ECC bans wheat export from Pakistan

ISLAMABAD: The federal government on Wednesday decided to impose a ban on export of wheat and wheat flour amid rising concern over the price hike trend of roti and other wheat products in the wake of low wheat production in the country. The cabinet’s Economic Coordination Committee (ECC), headed by Adviser to Prime Minister on Finance and Revenue Dr Hafeez Shaikh, took the decision at a meeting. During the Rabi season 2018-19, the ministry of national food security and research recorded 24.12 million tonnes of wheat production against the projected…

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FBR sends notices to parents paying Rs 2 lakh per year

LAHORE: The Federal Board of Revenue (FBR) is desperately looking for potential taxpayers these days and is aggressively digging the record of Pakistani citizens who, at some stage, have come under prominent sections of the Income Tax Ordinance. According to media, recently, the tax collecting agency has dispatched letters to parents, who are paying an annual fee of Rs200,000 to the educational institutes where their children are studying, asking them to declare their hidden assets and become a tax return filer. “Data available with the FBR reveals that advance tax…

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Tax rate for token payment & registration of cars not changed

KARACHI: Federal Board of Revenue (FBR) has strongly rebutted the perception that rate of tax has been changed in the Financial Budget-2019 for the token payment and registration of cars. After verification it was noticed that this misperception was due to a typographical mistake which was rectified in the Finance Act-2019. The rate of tax for the token payment and registration of cars is the same that was charged in the previous year. There is no enhancement or reduction in the tax rate. FBR further added that no tax has…

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Sales Tax 17% applied on Export Shipments from Pakistan

The government Tuesday abolished sales tax zero-rating regime for five export-oriented sectors i.e. textile, leather, carpets, sports goods and surgical goods and imposed 17 percent sales tax on items covered under SRO 1125(I)/2011. Senior FBR officials said that the FBR will generate revenue Rs 80-90 billion from imposition of sales tax on textile, leather, carpets, sports goods and surgical goods during 2019-20. “We have accepted the biggest challenge for timely payment of refunds to the textile sector by abolishing sales tax zero-rating regime for five export-oriented sectors. The abolition of…

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Russian Federation’s trade delegation visits PRGMEA

PRGMEA

KARACHI: Russian Federation’s Trade Representative Yury Kozlov and Deputy Trade Representative Ruslan Aliev visited Pakistan Readymade Garments Manufacturers and Exporters (PRGMEA) House. PRGMEA Chairman Shaikh Mohammad Shafiq welcomed the Russian mission. During the meeting, he presented an overview of Pakistan’s export of value-added textile to Russia and the potential of Pakistani cotton to meet Russian market demand, said a PRGMEA press release. Russian Trade Representative said that there was huge potential to enhance trade volume between Pakistan and Russia. He said that Russia had also offered its assistance to revive…

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