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TAXATION

Tax year 2020 draft return forms issued by FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued draft forms for filing income tax returns tax year 2020. The FBR issued SRO 745(I)/2020 and invited comments from stakeholders on the draft return forms within seven days from the…

TAXATION

Changes in rates of withholding tax on sales to retailers, wholesalers, distributors

Federal Board of Revenue (FBR) issued changes in withholding tax rates on sales made. Sales made by manufacturers to retailers, wholesalers and distributors during the tax year 2021. New rates implemented through Finance Act 2020.…

TAXATION

FBR issued order of Rs 35m tax penalty on Justice Isa’s wife

The Federal Board of Revenue (FBR) issued order of Rs 35million tax penalty on Sarina Isa, the wife of Justice Qazi Faez Isa. Commissioner Inland Revenue and International Taxes Zone Zulfiqar Ahmed on September 14…

WORLD TAXES

Afghan transit trade starting through Wagah from July 15

  ISLAMABAD: Pakistan has allowed Afghan exports through Wagah border crossing from July 15, 2020, a statement said on Monday. At the special request of the Government of Afghanistan and to facilitate transit trade to…

WORLD TAXES

Which countries tax their citizens the most?

Which countries tax their citizens the most? In 2019, the highest income earners in Sweden pay a 57.19 percent, highest in the world. This is more than the OECD average of 41.65 percent. Normally, income…

WORLD TAXES

Highest Statutory Corporate Income Tax Rates in the World, 2019

Country Name Continent Name Tax Rate United Arab Emirates* Asia 55% Comoros Africa 50% Puerto Rico North America 37.5% Suriname South America 36% Chad Africa 35% Democratic Republic of the Congo Africa 35% Equatorial Guinea…

UPDATES

No more withholding tax on educational fees

Federal Board of Revenue (FBR) revised withholding tax rate on educational fee. Applicable from the tax year 2021. Tax card uploaded by FBR revised up to 30th June 2020 though Finance Act 2020. FBR revised…

UPDATES

FBR tax offices renamed

Federal Board of Revenue (FBR) on Monday issued an office order under Section 4(1)(r) of FBR Act, 2007. Whereby FBR renamed it’s field offices of three major cities. The new names of FBR tax offices…

UPDATES

FBR issued list of business sectors for mandatory income tax integration

Federal Board of Revenue (FBR) issued list of business sectors for mandatory income tax integration under income tax laws. SRO issued vide no 779(I)/2020 by FBR to amend Income Tax Rules 2002. These businesses located…