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TAXATION
New Penalty Provisions relating to non-integrated Tier-1 Retailers

New Penalty Provisions relating to non-integrated Tier-1 Retailers

The FBR has been empowered to require any person or classes of person to integrate their invoice issuing system machines with the FBR’s computerised system for real time reporting of sales in the prescribed manner.…

TAXATION
Non-Banking Foreign Remittance Channels Legalizes by Third amendment Ordinance 2021

Non-Banking Foreign Remittance Channels Legalizes by Third amendment Ordinance 2021

The government has given legal cover to foreign remittances through Money Service Bureaus (MCBs), Exchange Companies (ECs) and Money Transfer Operators (MTOs), which would be considered as foreign exchange remitted from outside Pakistan through normal…

TAXATION
FBR grants relaxation in filing of declarations under Assets Declaration Ordinance-2019

FBR grants relaxation in filing of declarations under Assets Declaration Ordinance-2019

The Federal Board of Revenue (FBR) has decided to grant one-time opportunity to the taxpayers who paid their tax under the Assets Declaration Ordinance-2019 but somehow could not file their declarations. For this purpose Federal…

TAXATION
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…

TAXATION
Agriculture Income Tax Rate in Punjab Pakistan 2020-2021

Agriculture Income Tax Rate in Punjab Pakistan 2020-2021

Agriculture Income tax Rate in Punjab Pakistan in year 2020-2021 on total agricultural income as per acre; THE FIRST SCHEDULE [SEE SECTION 3(1)] Land-based or area based tax is assessed on the basis of the…

TAXATION
FBR issues Manual Income Tax Return Forms for Individual and AOPs for Tax Year 2021

FBR issues Manual Income Tax Return Forms for Individual and AOPs for Tax Year 2021

The Federal Board of Revenue (FBR) on Friday issued manual income tax returns forms for tax year 2021. The return form has been issued just a month ahead of filing deadline i.e. September 30, 2021.…

TAXATION
FBR issues clarification on use of pirated software

FBR issues clarification on use of pirated software

After conducting a preliminary internal investigation on the recent FBR cyber-attack, it has been discovered that the use of pirated software was one of the reasons why FBR’s data got hacked. Following the revelation, FBR…

TAXATION
All about Pakistan Single Window and step by step registration procedure

All about Pakistan Single Window and step by step registration procedure

What is Pakistan Single Window (PSW) ? Pakistan Single Window (PSW) is a newly launched trade system, which provides a facility to parties involved in trade and transport to lodge standardized information and documents with…

TAXATION
FBR issues draft income tax return form for individuals

FBR issues draft income tax return form for individuals

The Federal Board of Revenue (FBR) has issued draft income tax return form for individuals, deriving income under any head other than salary/ business for tax year 2021. The FBR has issued the draft return…

TAXATION
About taxes on corporate income in Pakistan

About taxes on corporate income in Pakistan

A resident company is taxed on its worldwide income. Non-resident companies operating in Pakistan through a branch are taxed on their Pakistan-source income attributable to the branch in Pakistan at tax rates applicable to a…

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