Retention period of plant, machinery and equipment brought under export facilitation schemes is reduced to 5 years.
Mubarak Zeb Khan
The fixed rate on import of mobile phones with a price of up to $30 will now be charged a flat rate of Rs360.
The amendments are aimed at controlling rade mis-invoicing used for the transfer of funds across borders.
The amendments are in line with the Financial Action Task Force recommendations.
In its first budget the PTI government has decided to withdraw discriminatory concessions and exemptions.
Soon after coming into power, PTI through two finance bills reversed some of the exemptions.
New schemes will be fined-tuned in the next couple of days before being presented in the cabinet meeting for approval.
Two-tier rate proposed for Rs230bn revenue yield.
FBR has also received 540,000 additional tax returns in TY18 till May 31.
The unexpected decline in collections presents the new finance team of the government with its starkest challenge.
Export proceeds during July-April decreased by 0.12 per cent to 19.169bn despite a 19pc decline in local currency.
Sugar and textile players in lead role in the scam.
Proposed window will provide a solution for imports, exports, transit trade, trade through border customs stations.
The plan aims to build on and continue regulatory duties imposed by the previous govt on imports of almost 1,900 items.
"We are considering reverting back to the income tax brackets applicable in the tax year 2017," an official source says.
“My objective is very clear and simple: to document the economy,” he told Dawn on Friday.
Revenue plan shared with IMF shows steep, escalating targets for next three budgets.
The alarmingly low level of compliance with the tax laws lies at the heart of the country’s widening fiscal deficit.
The import bill of three sectors — agriculture, textile and oil — posted positive growth.
WB-funded project document likely to be approved by end of May and signed in June.