{"id":54985,"date":"2019-09-05T12:41:25","date_gmt":"2019-09-05T12:41:25","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=54985"},"modified":"2020-01-27T07:57:04","modified_gmt":"2020-01-27T07:57:04","slug":"new-tax-regime-approved-non-resident-companies","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/new-tax-regime-approved-non-resident-companies.html","title":{"rendered":"New tax regime approved for non-resident companies"},"content":{"rendered":"<p>Islamabad: The cabinet\u2019s Economic Coordination Committee (ECC) on Wednesday approved numerous proposals; including payment of outstanding PKR 5.85 billion in gas subsidy to the fertiliser sector, simplification of non-resident companies (with interests in the local debt market)\u2019s tax laws, and cess rates on tobacco revision for the tax year 2019-20, according to news sources.<\/p>\n<p>Advisor to the Prime Minister (PM) on Revenue, Finance and Economic Affairs Dr Abdul Hafeez Shaikh presided over a meeting to this effect in Islamabad.<\/p>\n<p>Previously, the finance ministry had tabled the proposal for the revised tax regime for non-resident companies investing in the local debt market; with a view to further develop country\u2019s capital markets, reduce the cost of debt for the government and increase the foreign monetary inflows and reserves. This new regime will be applicable to companies with no permanent presence in the country.<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/ecc-approves-grant-for-marketing-of-nphp-sehat-card.html\" target=\"_blank\" rel=\"noopener noreferrer\">ECC approves grant to market NPHP, Sehat Card<\/a><\/p>\n<p>Similarly, the Ministry of Energy proposed the application of quarterly adjustments notified on July 01, 2019 to the zero-rated industrial consumers and for it to be charged over and above at 7.5 cents the notified tariff of zero-rated industrial units.<\/p>\n<p>The <a href=\"https:\/\/www.zameen.com\/news\/five-year-tax-break-approved-for-tribal-areas.html\" target=\"_blank\" rel=\"noopener noreferrer\">Neelum Jhelum surcharge<\/a>, financial cost surcharge, taxes and positive fuel adjustments would be part of the subsidy claims picked by the government, and not the part of billing to zero-rated industrial consumers.<\/p>\n<p>The meeting reviewed the proposal in light of its financial implications and arranged for the finance division to meet with the stakeholders (commerce and industries, power and production divisions) and resubmit the case to the ECC with a concrete proposal.<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/ecc-holds-off-tax-relief-for-gwadar-port-free-zone.html\" target=\"_blank\" rel=\"noopener noreferrer\">ECC holds off tax relief for Gwadar Port, Free Zone<\/a><\/p>\n<p>The ECC was also briefed on the wheat price hike in certain areas including Karachi. In response, the meeting directed the ministry of national food security and research to take control of the situation and ensure the provision of flour and wheat on regular rates.<\/p>\n<p>The meeting also reviewed the proposal to extend and rehabilitate gas network in the gas and oil producing districts of Khyber Pakhtunkhwa and forwarded it to the Development Working Party for consideration.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The cabinet\u2019s Economic Coordination Committee (ECC) on Wednesday approved numerous proposals; including payment of outstanding PKR 5.85 billion in gas subsidy to the fertiliser sector, simplification of non-resident companies (with interests in the local debt market)\u2019s tax laws, and cess rates on tobacco revision for the tax year 2019-20, according to news sources. Advisor to the Prime Minister (PM) on Revenue, Finance and Economic Affairs Dr Abdul Hafeez Shaikh presided over a meeting to this effect in Islamabad. Previously, the finance ministry had tabled the proposal for the revised tax regime for non-resident companies investing in the local debt market; with a view to further develop country\u2019s capital markets, reduce the cost of debt for the government and increase the foreign monetary inflows and reserves. This new regime will be applicable to companies with no permanent presence in the country. Read:\u00a0ECC approves grant to market NPHP, Sehat Card Similarly, the Ministry of Energy proposed the application of quarterly adjustments notified on July 01, 2019 to the zero-rated industrial consumers and for it to be charged over and above at 7.5 cents the notified tariff of zero-rated industrial units. The Neelum Jhelum surcharge, financial cost surcharge, taxes and positive fuel&hellip;<\/p>\n","protected":false},"author":75,"featured_media":34938,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[12874],"persona":[],"class_list":{"0":"post-54985","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-details-on-new-tax-regime-approved-for-non-resident-companies","9":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New tax regime approved for non-resident companies - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The cabinet\u2019s Economic Coordination Committee (ECC) on Wednesday approved numerous proposals; including payment of outstanding PKR 5.85 billion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/new-tax-regime-approved-non-resident-companies.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New tax regime approved for non-resident companies - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The cabinet\u2019s Economic Coordination Committee (ECC) on Wednesday approved numerous proposals; including payment of outstanding PKR 5.85 billion\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/new-tax-regime-approved-non-resident-companies.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZameenPK\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-05T12:41:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-27T07:57:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2018\/02\/goP.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Hazafa Hasan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:site\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hazafa Hasan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"New tax regime approved for non-resident companies - Zameen News","description":"Islamabad: The cabinet\u2019s Economic Coordination Committee (ECC) on Wednesday approved numerous proposals; 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