FBR announced to give 90pc tax exemption on low-cost housing projects

FBR announced to give 90pc tax exemption on low-cost housing projects

The FBR and the New Pakistan Housing Development Authority have once again assured the public and investors interest in the construction industry. Construction package announced by the Prime Minister for builders and developers had made…

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FBR Issues Circular for Tax Recovery Procedures From Cooperative Housing Societies

FBR Issues Circular for Tax Recovery Procedures From Cooperative Housing Societies

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…

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Govt launching Kamyab Pakistan program for small business loans

Govt launching Kamyab Pakistan program for small business loans

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…

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Guide To LDA City Naya Pakistan Apartments and How to Apply for Bank of Punjab Loans

Guide To LDA City Naya Pakistan Apartments and How to Apply for Bank of Punjab Loans

With the objective of constructing 50,000 housing units, an effort can be seen in the form of ‘LDA City Naya Pakistan Apartments’. Under this project, the government has approved the construction of 35,000 affordable apartments. This…

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Corporate tax exemptions

Corporate tax exemptions

Following tax exemptions are available to corporate taxpayers: Profits arrived from the business unit of an electric power generation project established in Pakistan are exempt from tax. Profits earned by a company from the export…

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Tax measures & reliefs in response to COVID-19 in 2020 by Pakistan

Tax measures & reliefs in response to COVID-19 in 2020 by Pakistan

Government in Pakistan have introduced tax measures to reduce the impact of the COVID-19 pandemic in year 2020. Tax Reliefs in 2020 by Pakistan Exempted taxes on import of oxygen gas, cylinders & tanks 23…

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Tax amnesty scheme for builders and developers ending at December 31 2020

Tax amnesty scheme for builders and developers ending at December 31 2020

Tax amnesty scheme already announced for builders and developers for construction of housing projects is going to end as at December 31, 2020. Complete procedure to get registration under the said tax amnesty scheme is…

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List of exemptions from total income withdrawn through Second Amendment Ordinance

List of exemptions from total income withdrawn through Second Amendment Ordinance

Federal Board of Revenue (FBR) through Tax Laws (Second Amendment) Ordinance, 2021 have withdrawn tax exemptions from total income. Which were available through various clauses of Second Schedule of Income Tax Ordinance, 2001. Following are…

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Cabinet approved budget proposals to meet the IMF’s Demands

Cabinet approved budget proposals to meet the IMF’s Demands

The federal cabinet has approved a new budget to impose a tax of Rs 140 billion to meet a condition of the International Monetary Fund (IMF). An increase of 1.4 Trillion rupees through tax exemptions.…

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Sales Tax Relief by Punjab Revenue Authority

Sales Tax Relief by Punjab Revenue Authority

Through the Finance Act, 2020, the Government of the Punjab reduced the rate of Punjab Sales Tax on Services from 16% to 5% on more than twenty services. Punjab Revenue Authority also reduced the rate…

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