The PBC appreciates the efforts of the Government of Pakistan and the State Bank of Pakistan in preventing the economy crashing in the wake of the Pandemic, however, it also believes that it is too early to fully withdraw the Covid relief measures as growth which the economy has seen in the past few months needs to be sustained. [...] between various manufacturers of same Considering the fact that most of category of goods should be investigated the commercial importers have further as that could mean trading of been misusing the lower rate of tax imported goods instead of use for own otherwise available to manufacturing manufacturers, therefore, FBR has b) The difference between the rate of tax reduced down the rate of tax at. [...] The Reducing the Cost Under sub-rule (4) of Rule 44 of the requirement of reconciliation of of Doing Business Income Tax Rules, 2002, the accounts between the financial in Pakistan Commissioner can require a person statements and the withholding tax is a to furnish a reconciliation of the tedious job and is additional burden on amounts mentioned in the annual the companies who are already and mont. [...] should be taxed under the normal tax In addition to the above, Advance regime instead of the minimum tax tax is also being collected under regime and rate of WHT under section section 235 on electricity consump- 153(1)(b) for the aforesaid companies tion which is leading to income tax should be reduced to 3%. [...] section shall be minimum tax on the income of the importer arising from the imports subject to sub-section (1) and this sub-section shall not apply in the case of import of goods on which tax is required to be collected under this section at the rate of 1% or 2% by an industrial undertaking for internal consumption in the business.
- Pages
- 35
- Published in
- Pakistan
