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FBR increased the limit of turnover for withholding agents

FBR increased the limit of turnover for withholding agents

Federal Board of Revenue FBR increased the limit of turnover for withholding agents. Taxpayers having turnover above Rs 100 million will need to deduction of withholding tax. Income Tax Circular No. 03 of 2020 a…

WORLD TAXES
Which countries tax their citizens the most?

Which countries tax their citizens the most?

Which countries tax their citizens the most? In 2019, the highest income earners in Sweden pay a 57.19 percent, highest in the world. This is more than the OECD average of 41.65 percent. Normally, income…

UPDATES
FBR issued list of business sectors for mandatory income tax integration

FBR issued list of business sectors for mandatory income tax integration

Federal Board of Revenue (FBR) issued list of business sectors for mandatory income tax integration under income tax laws. SRO issued vide no 779(I)/2020 by FBR to amend Income Tax Rules 2002. These businesses located…

Businesses
Tax relief proposed for telecom sector

Tax relief proposed for telecom sector

Tax relief proposed for telecom sector in ECC committee meeting. Whereby, advance income tax on the telecom sector proposed to abolish and reduction in the FED rate. Matter moved to a committee that will see…

UPDATES
FBR tax offices renamed

FBR tax offices renamed

Federal Board of Revenue (FBR) on Monday issued an office order under Section 4(1)(r) of FBR Act, 2007. Whereby FBR renamed it’s field offices of three major cities. The new names of FBR tax offices…

UPDATES
No more withholding tax on educational fees

No more withholding tax on educational fees

Federal Board of Revenue (FBR) revised withholding tax rate on educational fee. Applicable from the tax year 2021. Tax card uploaded by FBR revised up to 30th June 2020 though Finance Act 2020. FBR revised…

TAXATION
Changes in rates of withholding tax on sales to retailers, wholesalers, distributors

Changes in rates of withholding tax on sales to retailers, wholesalers, distributors

Federal Board of Revenue (FBR) issued changes in withholding tax rates on sales made. Sales made by manufacturers to retailers, wholesalers and distributors during the tax year 2021. New rates implemented through Finance Act 2020.…

TAXATION
Tax year 2020 draft return forms issued by FBR

Tax year 2020 draft return forms issued by FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued draft forms for filing income tax returns tax year 2020. The FBR issued SRO 745(I)/2020 and invited comments from stakeholders on the draft return forms within seven days from the…

TAXATION
FBR warns retail stores to register with point of sale (POS) System to avoid heavy fines

FBR warns retail stores to register with point of sale (POS) System to avoid heavy fines

FBR warns retail stores to register with point of sale (POS) System to avoid heavy fines and using this system will end periodic examinations by the Federal Board of Revenue. It will also assist retailers…

UPDATES
FBR implemented new tax regime for imported Items

FBR implemented new tax regime for imported Items

The Federal Board of Revenue (FBR) on Wednesday implemented rules for taxing imported goods. FBR introduced it through (Twelfth Schedule of Income Tax Ordinance, 2001) Schedule XII of the Income Tax Ordinance 2001. The FBR…

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