Daily Tax News

1.       Budget 2016-17: Corporate tax to be reduced by one percent April 29, 2016 Corporate tax is going to be reduced by one percent in budget 2016-17, a top FBR official said here on Thursday. Speaking at a pre-budget seminar organised by the Karachi Tax Bar Association (KTBA) held at RTO auditorium, Rehmatullah Wazir, Member Inland Revenue (IR) Policy said the government has decided to reduce corporate tax, which is presently roaming around 33 percent, to 30 percent till 2018 and added that the rate of corporate tax would be reduced by one per cent every year till 2018 to fix it at 30 percent.   He said tax to GDP ratio, which was presently 11 percent, would be escalated to 12 percent by the end of June 30, 2012 with the efforts of federal and provincial tax authorities. Moreover, Rehmatullah Wazir said that there was no plan to reduce sales tax rate in coming budget and Super Tax, which generated revenue up to Rs 15 billion for Internal...

1.       Pending revenue judicial cases of overseas Court officers given 90-day deadline April 28, 2016 The Board of Revenue has given its court officers a 90-day deadline to finish up with pending revenue judicial cases of overseas Pakistanis. And a meeting to settle modalities took place on Wednesday between Punjab Overseas Pakistanis Commission and senior board member Jawwad Rafique Malik to deal with the cases quicker. 2.       1992 law major obstacle: Senate body given a reality check April 28, 2016 Senate Standing Committee on Finance on Wednesday observed that it would be extremely difficult to prove wrongdoings in the presence of Protection of Economic Reform Act 1992 and the absence of required laws to seek official records from foreign countries known as tax havens. During the committee proceedings, State Bank of Pakistan (SBP) officials assured the committee to assist the proposed Judicial Commission to i...