FBR updates, income tax, budgets and markets for Pakistan
192 articles
Federal Board of Revenue (FBR) vide S.R.O. No. 533(I)/2021 dated: 5th May, 2021. In exercise of the powers conferred by section 19 of the Customs Act, 1969 (IV of 1969), the Federal…
The date of payment of Sales tax and FED monthly return, due on 15th May 2021, hereby extended up to 18th May 2021. Further, The date of submission of Sales Tax and…
In a press release, Federal Board of Revenue (FBR) denied any link / relation with these emails. Sent from a fake email address, alert@fbr.news. These fake emails informs to the targeted taxpayers…
Following are the clauses that have been deleted through Tax Laws (Second Amendment) Ordinance, 2021: Clause( 57(1)(iii)): Any income from voluntary contributions, house property and investment in securities of the Federal Government…
The tax machinery this week mentioned that the “judicial allowance and special judicial allowance are exempt from tax. This exemption is available not only in cases of superior judiciary but also in…
The PTBA in a letter to FBR Chairman Muhammad Javed Ghani informed that the last date for updating taxpayers’ profile under section 214 of Income Tax Ordinance, 2001. It made compulsory for…
According to the details, the government has decided to abolish 140 billion income tax exemption. These end of exemptions are on the condition of the International Monetary Fund (IMF). For which a…
Investigations into the scam needed issuance of show-cause notices to 70,000 individuals. The exercise is likely to fetch about Rs10 billion taxes and expand the tax net, added the sources. Such amount…
According to a notice issued by the Director General of Customs Valuation, Karachi earlier this week, a duty of $ 70-150 per piece has been imposed on used imported laptops while tax…
The FBR proposed amending the Customs Rules 2001 in a notification issued here on Friday. According to SRO.201 (I) / 2021, "tourist" means "a person not normally resident in Pakistan, who enters…
According to Pakistan Tax Bar Association, many tax bars and Tax Consultants across the Pakistan have brought in to the notice that there are huge number of taxpayers who have submitted their…
According to SRO No., 234(i)/20201, the Federal Board of Revenue (FBR) has amended Sales Tax Rules 2006. According to amendment, FBR said that the provisions of rules 210-A to 210-I shall, mutatis…
The 2.2 million tax return filers were only one-third of those who have valid National Tax Numbers (NTNs). They were doing business in Pakistan but did not file tax returns. This means…
In this regard, the FBR has issued the Gwadar Tax Free Zones Rules 2021, which defines tax exemptions, incentives, and tax incentives available to investors under the CPEC project. The new chapter,…
Federal Board of Revenue (FBR) has abolished additional customs duties on the import of electric vehicles by June 30, 2025. These are vehicles of two to three wheeler. Like electric auto rickshaws,…
Tax on Agricultural Income in Punjab Agricultural income is an exempt income from tax under section 41 of the Income Tax Ordinance, 2001. Such exemption from tax under ITO 2001 ( section…
Non-resident Pakistani is exempt from payment of taxes, which a resident Pakistani is liable to pay. Prior to the Finance Act 2019, an individual was treated as a "resident individual" for a…
The number of returns for the tax year 2019 is based on the returns filed by January 24, 2021. The number of return filers for the tax year 2020 is 2.316 million,…
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 of computer software, IT services,…
The FBR issued instructions to the field formations on non-export and carry forward based sales tax refunds. The decision has been taken for the convenience of taxpayers, who are unable to get…