Budget in Brief 2014 – 2015 Download

The Budget in Brief presents a summary of the Federal Budget 2014-15. It provides salient information on revenues and expenditures budgeted for Financial Year 2014-15alongwith budget estimates and revised estimates for the outgoing Financial Year 2013-14. Detailed information is available in the relevant budget documents. Readers who need a quick overview of the federal budget will find the ‘Budget at a Glance’ given at the end of this document to be of great value. As in the case of the previous five financial years, indicative ceilings for the current and…

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Salaried Class Tax Calculation

RECORDER REPORT ISLAMABAD: The Federal Board of Revenue has slightly burdened the salaried class with extra income tax ranging between Rs500 to Rs10,000 per annum by introducing new slabs at serial number 1 to 6 whereas maximum relief in tax has been provided up to Rs170,000 per annum to the salaried persons falling under slabs between 7 to 10. A comparison of new slabs for salaried class with the old slabs by tax experts revealed that the burden of income tax in between Rs 500 to Rs 10,000 has been…

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Duty Exemption on farm machinery import Restricted

Duty exemption on farm machinery import restricted RECORDER REPORT ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday restricted the exemption of duties and taxes on the import of agricultural machinery, making it available only if it was exclusively used in the farming sector to avoid misuse of the facility by other sectors. In this regard, the FBR on Thursday issued budgetary instructions (2013-2014) to Collectors of Customs for compliance. According to budgetary instructions, at present, the exemption from duty and sales tax under SRO 575(1)/2006 without any condition has…

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16 percent FED imposed on service providers

The Federal Board of Revenue has imposed federal excise duty on services provided by Asset Management Companies from June 13, 2013. According to the budget instructions issued by the FBR to the field formations here on Friday, the federal excise duty @ 16 percent has been imposed on all financial services as specified in Pakistan Customs Tariff (PCT) Heading 98.13, whether rendered or provided by banking companies, non-banking financial institutions and other persons. For this purpose, S. No 8 of Table II of the First Schedule to the Federal Excise…

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