July 23, 2021
The Federal Board of Revenue (FBR) on Monday informed to Finance Minister Shaukat Tarin that the tax authority is drafting new plans to widen the tax base with the help of National Database and Registration…
The Federal Board of Revenue (FBR) directed all tax officers and officials to declare their Assets and Performance Evaluation reports which is due for the year 2020-2021 by due date of July 31, 2021. According…
Taxpayers are required to update their profile by June 30, 2021, to avoid penalty and exclusion from Active Taxpayers List (ATL) under section 114A of Income Tax Ordinance, 2001. The last date for updating the…
The Federal Board of Revenue (FBR) on Monday informed to Finance Minister Shaukat Tarin that the tax authority is drafting new plans to widen the tax base with the help of National Database and Registration…
All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system. All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system. ‘Tier-1 retailer’ is defined in section 2(43A)…
The Federal Board of Revenue (FBR) directed all tax officers and officials to declare their Assets and Performance Evaluation reports which is due for the year 2020-2021 by due date of July 31, 2021. According…
It has been disclosed that the Federal Board of Revenue (FBR) is not offering the facility of duty and tax credit and concessions on import of mobile phones and other imported items to the overseas…
Federal Board of Revenue (FBR) issued Circular No. 3 of 2022 Dated: July 5th, 2021 regarding recovery of tax and methods of taxation of Cooperative Housing Societies Registered under Cooperative Housing Societies Act, 1925. Federal…
The minimum turnover tax of 0.75 percent would be applicable on the oil marketing companies, Sui Southern Gas Company Limited and Sui Northern Gas Pipelines Limited, Pakistan International Airlines Corporation and poultry industry from July…
The federal government declared an amount of Rs. 4.261 million as compensation (diyat) for the current financial year 2021-22. The declaration is part of “Qisas and Diyat” Ordinance 1990. Diyat in Islamic law is the financial compensation paid to the victim or legal heirs of the victim in the case of murder or bodily harm or property...
Active Taxpayer status (ATL status ) with FBR can be checked in any of the following three (3) ways: VERIFICATION THROUGH ONLINE PORTAL Online ATL status check allows you to confirm your Active Taxpayer status with FBR in real time. You can check it by using this portal of FBR: www.e.fbr.gov.pk . CHECK ACTIVE TAXPAYER STATUS BY...
The Federal Board of Revenue (FBR) directed all tax officers and officials to declare their Assets and Performance Evaluation reports which is due for the year 2020-2021 by due date of July 31, 2021. According to the FBR’s instructions to the taxmen here on Monday. The FBR requires to submit assets declarations and performance reports...
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TaxUrdu.Com
The Pak-rupee extended losses against the US-dollar on Wednesday, owing to the higher demand for import payments. According to media reports, the exchange rate closed at Rs158.92. Against the greenback, compared with the previous day’s…
Currency Rate as per Open Market as on Wed, Jun 09 2021, 12:30 PST (GMT+5) Currency Symbol Buying Selling Australian Dollar AUD 119 121 US Dollar DD USD-DD 155.3 156.65 Bahrain Dinar BHD 386.5…
As on Wed, Jun 09 2021, 07:08 GMT Gold Rate 24K Gold 22K Gold 21K Gold 18K Gold per Tola Gold Rs. 110300 Rs. 101108 Rs. 96513 Rs. 82725 per 10 Gram Rs. 94600 Rs.…
Anti-poverty activists on Monday criticized the agreement reached by seven rich countries (G7) to impose a minimum tax on multinational companies, saying it would benefit rich countries at the expense of the poor. The finance…
Here, Tax deadlines for 2021, Income Tax Due dates or Tax Calendar is given for Individuals, Association of Persons (AOPs) and Company (Corporate Sector) of Pakistan and for World Corporate Income Tax deadlines for all…
A complete list of tax tips issued by the Inland Revenue Service (IRS) of USA regarding coronavirus (COVID-19) tax reliefs and Economic Impact Payments for ready reference. What employers need to know about repayment of…
The Panama Papers, Luxembourg Leaks and Paradise Leaks clearly show how large-scale tax evasion and money laundering is taking place through tax havens around the world. Tax evasion through tax havens has become a global…
Google has told users it will increase advertising rates on its French and Spanish platforms by 2% from May to help eliminate the effects of the digital tax on profits. France has collected taxes from…
About 70% of Americans do not have to pay for tax preparations and filing for there tax returns. People with low incomes or simple tax situations are often eligible for free income tax filing services.…
The Federal Board of Revenue (FBR) on Monday informed to Finance Minister Shaukat Tarin that the tax authority is drafting new plans to widen the tax base with the help of National Database and Registration…
All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system. All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system. ‘Tier-1 retailer’ is defined in section 2(43A)…
The minimum turnover tax of 0.75 percent would be applicable on the oil marketing companies, Sui Southern Gas Company Limited and Sui Northern Gas Pipelines Limited, Pakistan International Airlines Corporation and poultry industry from July…
Federal Board of Revenue (FBR) has uploaded the Income Tax Return Forms for Tax Year-2021. Separate Return Forms for Salaried, Association of Persons and Business Individuals have been uploaded. Submit the Income Tax Returns through…
FBR action against unregistered persons who are liable to be registered and are required to pay due sales tax on their taxable supplies under the Sales Tax Act, 1990, Federal Board of Revenue’s. Directorate of…
Federal Board of Revenue has issued a clarification on a news story appearing in Daily Times wrongly portraying that “a proposed amendment in the Finance Bill, 2021 makes it mandatory to make payment of total…
The Federal Board of Revenue (FBR) released draft rules for new Export Facilitation Scheme 2021. FBR also called for comments on this new export scheme from industry, exporters and other stakeholders. The new Export Facilitation…
The federal cabinet has amended the procurement rules to allow the government to award contracts to the state-owned enterprises without floating public tenders, which may compromise transparency in public sector deals. The federal government notified the amended…
The cement sector recorded growth of 49.86% in May 2021 as total sales reached 3.947 million tons against 2.634 million tons in the same month of the previous fiscal year. According to data released by…
Federal Board of Revenue has issued a clarification on the news published in the daily “Dunya” dated May 21, 2021. That Revenue Division could only spend Rs. 10,300/- on Single Window Program out of allocated…
This budget car targeted for the middle class of Pakistan. It is possibly a sporty look hatchback. Although Javed Afridi didn’t share any details about the vehicle set to be launched. But according to the…
In a new development, Saudi Arabia has set a travel permit requirement for foreign travelers with the COVID-19 vaccine. However, the new condition has made it difficult for Pakistanis to plan to travel to the…
Pakistan’s current account balance reached at a deficit of $1.85 billion in fiscal year 2020-21. Due to jump in imports on account of rise in crude oil prices and vaccine arrivals. Current Account deficit Despite…
The government has decided to launch the “Kamyab Pakistan” program on July 29. It is an initiative that offers a multiple opportunities which includes loans for small businesses, farmers, households, health cards, and technical training…
Auto financing by banks hit an all-time high of Rs297.5 billion in Pakistan. As consumers’ hunger for owning a vehicle increased apparently due to availability of the financing. Auto financing in Pakistan is available at…
Anti-money laundering watchdog also gives another six-point action plan to Islamabad. The Financial Action Task Force (FATF) has retained to Pakistan on its grey list while admitting that the Pakistan has fully implemented 26 out…
The State Bank of Pakistan has allowed banks to charge fees for digital transfers of more than Rs 25,000. It will no longer be possible to send money from one bank to another without paying…
State Bank of Pakistan is ready to start a collateral free loan scheme for financing of up to Rs10 million for the cottage industry, released by State Bank of Pakistan (SBP) Governor Dr Reza Baqir.…
The European Central Bank (ECB) moved closer to a “digital euro” with the launch of a pilot project. But questions remain about possible problems and advantages for eurozone citizens. This fact comes as the coronavirus…
The Finance Ministry has revised the profit rates on National Savings Schemes certificates. A notification issued in this regard on 17th June 2021. The profit rate for the Defense Savings Certificates increased from 9.29% to…
The rupee continued to weaken against the US dollar at Rs155.78 in the inter-bank market on Tuesday compared with closing at Monday’s at Rs155.3, revealed by the State Bank of Pakistan (SBP). Earlier, the SBP…
Bitcoin fell to a three-month low on Monday that saw investors selling and buying the digital currency. This happened after Tesla boss Elon Musk tweeted about the carmaker’s bitcoin holdings. Bitcoin fell to as low…
According to a notification issued by the finance ministry, the new profit rates that will effective from the 7th of May. The revised profit rates on Regular Income Certificates reduced to 9.24 percent from 9.36 percent.…
The State Bank of Pakistan (SBP) announced that it will not issue new currency notes on Edi ul Fitr this year due to the coronavirus pandemic. “Like last year, we will not be issuing new…
Taxpayers are required to update their profile by June 30, 2021, to avoid penalty and exclusion from Active Taxpayers List (ATL) under section 114A of Income Tax Ordinance, 2001. The last date for updating the…
The National Assembly of Pakistan on Tuesday approved the Finance Bill 2021-2022 with majority of votes. Prime Minister Imran Khan and other members of the National Assembly also attended the National Assembly session to vote…
Finance Minister Shaukat Tarin has said the government will now extend the tax relief earlier to cars up to 850cc will now be expanded to vehicles up to 1,000cc as well. READ ALSO: Auto Sector…
Tax experts have termed Federal Board of Revenue’s (FBR) three budgetary proposals are not practicable. These includes 1- collection of withholding tax on domestic electricity bills, 2- sales tax from sugar on printed retail price…
Federal Board of Revenue (FBR) has clarified that the table prescribing tax rates for minimum tax on turnover basis has been substituted in the Finance Bill-2021 to provide relief to retailers of Fast Moving Consumer…
The government has finally taken the decision to remove all income tax provisions from the Finance Bill, 2021, relating to the powers of the Inland Revenue officers to arrest any person under the proposed Section…
The Federal Board of Revenue (FBR) directed all tax officers and officials to declare their Assets and Performance Evaluation reports which is due for the year 2020-2021 by due date of July 31, 2021. According…
It has been disclosed that the Federal Board of Revenue (FBR) is not offering the facility of duty and tax credit and concessions on import of mobile phones and other imported items to the overseas…
Federal Board of Revenue (FBR) issued Circular No. 3 of 2022 Dated: July 5th, 2021 regarding recovery of tax and methods of taxation of Cooperative Housing Societies Registered under Cooperative Housing Societies Act, 1925. Federal…
The Federal Board of Revenue (FBR) on Tuesday issued a procedure for selection and conducting electronic audit of income tax cases. In this regard, the FBR has issued SRO 835(I)/2021, dated June 29, 2021, to…
Federal Board of Revenue’s (FBR) Directorate of I&I-Inland Revenue (IR), Lahore’s in an action against steel melters and re-rollers captured massive tax evasion. Steel melters and re-rollers units involved in large scale evasion of Federal…
All the field offices of the Federal Board of Revenue will remain open till 12:00 midnight on 30th June, 2021. To facilitate the taxpayers’ in payment of duties and taxes. FBR has issued instructions in…
The federal government declared an amount of Rs. 4.261 million as compensation (diyat) for the current financial year 2021-22. The declaration is part of “Qisas and Diyat” Ordinance 1990. Diyat in Islamic law is the financial compensation…
Active Taxpayer status (ATL status ) with FBR can be checked in any of the following three (3) ways: VERIFICATION THROUGH ONLINE PORTAL Online ATL status check allows you to confirm your Active Taxpayer status with FBR…
Tax practitioners have urged the Federal Board of Revenue (FBR) to issue Free Tax Numbers (FTNs) to persons who are not liable for withholding tax. In its proposals for budget 2021/2022, the Karachi Tax Bar…
State Bank of Pakistan (SBP) extended the last date for encashment or conversion of prize bonds of Rs 15,000, Rs 25,000 and Rs 40,000 up to September 30, 2021, a circular issued by the SBP.…
The Governor of Punjab has issued a new succession law called “The Punjab Letters of Administration and Succession Certificates Ordinance 2021”. Procedure for applying the succession certificate / letter of administration is as following: Step:…
S.No Project Name Estimated Cost(US$ M) 1 Gwadar East-Bay Expressway 168 2 New Gwadar International Airport 230 3 Construction of Breakwaters 123 4 Dredging of berthing areas & channels 27 5 Development of Free Zone…
