Cabinet to abolish Rs350b tax exemptions

Cabinet to abolish Rs350b tax exemptions

ISLAMABAD: The federal cabinet will approve the Tax Laws (Fourth Amendment) Bill to abolish Rs350 billion tax exemptions and restore the standard 17 per cent rate of general sales tax (GST) under the terms agreed…

Read More
Govt considering withdrawal of sales tax exemptions

Govt considering withdrawal of sales tax exemptions

The government is considering over a presidential ordinance to withdraw sales tax exemptions, zero-rating, and reduced sales tax rates to the tune of Rs330 billion within the next 10 to 15 days, according to a…

Read More
List of sales tax exemptions granted in budget 2021-2022

List of sales tax exemptions granted in budget 2021-2022

Under section 13 of The Sales Tax Act 1990, the Sixth Schedule of the Sales Tax Act, 1990 specifically and explicitly mentions those goods on which exemption of sales tax is available. Other exemptions are…

Read More
Withdrawals of Tax Exemptions and Tax Credits in Finance Act 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Important tax exemptions and tax credits withdrawn in Finance Act 2021 are given below: Tax credit for person employing fresh graduates. First year depreciation allowance on specified assets @ 90% of cost of assets. Tax…

Read More
Updated Tax Exemptions and Tax Credits for the Financial Year 2021-2022

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 exemptions are either based on specific type of taxpayers or for a particular time period.…

Read More
PTI decided to abolish Income Tax Exemptions through Presidential Ordinance

PTI decided to abolish Income Tax Exemptions through Presidential Ordinance

The federal government of Pakistan Tehreek-e-Insaf (PTI) has decided to abolish income tax exemption of Rs 140 billion on the condition of International Monetary Fund (IMF). According to the details, the government has decided to…

Read More
FBR Submits Proposed Tax Exemptions Withdrawal Bill in National Assembly secretariat

FBR Submits Proposed Tax Exemptions Withdrawal Bill in National Assembly secretariat

The Federal Board of Revenue (FBR) submitted a bill to the National Assembly (NA) secretariat, consisting of tax amendments to withdraw about 36 tax exemptions. It will be applicable from July 1 2021 under the…

Read More
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…

Read More
No new taxes But exemptions will be withdrawn in mini budget, Tarin says

No new taxes But exemptions will be withdrawn in mini budget, Tarin says

Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin on Friday said the government will not impose any new taxes in the upcoming ‘mini budget‘, but it will withdraw some tax exemptions given…

Read More
FBR Rebuts News Story of “Biggest tax scam surfaces in FBR”

FBR Rebuts News Story of “Biggest tax scam surfaces in FBR”

The Federal Board of Revenue (FBR) has taken strong exception to the news story captioned, “Biggest tax scam surfaces in FBR,” published in a local English daily on 6 February 2022. Calling it “malicious in…

Read More