Tax Experts disclosed FBR’s three budgetary proposals impracticable

Tax Experts disclosed FBR’s three budgetary proposals impracticable

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…

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FBR clarifies news about payment of total assessed tax demand for filing of appeal

FBR clarifies news about payment of total assessed tax demand for filing of appeal

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…

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Senate Panel criticized FBR for sending tax notices

Senate Panel criticized FBR for sending tax notices

Senate Standing Committee on Finance on Monday criticized the Federal Board of Revenue’s (FBR) absolute action against taxpayers, who facing tax notices having tax demands that is many times more than their annual turnovers. During…

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Government Seeks to Impose tax on Suspicious Gifts transactions among Relatives

Government Seeks to Impose tax on Suspicious Gifts transactions among Relatives

The standing committee informed and proposed that an amendment is under way to streamline legality that deals with the tax structure of the gifts given to the relatives. “Provided that, if the capital asset acquired…

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Political parties exempted in Budget from filing income tax returns and paying taxes

Political parties exempted in Budget from filing income tax returns and paying taxes

The government proposed to exempt all registered political parties of Pakistan from the obligation of submitting their annual income tax returns and wealth statements and other related record. Finance Bill 2021 presented on last Friday.…

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Taxes on Salaries and Pensions: FBR Issues Clarification

Taxes on Salaries and Pensions: FBR Issues Clarification

Federal Board of Revenue (FBR) issued a clarification on a news published in the daily Express Tribune, in its issue dated 14th June, 2021 regarding budget proposals on taxation of salary income. FBR explained that the…

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Highlights, New Taxes, Relief and Incentive Measures in Budget 2021-2022

Highlights, New Taxes, Relief and Incentive Measures in Budget 2021-2022

The government presented the next fiscal year’s (2021-2022) budget with a total volume of over Rs. 8 trillion. While presenting the federal budget for financial year 2021-2022, the finance minister Shaukat Tarin presented speech in…

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FTO ordered an investigation against officials of CTO Lahore against recovery of tax without notice

FTO ordered an investigation against officials of CTO Lahore against recovery of tax without notice

The Federal Tax Ombudsman (FTO) has passed an order against the corporate tax office, Lahore (CTO) tax employees, against the cases involved in collecting taxes from government departments without communicating any enforceable order of tax…

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Rich countries Under Criticism Over G7 Tax Deal

Rich countries Under Criticism Over G7 Tax Deal

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…

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Income Tax Returns Filing for Tax Year 2020 Reaches 2.93m

Income Tax Returns Filing for Tax Year 2020 Reaches 2.93m

The income tax returns for tax year 2020 have reached to a new peak of 2.93 million against 2.63 million in last year for tax year 2019. Showing an increase of 11.4 percent along with…

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