Month: July 2021
Withdrawals of Tax Exemptions and Tax Credits in Finance Act 2021
Important tax exemptions and tax credits withdrawn in Finance Act 2021 are given below: Tax credit for person employing fresh… Read More
Updated Tax Exemptions and Tax Credits for the Financial Year 2021-2022
Income Tax Ordinance, 2001 provides for tax exemptions, tax credits, reduced tax rates, and reduction in tax liability. These tax… Read More
President Alvi ordered on the issue of failure to upload declarations under tax amnesty scheme
The President of Pakistan, Dr. Arif Alvi, issues an order in favor of the declarants of the Tax Amnesty Scheme… Read More
Update Business Bank Accounts to avoid Penalty after due date
In order to promote documentation and to streamline action, the concept of business bank account has been introduced in the… Read More
Pakistan’s current account ends FY21 in deficit
Pakistan’s current account balance reached at a deficit of $1.85 billion in fiscal year 2020-21. Due to jump in imports… Read More
European Central Bank inches closer to ‘digital euro’
The European Central Bank (ECB) moved closer to a “digital euro” with the launch of a pilot project. But questions… Read More
FBR and NADRA Drafted Plans to start national level exercise to Broaden the Tax Base
The Federal Board of Revenue (FBR) on Monday informed to Finance Minister Shaukat Tarin that the tax authority is drafting… Read More
Value of Diyat in Pakistan for Financial Year 2021-2022
The federal government declared an amount of Rs. 4.261 million as compensation (diyat) for the current financial year 2021-22. The declaration is… Read More
How to Check Active Taxpayer Status of Income Tax with FBR ?
Active Taxpayer status (ATL status ) with FBR can be checked in any of the following three (3) ways: VERIFICATION… Read More
Who is required to Get Register with Point of Sales Software of FBR ?
All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system. All tier-1 retailers are required to… Read More