sales tax Archives

Suzuki consumers to get tax refund after President Alvi upholds FTO decision

President Arif Alvi has upheld the Federal Tax Ombudsman (FTO) decision with regard to charging excessive sales tax on purchase of Suzuki...

1.0K

Loss-making Millat Tractors shuts down production operations

Millat Tractors Limited (MTL), Pakistan’s largest agricultural machinery manufacturer, has closed due to a severe funding crisis. According to MTL, the whole...

639

Imposition of 17% sales tax on seeds damaging hybridisation in country

A 17 percent sales tax imposed on seeds will adversely influence the process of hybridization in the country, said an official on...

1.1K

FBR unearthed Rs 500 million sales tax fraud by Metro Shoes

The integrated point of sales (POS) system of the Federal Board of Revenue (FBR) has claimed its first case of sales tax...

755

Auto sector to bear brunt of mini budget as taxes on locally-assembled vehicles rise

As the federal government is all set to convene the National Assembly session on Monday (today) to present amendments relating to taxes...

2.0K

Proposed 17% sales tax on number of items to further fuel inflation rate

Supplementary Finance 2021 has been presented in the National Assembly by the Federal Minister of Finance on Thursday. In the bill, the...

1.3K

Sales tax on local electric vehicles slashed from 17% to 1%

Under the Auto Industry Development and Export Policy (AIDEP 2021-26), the government decided to offer a number of tax incentives to electric vehicles...

705

FTO orders Pak Suzuki to refund excess GST collected from customers

Pak Suzuki has been directed by the Federal Tax Ombudsman (FTO) to repay the additional general sales tax (GST) it received from...

484

PM Imran Khan to launch single sales tax portal by end November

To smooth taxpayers and ensure affluence of doing business, Pakistan’s top tax machinery is set to launch the anticipated Single Sales Tax...

554

Govt lowers edible oil price by Rs 45-50 per kg by reducing GST from 17 to 8.5%

Government on Monday cut general sales tax and customs duty by half and abolished two percent additional customs duty on edible oil...

770

FBR received 2.562 million tax returns and collected Rs 48.47 billion with the returns

The Federal Board of Revenue (FBR) has collected Rs 48.47 billion from 2.562 million income tax returns filed through the 15th of...

537

IMF asks Pakistan to raise tax collection target from Rs 5.8 trillion to Rs 6.3 trillion

The International Monetary Fund (IMF) has recommended Pakistan to increase its annual tax collection target from Rs 5.8 trillion to Rs 6.3...

390

Revenue collection for August touches Rs 434 billion, up by 45 percent

The revenue collection in August rose to Rs 434 billion, an increase of 45 percent from last year’s figure of Rs 300...

570

FBR collects Rs 4,732 billion tax revenue during outgoing financial year 2020-21

FBR collected Rs 4,732 billion tax revenue in the outgoing fiscal year exceeding the revised target of Rs 4,691 billion by Rs...

660

Real estate sector rejects new 20 percent gain tax on property

The Real Estate Agents Association (REAA) and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) have rejected the new proposed...

754

FBR notifies lowering sales tax on some petroleum products

The Federal Board of Revenue (FBR) has announced a reduction in sales tax of some petroleum products to ensure supply at lower...

484

Flour mills end protest after FBR withdraws 17pc sales tax on bran

The Pakistan Flour Mills Association (PFMA) has formally ended its protest over proposed hike in sales tax on bran after the government on Wednesday...

444

CNG sector demand withdrawal of 17 percent GST on import

The business community termed the imposition of 17 percent GST on the import of LNG, an “anti-people” move which will make compressed...

680

Online marketplaces in Pakistan criticize 17 percent tax on transactions

In a recent Finance Bill, the government sought to classify online marketplaces (OMs) as “Tier 1 Retailers,” subjecting all transactions performed through...