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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US and Turkey agree to end digital services tax

US and Turkey agree to end digital services tax

The United States and Turkey have agreed to terms for withdrawal of Turkey’s digital services tax that largely targeted highly profitable U.S. technology giants and will transition to a new global taxation agreement in 2023,…

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Customs Court frames charge against suspect in bogus sales tax refund case

Customs Court frames charge against suspect in bogus sales tax refund case

The Customs Court framed charged against Muhammad Jawaid of M/s Friends Enterprises and summons to prosecution witnesses for recording their statements for next date of hearing, in first information report (FIR) for fake/ bogus input…

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List of Tier-1 Retailers identified by FBR to integrate with POS system to claim input tax

List of Tier-1 Retailers identified by FBR to integrate with POS system to claim input tax

The Federal Board of Revenue (FBR) has issued a list of 1,136 big retailers (Tier-1) who are required to be integrated with the FBR’s Point of Sale (POS) system, announcing that they would be denied…

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NADRA empowered to use artificial intelligence to increase tax base

NADRA empowered to use artificial intelligence to increase tax base

National Database and Registration Authority (NADRA) has been empowered by government to compute income and tax liability of any citizen by use of artificial intelligence, mathematical or statistical modelling or any other modern device or…

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Salary tax calculator | Salary tax slabs | Salary Tax Rates | Tax Card | 2021-2022 |

Salary tax calculator | Salary tax slabs | Salary Tax Rates | Tax Card | 2021-2022 |

As per Finance Act 2021 presented by Government of Pakistan, following salary tax slabs of salaried persons and salary income tax rates will be applicable for salaried persons for the financial year 2021-2020 (Tax Year…

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FBR to deny 60 % Input Tax to Non-Integrated Tier-1 Retailers

FBR to deny 60 % Input Tax to Non-Integrated Tier-1 Retailers

Federal Board of Revenue (FBR) in its drive to integrate Tier-1 Retailers across the country, has issued Sales Tax General Order No.2 of 2022 by which a system-based approach has been adopted to integrate non-Integrated…

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Last date to filing income tax return and penalty for non filing

Last date to filing income tax return and penalty for non filing

TAX PERIOD FOR INCOME TAX RETURN Income Tax Return relates to a specific tax year. A tax year is a period of twelve months ending on 30th day of June i.e. the financial year and…

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LESCO Electricity Bill Calculator and Advance Tax Certificate under section 235

LESCO Electricity Bill Calculator and Advance Tax Certificate under section 235

Increased usage of Air Conditioner and Home appliances is becoming a trend all over the world, so you have to aware of your electricity usage and cost. In Pakistan, LESCO Bill is measured in terms…

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Deadline and penalty for Tier-1 retailers and other tax provisions relating there to

Deadline and penalty for Tier-1 retailers and other tax provisions relating there to

FBR directs Tier-1 Retailers to integrate with revenue authority till August 15. The Federal Board of Revenue (FBR) has advised Tier-1 Retailers to integrate their invoicing systems with the tax Realtime invoicing system of Federal…

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