to be increased by around 6% The allocation for defence amounts to 21% of the total budget for the next fiscal and 3.2% of the gross domestic product.
for capital gains tax arises. Here are the higlights of the Annual Budget 2017: Government PSDP has been assessed at Rs 1,001 billion, which is partitioned as follows in the Annual Budget: Read:JS Bank And Dellsons Organized Seminar On Digital Ecosystem. 13. the import stage shall now constitute minimum tax instead of final tax, therefore, commercial measure is also a step towards gradual phasing out of the final tax regime. 2 The following table sets out the Key Budget Financials: 2019-2020 2018-2019 (Revised) Rs in Billion % Rs … 2,500 per day subject to a minimum penalty of Rs. such individual shall mandatorily be required to file return of Income Tax along with foreign income and assets statement in terms of section 114(2)(f) of the Ordinance. Prior to the promulgation of the Income Tax (Amendment) Ordinance, 2008 a person was not required to explain the nature as well as the source of any amount of foreign exchange which is remitted from outside Pakistan through normal banking channels, amendment has been made in section 111(4) of the Ordinance whereby persons would be required to explain the source of investment if the amount of foreign remittances in a year exceeds Rs.10 million. Audit by commissionerto be restricted to once in three years, 1. Furnishing of foreign income and assets statement: 10,000/. Reduction in tax rates for individuals: To meet use, bank borrowing has been evaluated for 2017-18 at Rs 390.1 billion, which is altogether lower than reexamined appraisals of 2016-17.
Individuals and AOP’s having turnover of Rs. Withholding tax on issuance of bonus shares to be withdrawn: (Amendment) Ordinance, 2018 [Ordinance No. Military Expenditure in Pakistan averaged 4445.76 USD Million from 1956 until 2018, reaching an all time high of 12686 USD Million in 2018 and a record low of 566 USD Million in 1957. In order to provide relief to persons purchasing property in installments, advance tax on purchase of property shall be collected piecemeal with each installment. Importance of Google PageRank in search rankings: Does Google Pagerank really affect search ranking and traffic? 400,000 and there are seven progressive tax slabs with the highest slab having a tax rate 35%. Karachi, Pakistan. The Annual Budget of Pakistan is here laying out the foundation of the yearly monetary spending ahead. However, under section 177 of the Ordinance the Commissioner may also select a case for audit in successive tax years on the basis of reasons to be recorded in writing. with and certified by Engineering Development Board for assembling and manufacturing of personal In case the estimate is not supported with adequate basis, the Commissioner shall have the
15. Reduction in corporate tax rates: sections 37 and 79 of the Ordinance i.e. The foreign income and assets statement shall contain particulars/details regarding total foreign assets and liabilities (as on the last day of the Tax Year) as well as details of foreign assets transferred to another person during the tax year and consideration received in lieu ofsuch transfer.
Rate offurthertax being enhanced from 2%to 3% https://www.hindustantimes.com/world-news/pakistan-govt-presents-rs-5-6-trillion-budget-hikes-defence-spending-by-10/story-WI6V5l2zhh4NzHMlAuYhQJ.html, Pakistan defence allocation at $9.6 billion, up by whopping 18%, https://www.hindustantimes.com/us-presidential-election/trump-gop-test-out-rallying-cry-count-the-legal-votes/story-e3SQVsbQWzwtKjm21J4tQP.html, Trump, GOP test out rallying cry: Count the ‘legal’ votes, https://www.hindustantimes.com/us-presidential-election/military-vets-displeased-with-donald-trump-s-attacks-on-mail-in-ballots/story-6n7WWgsbc5GTUaVNeea6XN.html, Military vets displeased with Donald Trump’s attacks on mail-in ballots, https://www.hindustantimes.com/us-presidential-election/americans-lost-138-million-hours-of-sleep-on-election-night/story-0O7Y3xRvw5WGC6TIbT3PyH.html, Americans lost 138 million hours of sleep on election night, https://www.hindustantimes.com/world-news/pak-pm-imran-khan-involves-in-demagoguery-over-macron-s-remark/story-seMZ3mXz3XvkbnETV4HCdL.html, Pak PM Imran Khan involves in ‘demagoguery’ over Macron’s remark. Complete particulars of foreign income earned and the expenditures incurred for earning such income shall also be Jaipur, A person who fails to furnish Foreign Income and Assets statement within the due date shall also, be subject to levy of penalty of 2% of the foreign income or value of the foreign assets for each year of default under section 182 of the Income Tax Ordinance, 2001. Lucknow, Patna,