Pandora Papers Leaks Financial Secrets of Pakistan’s Rich and Powerful exposed

Pandora Papers Leaks Financial Secrets of Pakistan’s Rich and Powerful exposed

A leaked data on offshore companies that is larger in size than the Panama Papers, exposed the financial secrets of the global rich and powerful, including politicians, financiers, retired generals, media owners and businessmen. Who…

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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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Free use of foreign currency account outside Pakistan stopped by government

Free use of foreign currency account outside Pakistan stopped by government

In an effort to document economy, dismantle manipulations of foreign currency markets and money laundering, the Federal Government has notified Foreign Currency Accounts Rules, 2020 w.e.f. 9th October 2020. Another condition of the Financial Action…

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Tax Terms Glossary | Tax Terminology | Tax Legal Definitions

Tax Terms Glossary | Tax Terminology | Tax Legal Definitions

The online tax glossary is here to help you understand terms which may be unfamiliar, and to get tax terms explained in a plain and simple way. We have put together many of the most…

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About taxes on corporate income in Pakistan

About taxes on corporate income in Pakistan

A resident company is taxed on its worldwide income. Non-resident companies operating in Pakistan through a branch are taxed on their Pakistan-source income attributable to the branch in Pakistan at tax rates applicable to a…

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FBR gets stay order against FTO’s move to investigate low tax recovery

FBR gets stay order against FTO’s move to investigate low tax recovery

The Federal Board of Revenue (FBR) has taken stay orders against the Federal Tax Ombudsman’s (FTO) decision to investigate the offices dealing with offshore tax haven cases, stopping a move that could have pull out…

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Taxation of non-residents, foreign remittances and expatriates under income tax law of Pakistan

Taxation of non-residents, foreign remittances and expatriates under income tax law of Pakistan

Through the study of the Income Tax Ordinance, 2001 in general and the provisions of Section 80 of the Ordinance in particular, reveal the three types of persons to be treated under the Income Tax…

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Top tax havens around the world

Top tax havens around the world

The top tax havens are island countries such as the British Virgin Islands, Samoa and Malta. Tax shelters are places where rich people keep money in foreign accounts for a different reasons, including tax evasion…

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Taxation of gifts in Pakistan

Taxation of gifts in Pakistan

When Gifts Treated as Income ? The FBR will consider provision of gift from closed blood relations. If received through cross cheque or banking channel. Otherwise it will add in income chargeable to tax. The FBR has…

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