FBR updates, income tax, budgets and markets for Pakistan
82 articles
The Income Tax (Second Amendment) Ordinance, 2021 promulgated in March 2021 was proposed to be made part of the Bill for approval by the Parliament as required by the Constitution. The Finance…
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.…
"Federal Board of Revenue (FBR) has issued a clarification on a news story titled “1 pc advance tax pushes up drug prices significantly” appearing in Daily Business Recorder on 3rd August, 2021.…
There were 38 withholding tax provisions in the Income Tax Ordinance, 2001. This high number of provisions adds to complexity and creates undue burden of compliance on different withholding agents. It also…
Karachi Tax Bar Association (KTBA) urges the Federal Board of Revenue (FBR) to issue fresh directions to banks for not collecting withhold tax under section 154A of the Income Tax Ordinance from…
In order to promote documentation and to streamline action, the concept of business bank account has been introduced in the Ordinance by inclusion of definition of business bank account in section 2.…
Taxpayers are required to update their profile by June 30, 2021, to avoid penalty and exclusion from Active Taxpayers List (ATL) under section 114A of Income Tax Ordinance, 2001. The last date…
Prime Minister Imran Khan and other members of the National Assembly also attended the National Assembly session to vote on budget 2021-2022. There were 172 votes in favor of the Finance Bill…
READ ALSO: Auto Sector wins Tax Relief in Budget 2021-2022 On Friday, Shaukat Tarin added while talking at the session of the National Assembly, that income tax exemption on medical expenses will…
Tax experts have termed Federal Board of Revenue’s (FBR) three budgetary proposals are not practicable. These includes 1- collection of withholding tax on domestic electricity bills, 2- sales tax from sugar on…
Federal Board of Revenue (FBR) has clarified that the table prescribing tax rates for minimum tax on turnover basis has been substituted in the Finance Bill-2021 to provide relief to retailers of…
The government has finally taken the decision to remove all income tax provisions from the Finance Bill, 2021, relating to the powers of the Inland Revenue officers to arrest any person under…
The government proposed to exempt all registered political parties of Pakistan from the obligation of submitting their annual income tax returns and wealth statements and other related record. Finance Bill 2021 presented…
Under the Finance Bill, 2021, the FBR proposed Section 203A (Power to arrest and prosecute) in the Income Tax Ordinance 2001. It must be remembered that Section 184 (Penalty for concealment of…
Federal Board of Revenue (FBR) issued a clarification on a news published in the daily Express Tribune, in its issue dated 14th June, 2021 regarding budget proposals on taxation of salary income.…
The financial year 2021-2022 budget represented by the government on Friday, where several upcoming policy changes have been brought. Rumors' are being made about the changes that are expected in the new…
While presenting the federal budget for financial year 2021-2022, the finance minister Shaukat Tarin presented speech in the national assembly session by portraying the state of the economy that the Pakistan Tehreek-e-Insaf…
PM has approved presenting of the next budget for 2021-22 in the National Assembly on June 11, 2021. The federal budget worth Rs 8000 billion for the Financial year 2021-2022 ready to…
According to the documents, Rs 110 billion earmarked for water resources, Rs 113 billion for NHA and Rs 53 billion for PEPCO. Rs 60 billion allocated for emergency and other situations and…
Preparations for Punjab's budget for the next financial year 2021 are underway. The P&D Board has prepared the first proposed draft of the development budget for the next financial year. It proposed…