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Authorities Considering Ways to Levy Capital Gains Tax
The government is actively examining taxation models of India and United Kingdom (UK) for introducing the concept of holding period (time period) for possible imposition of capital gain tax (CGT) on sales of listed securities from fiscal year 2008-09.
The government is actively examining taxation models of India and United Kingdom (UK) for introducing the concept of holding period (time period) for possible imposition of capital gain tax (CGT) on sales of listed securities from fiscal year 2008-09.
New Sales Tax Return Not Workable (KSTBA)
The proposed new sales tax return, being implemented from coming budget, is not workable and could create difficulties for taxpayers owing to its amendments, which are not considerable in Sales tax Act. This was stated by Karachi Sales Tax Bar Association (KSTBA) in its comments regarding new sales tax return implementation.
The proposed new sales tax return, being implemented from coming budget, is not workable and could create difficulties for taxpayers owing to its amendments, which are not considerable in Sales tax Act. This was stated by Karachi Sales Tax Bar Association (KSTBA) in its comments regarding new sales tax return implementation.
Corporate Tax Rate Likely to be Cut to 33 Percent
The government is planning to reduce corporate income tax rate from 35 percent to 33 percent in the 2008-09 budget, further bringing down the rate to 30 percent by 2010--in three phases.Sources told Business Recorder on Monday that reduction in corporate rates would not only be instrumental in increasing tax-to-GDP ratio, but would also facilitate the corporate sector, including new investors. The proposal is meant to slash income tax rates to 30 percent for companies, in a systematic manner. .
The government is planning to reduce corporate income tax rate from 35 percent to 33 percent in the 2008-09 budget, further bringing down the rate to 30 percent by 2010--in three phases.Sources told Business Recorder on Monday that reduction in corporate rates would not only be instrumental in increasing tax-to-GDP ratio, but would also facilitate the corporate sector, including new investors. The proposal is meant to slash income tax rates to 30 percent for companies, in a systematic manner. .
Withholding Tax Raise on Cash Withdrawal from Banks
The Federal Board of Revenue (FBR) is examining a budget proposal to increase withholding tax on cash withdrawal from banks from fiscal year 2008-09.FBR Chairman Abdulah Yusuf has directed the commissioners of income tax to submit, by May 15, 2008, budget proposals for revision of rate or threshold on withholding tax deduction on cash withdrawal from banks.
The Federal Board of Revenue (FBR) is examining a budget proposal to increase withholding tax on cash withdrawal from banks from fiscal year 2008-09.
FBR Chairman Abdulah Yusuf has directed the commissioners of income tax to submit, by May 15, 2008, budget proposals for revision of rate or threshold on withholding tax deduction on cash withdrawal from banks.
Current GST Rate is High: Tarin Says
Shoukat Tarin, Advisor on Fianance to Pakistan's prime minister has said he was not in favour of higher income tax and sales tax rates. He said the the current GST rate is already high ansd it should be brought down ant the consequent loss to revenue be made up from neting the wilful defaulters.
Shoukat Tarin, Advisor on Fianance to Pakistan's prime minister has said he was not in favour of higher income tax and sales tax rates. He said the the current GST rate is already high ansd it should be brought down ant the consequent loss to revenue be made up from neting the wilful defaulters.
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