FBR updates, income tax, budgets and markets for Pakistan
82 articles
The National Assembly has passed the Finance (Supplementary) Bill 2021, also known as the mini-budget, with a majority vote. The federal government proved a majority of 18 members in the National Assembly.…
According to Registration provisions under Section 14(1) of Sales Tax Act, 1990, Every person engaged in making taxable supplies in Pakistan, including zero-rated supplies, in the course or furtherance of any taxable…
The Federal Board of Revenue (FBR) may withdraw the condition of providing details of Computerized National Identity Card (CNIC) in case payment made through digital means. The Finance (Supplementary) Bill, 2021 proposed…
Federal Minister for Finance Shaukat Tarin on Thursday presented the much-awaited supplementary finance bill 2021 — termed by the Opposition as a "mini-budget" — in the National Assembly, as a pre-requisite to…
The federal cabinet on Tuesday approved the State Bank of Pakistan (SBP) amendment bill to give absolute autonomy to the central bank in a bid to qualify for the $1 billion loan,…
The proposed increase of five percent (5%) in the withholding tax (WHT) on telecommunication services and the standard rate of 17% percent sales tax on import of computers and accessories is expected…
The government is all set to introduce the amended Finance bill, and State Bank of Pakistan (SBP) autonomy bills in Parliament for approval tomorrow (Tuesday) despite resistance by opposition. Both the bills…
The government of Pakistan completed the mini-budget to the tune of Rs 360 billion that would smack 17% General Sales Tax (GST) on around 140 vital expendable and manufacturing goods, as well…
The Federal Board of Revenue (FBR) has exceeded the five-month tax collection target by Rs298 billion and received around Rs2.3 trillion, largely because of higher collection at import stage, which contributed more…
All Tier 1 retailers are required to integrate with Board's Point of Sale online real time reporting system. In order to encourage integration with point of sale real time reporting system of…
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…
The Federal Board of Revenue (FBR) collected Rs1.84 trillion in just four months, an increase of 37% or close to Rs500 billion over last year. It exceeded the July-October target by Rs228…
A penalty of Rs1,000 each day of default has been implemented from Saturday after the expiry of return filing date on October 15, 2021. A new amendment has been made part to…
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,…
In case a person unable to file annual Income Tax return and wealth statement by due date he has right to get extension in date for filing annual income tax returns on…
Within third month of passage of Finance Act, 2021, the Government felt the need of introducing amendments in the Tax Laws. These amendments are primarily directed towards broadening of tax base besides…
As per Section 235 of the Income Tax Ordinance, 2001 the Electricity supply companies are required to collect advance tax on the amount of electricity bill of a commercial or industrial or…
This is a highly discussed amendment made in the tax laws for the documentation of the economy. Government is considering to give a grace period of 40 days for its full implementation.…
Federal Board of Revenue (FBR) is considering allowing the corporate taxpayers a grace period of 40 days to switch over to the digital mode of payments w.e.f. November 1, 2021 under Tax…
“Provisions of clause (c) of sub-section (2) of section 12 were prone to misuse regarding the exemption available to allowance solely expended in the performance of employee’s duty inconjunction with clause (39)…