Tag Archives: Income

Agriculture Income Tax, a misnomer

Whenever, Pakistan’s economy is under pressure, instead of reducing its expenses or deferring non-productive projects, the government always adopts easy and coercive measures such as, levying GST and raising the issue of

Court acquits income tax commissioner

An accountability court on Thursday acquitted Income Tax Commissioner Muhammad Zulfiqar Ali nominated in a reference of piling up illegal assets worth Rs 59 million. Ali had been charged with purchasing properties,

CCI forms body on agro income tax

The Council of Common Interest (CCI) decided on Wednesday to form a committee to streamline the procedure and collection of agricultural income tax by provinces to improve the national tax-to-Gross Domestic Product

Income tax surcharge challenged in SC

ISLAMABAD – A petition seeking a stay on the enforcement of an ordinance imposing 15 percent surcharge on income tax was filed in the Supreme Court on Friday. The petition was filed by Shahid Orakzai under Article 184(3), naming the federation through its law secretary as respondent.
The petitioner requested the court to declare the surcharge imposed on income tax through a presidential ordinance on March 15, 2011 as ultra vires of the constitution and the law, unless passed by

EAC advises imposition of agriculture income tax

ISLAMABAD – The government has been advised by the Economic Advisory Council to take measures to tax the agriculture income and proposed setting up of a holding company to revive the eight loss making and upgrading the five profitable public sector enterprises.
The meeting was held under the Chairmanship of Minister for Finance Dr Abdul Hafeez Shaikh, and attended by Dr Hafiz A Pasha, Shaukat Tarin, Dr Ijaz Nabi, Jahangir Khan Tarin, Salim Raza, Farooq Rahmatullah, Ali Habib,

15pc surcharge on income tax

ISLAMABAD – The government on Tuesday announced the imposition of one time surcharge of 15 percent on income tax payable for the remaining period of current fiscal, with an immediate effect from March 15.
A statement issued by the Finance Ministry on Tuesday said that the government had increased special excise duty from one percent to 2.5 percent and withdrew 17 percent general sales tax exemptions on fertilizers, pesticides and tractors. The government also announced an end to

‘Big landholders should contribute to agri income tax’

LAHORE Agriculture income should be brought into tax net if we want to
get rid of IMF. The time has come now the big landholders should contributor to agriculture income tax, said former Federal Minister for Foreign Affairs Shah Mehmood Qureshi here on Saturday. He was addressing the participants of Farmers Association Pakistan (FAP) at function arranged to celebrate 20th anniversary of the FAP. Qureshi, who is also FAP chairman and one of the founding members, said that the