Question:

What are the Income Tax Revenue Measures 

by Guest9977  |  12 years, 8 month(s) ago

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I am writing an article on income tax revenue Pakistan.  Some information I am not getting on it. I want to know  What are the Income Tax Revenue Measures 

 Tags: income, Measures, Revenue, tax

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  1. Guest4066
    1.  In  order  to  strengthen  the  drive  for  documentation,  a  uniform  tax  rate  for  small companies as well as AOPs is proposed @ 25% of their taxable income.2.  Advance tax deductible on imports made by commercial importers is proposed tube enhanced to @5% being a FINAL tax.3.  Tax  on  capital  gains  accruing  on  account  of  holdings  of  stocks/shares/securities for  six-months  or  less  is  proposed  @  10%,  while  holdings  of stocks/shares/securities  exceeding  six-months  is  proposed @  7.5%. However  no tax has been proposed on such capital gains arising held for a period exceeding 12 months.4.  In order  to  rationalize  and  simplify  slab-rates provided  in  respect of advance  tax deductible on goods transport vehicles under Item (1) of Division-III of Part-IV of Second Schedule to the Income Tax Ordinance 2001 are proposed to be abolished, and  tax  is proposed @ Re.1 per kilogram of  the  laden weight capacity of goods transport  vehicle.  No  change  has  been  proposed  in  the  rate  of  tax  on  goods forwarding contracts, which remain taxable at the existing rate of 2%.5.  In  order  to  bring  clarity  on  advance  tax  deductible  on  Cash Withdrawals  from Banks,  various  banking  transactions  including modes  like  withdrawals  through Demand  Draft,  Pay Order, Online  Transfer,  Telegraphic  Transfer,  TDR,  CDR, STDR and RTC, are proposed to be subject to 0.3% deduction of the advance tax, if such  transactions exceed  threshold of Rs.25,000/-  in a single day. The advance tax is adjustable.6.  Turnover Tax on Loss Making Companies is proposed to be enhanced to @ 1%. 7.  Withholding  tax on gross value of  Inland Air Ticket has  been proposed @  5%. Under  the  scheme  the  Inland  Air-Ticketing  persons  shall  withholding  the  tax, which will be adjustable against the tax liability of the purchaser of such ticket;

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