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Tag Archives: taxes

No new taxation measures imposed to facilitate business community: FBR chairperson Nausheen

ISLAMABAD: The Federal Board of Revenue (FBR) chairperson Nausheen Javaid Amjad Tuesday said for the first time in history of Pakistan, the government had presented a budget without any taxation measures for 2020-21. Addressing the Institute of Chartered Accountants of Pakistan (ICAP) post-budget conference 2020, the FBR chairperson who was the guest of honour at the event, said no new ... Read More »

Govt lifts ban on purchase of vehicles up to 1300cc for non-filers

ISLAMABAD:Government on Wednesday lifted ban on purchase of vehicles for non-filers for locally manufactured cars up to 1300CC capacity. The announcement was made by the Finance Minister Asad Umer, while presenting the Economic Reforms Package in the National Assembly here. He said that currently the non-filers had no facility to purchase a car, adding that under the new reforms package, ... Read More »

Nearly 2,000 new declarations made since extension in tax amnesty scheme

ISLAMABAD: Nearly 2,000 new declarations have been made until July 19 since the extension in the deadline of the tax amnesty scheme on July 1. Sources said that nearly 55,000 people had declared their more than Rs1,770 billion worth of domestic and foreign assets under the tax amnesty scheme until June 30 this year and paid around Rs99 billion in ... Read More »

Election candidates paid 20% more taxes in 2017 than 2016

ISLAMABAD: The candidates, who are participating in the general elections 2018, paid over 20 per cent more taxes in fiscal year 2017 than 2016. Tax payments reported by the Federal Board of Revenue (FBR) and provided by the ECP reveal the tax payment history for a total of 15,911 candidates. There are more listed for the incoming election, but not ... Read More »

Sri Lanka’s NDB Dec profit down on higher impairment charges, taxes

COLOMBO: Sri Lanka’s National Development Bank (NDB) said December 2016 quarter group net profit fell 42% to Rs726 million from a year ago with tax costs and provisioning for bad loans sharply higher.  Interest income grew 41% to Rs8.2 billion in the quarter while interest expenses grew 59% to Rs3.7 billion with net interest income up 11% to Rs2.3 billion, ... Read More »

German Crowdfunding Network rejects taxes on capital gains

BERLIN: The German Crowdfunding Network joined a broad coalition of business advocates last month to plead with the German government to not raise taxes on capital gains. Typically politicians are always in search of revenue (new taxes) to spend on public projects and services. Some with merit, others not so much.  Periodically capital gains tax increases inevitably circle back around ... Read More »

Employees in Turkey being charged 36.8% of their gross wages for various tax items

ANKARA: The total percentage of taxes taken from the gross salary of an average worker in Turkey equates to the income for approximately three hours of an eight-hour work day, the second-highest ratio among the Organization for Economic Cooperation and Development (OECD) countries. Embattled Greece was the only country that surpassed Turkey in this ranking. According to a report published ... Read More »

Taxes, other revenue to rise from low of 32% of GDP to 36% till 2020: IMF

CANBERRA: Federal and state governments are relying on higher taxes rather than spending cuts to do all the work of repairing their budgets, according to new medium-term forecasts from the International Monetary Fund. The fund’s projections show that, over the decade to 2020, taxes and other revenue will rise from a low of 32 per cent of GDP during the ... Read More »

Texas plays a role in Ireland’s economic recovery: Irish prime minister

DUBLIN: Partnerships with Texas companies and entrepreneurs have played an important role in pulling the Republic of Ireland out of its latest recession, Prime Minister Enda Kenny said in Austin Sunday. Appearing at the official opening of an Irish consulate downtown on Congress Avenue, Kenny said business partnership have enabled Ireland to become the fastest-growing European city in the wake ... Read More »

Brazilian labour block ports as protest against hike in fuel prices, taxes

BRASLIA: The trouble has been ongoing for the past few days, beginning as an isolated protest over rising fuel prices, tolls and taxes and a new regulation which aims to limit their working hours per day. But, the problem has spread and is now affecting ports in central and southern states, including Rio Grande do Sul, Parana, Santa Catarina, Mato ... Read More »

Brazilian labour block ports as protest against hike in fuel prices, taxes

BRASLIA: The trouble has been ongoing for the past few days, beginning as an isolated protest over rising fuel prices, tolls and taxes and a new regulation which aims to limit their working hours per day. But, the problem has spread and is now affecting ports in central and southern states, including Rio Grande do Sul, Parana, Santa Catarina, Mato ... Read More »

Brazilian labour block ports as protest against hike in fuel prices, taxes

BRASLIA: The trouble has been ongoing for the past few days, beginning as an isolated protest over rising fuel prices, tolls and taxes and a new regulation which aims to limit their working hours per day. But, the problem has spread and is now affecting ports in central and southern states, including Rio Grande do Sul, Parana, Santa Catarina, Mato ... Read More »

Sri Lanka to lose $500 million revenue from fuel tax reduction: Champika Ranawaka

COLOMBO: Sri Lanka’s new government will lose 65.5 billion rupees ($500 million) in revenues after it cut fuel taxes, the island nation’s power and energy minister said here the other day. The government, which came into power after a Jan. 8 presidential poll, cut fuel prices by up to 22 percent following a promise by incoming president Maithripala Sirisena to ... Read More »

WTO to examine EU complaint about Brazil’s heavy taxes on imports

BRASILIA: The World Trade Organization established a panel to examine a complaint by the European Union that Brazil imposed heavy taxes on its import to protect the interest of their domestic producers here the other day. At present, goods manufactured in the EU and sold in Brazil face higher taxes than Brazilian products, because domestic products can benefit from exemptions ... Read More »

China mulling cigarette taxes hike to curb smoking

BEIJING: The govt of China has decided to raise cigarette taxes in order to boost prices and avert smoking, an official said here the other day, amid a push by the nation of 300 million smokers to crack down on the habit. The National Health and Family Planning Commission have joined with other government agencies to lobby for an increase ... Read More »

Greek PM turns down EU, IMF call to raise taxes

ATHENS: Greek Prime Minister Antonis Samaras has said he had rejected calls from the EU and IMF to raise taxes to satisfy the demands of the country’s bailout programme. Samaras denied reports in the Kathimerini newspaper that his government was planning a fresh tax hike to close a crucial European Union-International Monetary Fund audit that will determine the future of ... Read More »

50% hike in taxes: French retailers warn against massive job cuts

PARIS: French retailers have warned the Socialist government that a planned 50 percent hike of the tax paid by retailers operating commercial surfaces of over 2,500 square meters could lead to massive job cuts in the sector. The French Retail Federation (FCD) said in a statement that retailers were freezing the implementation of contracts to recruit 30,000 people over three ... Read More »

FBR asks public to submit recommendations to Tax Reform Commission

KARACHI: FBR’s newly-constituted Tax Reforms Commission has asked the general public to submit their suggestions and recommendations to improve the revenue mechanism. The Federal Minister for Finance and Revenue is pleased to constitute a “Tax Reforms Commission” for Review and rationalization of Direct and Indirect Taxes Customs Tariff Rationalization Review of Autonomy and Administrative structure of FBR Creation of border ... Read More »

Tax collection target

The year book 2013-14 issued by the Federal Bureau of Revenue (FBR) shows four percent growth in development and tax collection, but recorded a shortfall of Rs 209 billion in its revenue target set for the specified year. The FBR had collected Rs 2,266 billion during the previous year against a target of Rs 2,475 billion, falling short of Rs ... Read More »

Port Qasim surpasses revenue target by Rs1027m, customs duty by Rs681m

KARACHI: The Model Customs Collectorate Port Qasim has collected revenue of Rs 21837.29 million in the month of October 2014 in share of different heads including Customs Duty (CD), Sales Tax (ST), Federal Excise Duty (FED) and Income Tax (IT). According to details, MCC Port Qasim has collected revenue of Rs 21837.29 million in the month of October 2014 against ... Read More »