{"id":66118,"date":"2020-06-02T17:14:22","date_gmt":"2020-06-02T12:14:22","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=66118"},"modified":"2020-06-02T17:14:23","modified_gmt":"2020-06-02T12:14:23","slug":"govt-considers-ending-preferential-tax-regime-foreign-companies","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/govt-considers-ending-preferential-tax-regime-foreign-companies.html","title":{"rendered":"Govt considers ending preferential tax regime for foreign companies"},"content":{"rendered":"\n<p>Islamabad: The federal government is considering terminating the preferential tax regime currently offered to foreign companies working in Pakistan \u2014 with the move expected to increase revenue by nearly PKR 22 billion, according to a news source.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/textile-exporters-call-restoration-zero-rated-tax-regime.html\" target=\"_blank\" rel=\"noreferrer noopener\">Textile exporters call for restoration of zero-rated tax regime<\/a><\/p>\n\n\n\n<p>Reportedly, this is one of the few measures that the Federal Board of Revenue (FBR) is considering in order to meet the IMF\u2019s target of PKR 5.1 trillion in revenue for the fiscal year (FY) 2020-21. However, a final decision on the matter has not yet been made.<\/p>\n\n\n\n<p>As per the information available, the board has proposed that the tax withheld from contractual payments to permanent establishments of non-resident companies should be treated as the \u201cminimum\u201d withholding tax. Currently, any tax that these companies pay is adjustable.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/fpcci-recommends-setting-up-export-processing-zones-for-used-vehicles.html\" target=\"_blank\" rel=\"noreferrer noopener\">FPCCI recommends setting up Export Processing Zones for used vehicles<\/a><\/p>\n\n\n\n<p>The proposal is expected to be given a final approval by Prime Minister Imran Khan. This will allow the government to collect taxes from foreign companies in the same way as domestic companies \u2014 putting them both on an equal footing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The federal government is considering terminating the preferential tax regime currently offered to foreign companies working in Pakistan \u2014 with the move expected to increase revenue by nearly PKR 22 billion, according to a news source. Read: Textile exporters call for restoration of zero-rated tax regime Reportedly, this is one of the few measures that the Federal Board of Revenue (FBR) is considering in order to meet the IMF\u2019s target of PKR 5.1 trillion in revenue for the fiscal year (FY) 2020-21. However, a final decision on the matter has not yet been made. As per the information available, the board has proposed that the tax withheld from contractual payments to permanent establishments of non-resident companies should be treated as the \u201cminimum\u201d withholding tax. Currently, any tax that these companies pay is adjustable. Read: FPCCI recommends setting up Export Processing Zones for used vehicles The proposal is expected to be given a final approval by Prime Minister Imran Khan. This will allow the government to collect taxes from foreign companies in the same way as domestic companies \u2014 putting them both on an equal footing.<\/p>\n","protected":false},"author":57,"featured_media":64102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[30676],"persona":[],"class_list":{"0":"post-66118","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-govt-considers-ending-preferential-tax-regime-for-foreign-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>Govt may end preferential tax regime for foreign companies - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The federal government is considering terminating the preferential tax regime currently offered to foreign companies working in Pakistan \u2014 with the move expected to increase revenue by nearly PKR 22 billion, according to a news source.\" \/>\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\/govt-considers-ending-preferential-tax-regime-foreign-companies.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt may end preferential tax regime for foreign companies - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The federal government is considering terminating the preferential tax regime currently offered to foreign companies working in Pakistan \u2014 with the move expected to increase revenue by nearly PKR 22 billion, according to a news source.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/govt-considers-ending-preferential-tax-regime-foreign-companies.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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