# Tax.net.pk – Pakistan Tax Portal | FBR Tax Filing, Income Tax &amp; NTN

> Pakistan&#039;s #1 Source for FBR Tax Filing, Income Tax Slabs, NTN Registration &amp; Tax Calculator


## Posts

- [Modi's rating of five Pakistani banks is confirmed to be stable](https://tax.net.pk/2020/08/12/modis-rating-of-five-pakistani-banks-is-confirmed-to-be-stable/): Modi&#8217;s on Tuesday confirmed the rating of five Pakistani banks. &#8216;B3 long-term local currency and Caa1 foreign-currency deposit ratings. Pakistani Banks include Allied Bank Limited (ABL). Habib Bank Limited (HBL). MCB Bank Limited (MCB). National Bank of Pakistan (NBP) and United Bank Limited (UBL). According to a report published by Moody&#8217;s. The review of long-term local currency deposit rates of all Pakistani banks. Now It stabilized under review. According to Modi&#8217;s Report, &#8220;Following Modi&#8217;s decision to verify the rating of banks. Modi&#8217;s decision to verify Pakistan&#8217;s B3 absolute rating followed. indicating that Pakistan&#8217;s credit profile. The pressure reduced, which indirectly supports [&hellip;]
- [Afghan transit trade starting through Wagah from July 15](https://tax.net.pk/2020/07/17/afghan-transit-trade-starting-through-wagah-from-july-15/):   ISLAMABAD: Pakistan has allowed Afghan exports through Wagah border crossing from July 15, 2020, a statement said on Monday. At the special request of the Government of Afghanistan and to facilitate transit trade to Afghanistan, Pakistan has decided to resume Afghan exports through Wagah Border Crossing from 15 July 2020 following the implementation of the Quad 19 Protocol.     With this move, Pakistan fulfilled its commitments under the Pak-Afghanistan Transit Trade Agreement (APTTA). Pakistan has restored bilateral trade and Afghan transit trade to all border crossing terminals as before Quad 19. Pakistan is fully committed to further strengthening its [&hellip;]
- [Pakistan, Hungry sign MoU for avoiding double taxation](https://tax.net.pk/2020/07/17/pakistan-hungry-sign-mou-for-avoiding-double-taxation/): ISLAMABAD: The Federal Board of Revenue (FBR) said in a statement on Wednesday that the exchange of information between Pakistan and Hungary under the new version of income tax evasion and prevention of financial theft. The agreement has been signed. The Protocol was signed by the Hungarian Ambassador to Pakistan Astvan Shazbo on behalf of the Hungarian Government, while Dr. Muhammad Ashfaq Ahmed, Member (Inland Revenue Operations) / Additional Secretary signed it on behalf of Pakistan. Article 27 of the Convention deals with the exchange of information. The Organization for Economic Co-operation and Development (OECD) approved changes to the Information on [&hellip;]
- [PM Imran Khan Big Incentive for Construction Industry In Pakistan](https://tax.net.pk/2020/07/16/pm-imran-khan-big-incentive-for-construction-industry-in-pakistan/): PM Imran Khan Big Incentive for Construction Industry In Pakistan The President of the SAARC Chamber of Commerce and Industry said that the massive package for the construction industry is a ray of hope at a time when the industry is being affected by the Corona virus, and besides creating deep employment opportunities, the country&#8217;s economy is also booming. SAARC CCI President Iftikhar Ali Malik said in a media statement here on Monday that the construction sector has great potential to boost economic activity but due to some restrictions, the SBP was given a quarterly report, During 2019, the agreement was [&hellip;]
- [Finance Act 2020 | FBR Budget Salient Features | Tax Year 2021 |](https://tax.net.pk/2020/07/16/finance-act-2020-fbr-budget-salient-features-tax-year-2021/): Finance Act 2020 | FBR Budget Salient Features | Tax Year 2021 | Industrial Relief Measures Exemption of additional custom duties on those tariff lines which are now @ 0%customs duty in tariff. Reduction of custom duty on 40 raw materials of various industries. Tariff rationalization under National Tariff Policy 2019, by reducing customs duty on90 tariff lines from 11% to 3% and 0%. Allowing the exemption on import of raw material to those Nashiran-e-Quran alsowho do not have their own in-house printing facility. Reduction in regulatory duty from 12.5% and 17.5% to 6% and 11%, respectivelyon Hot Rolled Coils (HRC) [&hellip;]
- [Imported LNG prices for gas companies increased](https://tax.net.pk/2020/07/15/imported-lng-prices-for-gas-companies-increased/): KARACHI: OGRA increased the prices of imported LNG for gas companies. A price notification has been issued for the month of July. The price of LNG for Sui Northern increased by 0. 0.35 per mmbtu and the price of LNG for Sui Southern increased by 0. 0.40 per mmbtu. In July, the price of LNG for Sui Northern fixed at 6. 6.47 per mm, while the price of LNG for Sui Southern fixed at 6. 6.67 per mm BTU, a notification issued. In June, it was set at 6. 6.12 per MMBTU for Sui Northern and 6. 6.27 per MMBTU for [&hellip;]
- [Highest Statutory Corporate Income Tax Rates in the World 2019](https://tax.net.pk/2020/07/15/highest-statutory-corporate-income-tax-rates-in-the-world-2019/): Highest Statutory Corporate Income Tax Rates in the World, 2019 Highest Statutory Corporate Income Tax Rates in the World, 2019. Here we will give you the list of global corporate income tax rates in different countries. Country Name Continent Name Tax Rate United Arab Emirates Asia 55% Comoros Africa 50% Puerto Rico North America 37.5% Suriname South America 36% Chad Africa 35% Democratic Republic of the Congo Africa 35% Equatorial Guinea Africa 35% Guinea Africa 35% Kiribati Oceania 35% Malta Europe 35% Saint Martin (French Part) North America 35% Sint Maarten (Dutch part) North America 35% Sudan Africa 35% Zambia Africa [&hellip;]
- [US dollar inflated by 4 paisa](https://tax.net.pk/2020/07/14/us-dollar-inflated-by-4-paisa/): Lahore: The US dollar is four paise more expensive against the rupee During the second day of this week, the value of US dollar once again increased by four paise. According to the details, the global economy is in a negative trend due to the corona virus, in which the Pakistani rupee is facing a continuous decline. A few days ago, the rupee appreciated against China&#8217;s financial assistance to Pakistan, but now the dollar is appreciating again. According to data released by the State Bank of Pakistan&#8217;s social networking site Twitter, the US dollar rose four paise in the interbank market, [&hellip;]
- [No sales tax on wheat flour and related items](https://tax.net.pk/2020/07/11/no-sales-tax-on-wheat-flour-and-related-items/): ISLAMABAD: It is for general information and in order to avoid any confusion on the matter mentioned above. It is clarified that no sales tax had been imposed on wheat flour in any form of Aata, Maida or Suji. In the wake of changes introduced in the Sales Tax Act, 1990, through the Finance Act, 2019, it is being generally reported in the media that the sales tax had been imposed on wheat flour. It is further elaborated that serial number 19 of the Table-1 of Sixth Schedule to the Sales Tax Act, 1990, has been amended through the Finance Act, 2019, [&hellip;]
- [The formula for calculation of capital gain tax on the sale of immovable property](https://tax.net.pk/2020/07/07/the-formula-for-calculation-of-capital-gain-tax-on-sale-of-immovable-property/): The formula for calculation of capital gain tax on the sale of immovable property The formula for calculation of capital gain tax on the sale of immovable property. Federal Board of Revenue (FBR) issued a formula for the calculation of capital gain tax (CGT) on the sale of immovable property. This was amended through Finance Act, 2020 presented in June 2020. The National Assembly approved the Finance Act 2020. In the amended act, sub-section 3A of Section 37 of the Income Tax Ordinance, 2001 was revised. The formula for calculation of CGT FBR explained that any capital gain tax (CGT) on [&hellip;]
- [FBR issues procedure for cash back refunds of sales tax to customers of Tier-1 retailers](https://tax.net.pk/2020/12/17/fbr-issues-procedure-for-cash-back-refunds-of-sales-tax-to-customers-of-tier-1-retailers/): Federal Board of Revenue (FBR) issued procedure for cash back of sales tax amount @5% (five percent) to customers. Paid at the time of purchase from Tier-1 retailers. SRO 1339(I)/2020 issued by FBR, dated December 16, 2020 to make amendment in Sales Tax Rules, 2006. Procedures for getting cash back of sales tax @ 5% on tier-1 retailers (1) All customers of Tier-1 retailers are entitled to refund @5 percent of the sales tax paid as cash back on purchases made from Teir-1 retailers. (2) Under sub-rule (1) the cash back through online, the customer have to log on to the [&hellip;]
- [FBR launched online module for Greenfield investors status registration](https://tax.net.pk/2020/12/16/fbr-launched-online-module-for-greenfield-investors-status-registration/): Federal Board of Revenue (FBR) launched an online module to facilitate investors to apply online to allow Greenfield industry status. Federal Board of Revenue (FBR) launched online module in Iris for providing facility for submission of applications for the approval of &#8220;Greenfield Industry Status.&#8221; For this purpose, two separate applications in the module have been given under the Income Tax Ordinance, 2001 and Sales Tax Act, 1990. The Federal Board of Revenue (FBR) will allow status of the &#8216;Greenfield Industry&#8217; to the business units after taking opinion of the Engineering Development Board (EDB) for allowing or disallowing sales tax exemption to [&hellip;]
- [Tax & Accounting Jobs](https://tax.net.pk/2020/12/16/tax-accounting-jobs/): Tax Associate Senior Automobiles (Pvt.) Ltd&nbsp;&nbsp;Lahore, Punjab, Pakistan About the job Graduation or Masters degree in Accounts/Finance&#8211; Having 1-2 years experience of dealing with tax related matters i-e filing of tax returns and withholding statements etc.&#8211; Experience of Automobile Industry would be a plus APPLY HERE &#8211; Tax Associate Deputy Manager Taxation &amp; Statutory Reporting Hilal Foods (Pvt) Ltd.  Karāchi, Sindh, Pakistan About the job Role To be responsible for all taxation and relevant compliance matters. Responsibilities Ensure compliance with all relevant tax laws Finalization and submission of Corporate Tax Returns Ensure timely filing of Sales &amp; Withholding Tax Returns Ensure timely response [&hellip;]
- [Anti money laundering Act: monitoring of Jewelers, real estate agents and accountants under strict regulations](https://tax.net.pk/2020/12/16/anti-money-laundering-act-monitoring-of-jewelers-real-estate-agents-and-accountants-under-strict-regulations/): The Federal Board of Revenue (FBR) on Tuesday issued regulations governing the use of powers to monitor transactions involving jewelry, real estate agents and accountants. The FBR issued SRO 1319 (I) / 2020 on 10 December 2020 to empower Inland Revenue officers to exercise the powers vested in them under Section 6A of the Anti Money Laundering Act, 2010. Monitoring jewelers, real estate and accountants is one of the conditions set by the Financial Action Task Force (FATF). On October 23, 2020, the global anti-money laundering watchdog decided to put Pakistan on its &#8220;gray list&#8221;. Despite progress in meeting international counter-terrorism [&hellip;]
- [PTI federal government has once again dropped a petrol bomb on the people](https://tax.net.pk/2020/12/15/pti-federal-government-has-once-again-dropped-a-petrol-bomb-on-the-people/): The Pakistan Tehreek-e-Insaf (PTI) federal government once again dropped petrol bombs on the people. The price of petrol has been increased by Rs 3 per liter. The new prices will apply from 12 noon to 31 December. According to the details, it is bad news for the people. The government dropped petrol bomb on the people. The price of petroleum products was increased by Rs.5. According to the notification issued by the Ministry of Finance, the price of petrol has been increased by Rs 3 per liter. After which the price of petrol has been fixed at Rs 103.69 per liter. [&hellip;]
- [File tax return or pay penalty for tax year 2020: FBR started issuing tax notices](https://tax.net.pk/2020/12/14/file-tax-return-or-pay-penalty-for-tax-year-2020-fbr-started-issuing-tax-notices/): Federal Board of Revenue (FBR) has started issuing tax notices on non-submission of tax return for tax year 2020. FBR issuing notices for imposition of penalty under section 182(2) for Default of Section 114 of The Income Tax Ordinance,2001. FBR also issuing notices under section 114(4). Whereby required to file tax returns under sub-section (4) of section 114 of the Income Tax Ordinance, 2001. Notice under section 182(2) is reproduced here: &#8220;You have failed without reasonable cause to furnish within the time allowed the return of income/wealthstatement in respect of the tax year 2020 which you were required to furnish under [&hellip;]
- [FBR extended income tax return filing date up to December 24](https://tax.net.pk/2020/12/14/fbr-extended-income-tax-return-filing-date-up-to-december-24/): Federal Board of Revenue (FBR) has extended income tax return filing date up to December 24. Extension has been allowed to those taxpayers who requested to FBR through applications under Section 119 of Income Tax Ordinance, 2001 for extensions. Last date for filing tax return lapsed Previously, the last date of filing income tax return was up to 8th December, 2020. FBR refused to further extend the general last date for filing income tax return for tax year 2020. Extensions granted to applicants The FBR granted extensions to all those taxpayers who filed applications for extensions (online or manual) up to [&hellip;]
- [Taxpayers are still allowed to file income tax returns: FBR](https://tax.net.pk/2020/12/10/taxpayers-are-still-allowed-to-file-income-tax-returns-fbr/): The Federal Board of Revenue further clarified that taxpayers still allowed to file annual income tax returns after the extended date. For the betterment of the taxpayers, the FBR has clarified that they should file their tax returns. As soon as possible as those who file late returns will be penalized accordingly. It may be recalled that for the convenience of the taxpayers, the FBR had allowed the filing of income tax returns without penalty even after December 8. For which the concerned field office could accept the submitted application online or manually till December 8. Special instructions issued to the [&hellip;]
- [Prize bond of Rs 25,000 discontinued with immediate effect](https://tax.net.pk/2020/12/10/prize-bond-of-rs-25000-discontinued-with-immediate-effect/): Prize bond of Rs 25,000 discontinued with immediate effect The government has decided to abolish the prize bond worth Rs 25,000 for banking and financial operations nationwide with immediate effect. In a circular issued to the CEOs of banks, the central bank said that the Finance Division had issued a notification on December 9, 2020, which discussed the change, redemption, or encashment of 25,000 worth prize bonds. Moreover, 25,000 worth of premium prize bonds needs to register with immediate effect. Due date for encashment or issuance of premium prize bond According to the circular, the national prize bonds of worth Rs. [&hellip;]
- [FBR clarification: good news for overseas Pakistanis for taking exemption from tax on profit on bank deposits](https://tax.net.pk/2020/12/10/fbr-clarification-good-news-for-overseas-pakistanis-for-taking-exemption-from-tax-on-profit-on-bank-deposits/): Income Tax Circular Issued by FBR Federal Board of Revenue (FBR) made it mandatory for overseas Pakistanis to seek income tax exemption on &#8216;profit on bank deposits&#8217; received from remittances deposited in their local bank. Exemption Certificate needs to provide to the bank to avail exemption form tax. The FBR on Wednesday issued an Income Tax Circular Number 6 of 2020 here stating: To encourage foreign remittances in to Pakistan To encourage Pakistani nationals abroad but to have a Rupee account with a Scheduled Bank in Pakistan. Profit on bank deposits obtained from foreign exchange, especially deposits exempted from tax under [&hellip;]
- [FBR issued instructions regarding extension procedure](https://tax.net.pk/2020/12/07/fbr-issued-instructions-regarding-extension-procedure/): Federal Board of Revenue (FBR) notified instructions for procedures of applying extension requests in filing income tax returns for tax year 2020. Further instructions disappointed all stakeholders (tax consultants / practitioners, taxpayers, chambers etc.,) who have already requested to the FBR for extension of last date for Tax Year 2020. Last Friday, FBR has already cleared that it would not further extend the last date for filing income tax return for tax year 2020. Pakistan Tax Bar Association (PTBA) has already requested in a letter dated: December 02, 2020 for extension up to January 31, 2020. There are many causes behind [&hellip;]
- [Who is exempt from filing income tax returns ?](https://tax.net.pk/2020/12/07/who-is-exempt-from-filing-income-tax-returns/): There is a list of persons who are exempted from filing annual income tax returns under Income Tax Ordinance, 2001. Persons who are not required to file there income tax returns are explained under section 115 of Income Tax Ordinance, 2001. Section 115 of the Income Tax Ordinance, 2001 is reproduced here: The following persons shall not be required to furnish a return of income for a tax year solely by reason of sub-clause (iii), (iv),(v) and (vi) of clause (b) of sub-section (1) of section 114 – (a) A widow; (b) an orphan below the age of twenty-five years; (c) [&hellip;]
- [Covid-19 & No extension in date of tax return filing: statutory time already lapsed: FBR](https://tax.net.pk/2020/12/05/covid-19-no-extension-in-date-of-tax-return-filing-statutory-time-already-lapsed-fbr/): The Federal Board of Revenue (FBR) on Friday said it has given taxpayers legal time to file income tax returns for the 2020 tax year. Therefore, the date will not be extended further after December 08, 2020. The FBR informed all the Chief Commissioners of Inland Revenue in the office order about the last date of filing of returns. However, the FBR said that taxpayers who seek extension of the date should be facilitated. According to Section 114 of the Income Tax Ordinance, 2001, taxpayers have already been given a period of 90 days up to September 30 in order to [&hellip;]
- [FBR notified information regarding last date of income tax return for tax year 2020](https://tax.net.pk/2020/12/04/fbr-notified-information-regarding-last-date-of-income-tax-return-for-tax-year-2020/): Federal Board of Revenue (FBR) has notified today that for application of the last date of income tax returns to be 8th December 2020, it is necessary that all applications for extension in time for filing of income tax returns from taxpayer is to be accepted generously by the relevant officers of income tax. FBR notified this while discussing the section 119 of the Income tax ordinance 2001 which deals with the &#8220;extension in time for filing income tax returns&#8221;. Federal Board Of Revenue said that repeatedly extensions in time for filing income tax returns over the years effect the credibility [&hellip;]
- [FBR announced to give 90pc tax exemption on low-cost housing projects](https://tax.net.pk/2020/12/04/fbr-announced-to-give-90pc-tax-exemption-on-low-cost-housing-projects/): The FBR and the New Pakistan Housing Development Authority have once again assured the public and investors interest in the construction industry. Construction package announced by the Prime Minister for builders and developers had made a significant progress. ۔ Changes in tax laws The package came into force under Section 100D of the Income Tax Ordinance 2001 and the Eleventh Schedule Amendment under the Tax Laws Amendment Ordinance 2020. Applicable to land builders, developers &amp; new/existing industrial / development projects Construction package is applicable to land builders and developers and covers both new and existing industrial and development projects. Builders and [&hellip;]
- [Cyber security advisory issued by PRAL for FBR employees working from home](https://tax.net.pk/2020/12/03/cyber-security-advisory-issued-by-pral-for-fbr-employees-working-from-home/): Pakistan Revenue Automation (Pvt) Limited (PRAL) issued a cyber security advisory to Federal Board of Revenue (FBR) officials, who are working from home in the wake of the Corona virus outbreak. PRAL said that turning to remote work due to the ongoing corona virus epidemic could create cyber security issues for the FBR and its employees. Attackers are taking advantage of the situation, so look for emails, scams and other hacking attempts. Therefore, all FBR employees authorized to operate from home also directed to follow the following strategic points: Please refrain from public Wi-Fi networks and use PRAL Suggested VPN for [&hellip;]
- [FBR's recommended list of vendors for the provision of Point of Sales (POS) software to retailers](https://tax.net.pk/2020/12/03/fbrs-recommended-list-of-vendors-for-the-provision-of-point-of-sales-pos-software-to-retailers/): The Federal Board of Revenue (FBR) recommended list of vendors for the provision of Point of Sales (POS) integration software to retailers. POS system is a cloud based system. Needs a computer, an internet connection and a software downloaded from Pakistan Revenue Automation Private Limited (PRAL). Due to simple software, very few retailers taking services of the 42 approved vendors. FBR has allowed 42 vendors, for the provision of POS software services to retailers. The retailers have option to choose any of these 42 vendors to take services of POS software integration. S No Name of Vendor City Contact No Website [&hellip;]
- [FBR disposed off cases without audit: Notices Issued](https://tax.net.pk/2020/12/02/fbr-disposed-off-cases-without-audit-notices-issued/): FBR disposed off cases without audit and in response to this FBR has recently issued tax Notices to the taxpayers for closure of audits. 310,000 tax audit cases After failing to properly deal with 310,000 tax audit cases through proper scrutiny, the Federal Board of Revenue (FBR) has started dealing with cases pending for six years in a hurry, a loss to the exchequer. According to the FBR&#8217;s internal correspondence and sources in the tax machinery, the FBR&#8217;s field formation was open on Saturdays and Sundays to dispose of these audit cases, which the government decided to close in April this [&hellip;]
- [Taxes on petroleum products changed](https://tax.net.pk/2020/12/01/taxes-on-petroleum-products-changed-top-tax-and-financial-news/): Tax on petroleum products changed, levy on petrol reduced by Rs 1.32 per liter. Petroleum Levy The government changed the taxes on petroleum products, petroleum levy on diesel reduced by Rs 2.43 per liter and petrol by Rs 1.32 per liter. The reduction in levy implemented from today. According to sources, the levy on high speed diesel reduced from Rs 30 to Rs 27.57 per liter, while the levy on petrol reduced from Rs 30 to Rs 28.68 per liter. Change of Sales tax on petroleum products Sales tax on high speed diesel increased by 58 paise per liter. Sales tax [&hellip;]
- [Karachi Tax Bar Association (KTBA) rejected using mobile phone SMS as a legal way to serve tax notices](https://tax.net.pk/2020/12/01/karachi-tax-bar-association-ktba-rejected-using-mobile-phone-sms-as-a-legal-way-to-serve-tax-notices/): On Tuesday, the Karachi Tax Bar Association (KTBA) rejected using mobile phone SMS as a legal way to serve notices. KTBA Letter to Chairman FBR KTBA strongly suggested in a letter to Chairman, FBR Muhammad Javed Ghani that the inclusion of sub Rule (2A) in Rule 74 of the Income Tax Rules 2002 would create chaos. And will be contradictory and therefore, should not be entered. KTBA Opposed the way of serving tax notices via phone SMS KTBA opposed sub Rule (2A) in Rule 74 of the Income Tax Rules 2002, on the feedback invited by the FBR via SRO 1250 [&hellip;]
- [Karachi Tax Bar identified errors in Tax Year 2020 return](https://tax.net.pk/2020/11/29/karachi-tax-bar-identified-errors-in-tax-year-2020-return/): Karachi Tax Bar Association (KTBA) identified calculation errors in the online return Federal Board of Revenue (FBR) for the tax year 2020. Letter to Member IR Operations by Karachi Tax Bar Association Karachi Tax Bar Association (KTBA) wrote a letter to Dr. Muhammad Ashfaq, Member Inland Revenue (Operations), Federal Board of Revenue (FBR) regarding the matter. Issues already highlighted at November 17, 2020 but still unresolved. It must be remembered that the last date for submission of annual income tax return is December 08, 2020. Incorrect tax calculation on National Saving Schemes Online return calculating incorrect amount of yield from Behbood [&hellip;]
- [Weboc Registration process, Import & Export process in Pakistan, Benefits of Weboc Registration, Documents required for Weboc registration](https://tax.net.pk/2020/11/28/weboc-registration-process-import-export-process-in-pakistan-benefits-of-weboc-registration-documents-required-for-weboc-registration/): Weboc Registration process, Import &amp; Export process in Pakistan, Benefits of Weboc Registration, Documents required for Weboc registration. What is Weboc Registration ? Weboc is a computerized system that provides customs clearance for import and export of goods. Developed by PRAL. It&#8217;s login and Password which is issued after completion of a series of procedures. Need of Weboc Registration ! Weboc is a registration with customs. Without it we cannot import and export of goods. You may say that it is like a import / export license. Benefits of Weboc Registration ! Market Expansion Easy Registration Process No Annual Compliance Faster [&hellip;]
- [Cottage industry not required to get sales tax registration](https://tax.net.pk/2020/11/26/cottage-industry-not-required-to-get-sales-tax-registration/): Which persons required to get sales tax registration ? Registration Section 14 Registration Section 14(1) Every person engaged in making taxable supplies in Pakistan, including zero-rated supplies, in the course or furtherance of any taxable activity carried on by him, falling in any of the following categories, if not already registered, is required to be registered under this Act, namely:- (a) a manufacturer who is not running a cottage industry;(b) a retailer who is liable to pay sales tax under the Act or rules made thereunder, excluding such retailer required to pay sales tax through his electricity bill under sub-section (9) [&hellip;]
- [Sales tax rates | Third Schedule goods | Eighth Schedule goods | Retail price | Reduced rate of sales tax](https://tax.net.pk/2020/11/25/sales-tax-rates-third-schedule-goods-eighth-schedule-goods-retail-price-reduced-rate-of-sales-tax/): Sales tax rates | Third Schedule goods | Eighth Schedule goods | Retail price | Reduced rate of sales tax. Scope of tax Under Section &#8211; 3(1) Scope of tax Under Section &#8211; 3(1) Subject to the provisions of this Act, there shall be charged, levied and paid a tax known as sales tax at the rate of seventeen per cent of the value of–(a) taxable supplies made by a registered person in the course or furtherance of any taxable activity carried on by him; and(b) goods imported into Pakistan, [irrespective of their final destination in territories of Pakistan. Rates of [&hellip;]
- [Income Tax Rules amended: Issuance of tax notices via Phone SMS](https://tax.net.pk/2020/11/24/income-tax-rules-amended-issuance-of-tax-notices-via-phone-sms/): Phone SMS included as mode of service for tax notices. The FBR issued SRO 1250(I)/2020 on Monday to issue draft amendment to Rule 74 of Income Tax Rules, 2002. The Rule 74 relates to serving of documents electronically. In draft rules FBR introduced rule 2A to Rule 74 of Income Tax Rule, 2002. The draft rule reproduced here as under: (2A) Where a person is using mobile phone, document required to be served on the person by the Chief Commissioner or the Chief Commissioner shall be considered sufficiently served if sent as SMS on the cell phone registered in the name [&hellip;]
- [IRS refund status](https://tax.net.pk/2020/11/24/irs-refund-status-how-to-get-irs-refund-status/): How to get IRS refund status ? For getting information regarding the IRS refund status, you must have information regarding the following ? Social Security Number Filing Status Refund Amount What is Social Security Number ? For checking IRS refund status ! Taxpayer must enter the SSN or IRS Individual Taxpayer Identification Number Which mentioned on taxpayer&#8217;s tax return. If you filed a Form 1040, the Social Security Number shown on Page 1 in the upper right hand corner. When you filed a Form 1040NR, the Social Security Number shown on Page 1 in the upper right hand corner. If you filed a Form 1040NR-EZ, the Social [&hellip;]
- [Sales tax zero rated Supplies in Pakistan](https://tax.net.pk/2020/11/23/sales-tax-zero-rated-supplies-in-pakistan/): Zero rating Supplies Section (4) of sales tax act 1990 – the following goods shall be charged to tax at the rate of zero per cent:&#8211; (a) goods exported, or the goods specified in the Fifth Schedule; Goods of Fifth Schedule of Sales Tax Act 1990 1- (i) Supply, repair or maintenance of any ship which is neither;(a) a ship of gross tonnage of less than 15 LDT; nor(b) a ship designed or adapted for use for recreation or pleasure. (ii) Supply, repair or maintenance of any aircraft which is neither;(a) an aircraft of weight-less than 8000 kilograms; nor(b) an aircraft [&hellip;]
- [HEC announces Scholarship Programme 2021 for Bachelors, One-Tier Masters, Masters and PhD studies](https://tax.net.pk/2020/11/23/hec-announces-scholarship-programme-2021-for-bachelors-one-tier-masters-masters-and-phd-studies/): HEC announces Scholarship Programme 2021 for Bachelors, One-Tier Masters, Masters and PhD studies. Last date for online applications is January 15, 2021 and for more details click here: hec.gov.pk/site/ARL. &#8220;The programme is managed by HEC Pakistan in collaboration with the Tempus Public Foundation, Hungary.&#8221; Online applications on BOTH the Hungarian and HEC websites. HEC helpline numbers 051-111-119-432 and 0334-1119432 and website https://onlinehelp.hec.gov.pk.
- [Let entrepreneurs work from parks !](https://tax.net.pk/2020/11/23/let-entrepreneurs-work-from-parks/): Epidemics and lock downs affect people financially and more importantly mentally. During the lock down business, businesswomen and business people left to work from home. While working from home can save money as well as take care of family. But, It brings limitations and mental complications. Among others, the government allowed people to go to parks to exercise with certain restrictions. The move paved the way for people to get out of their places and into open parks to help people maintain their mental state. Despite all the changes that have affected by Pandemic, a new change can have a huge [&hellip;]
- [Penalty for non-filing income tax returns, wealth statement, foreign assets/income statement & active status](https://tax.net.pk/2020/11/22/penalty-for-non-filing-income-tax-returns-wealth-statement-foreign-assets-income-statement-active-status/): Penalty for non-filing income tax returns, wealth statement, foreign assets/income statement &amp; active status. Section 182(1) Offences and penalties &#8211; Non-filing of Income Tax returns Offence: Where any person fails to furnish a return of income as required under section 114 within the due date. Penalties: Such person shall pay a penalty equal to 0.1% of the tax payable in respect of that tax year for each day of default subject to a maximum penalty of 50% of the tax payable provided that if the penalty worked out as aforesaid is less than [forty] thousand rupees or no tax is payable [&hellip;]
- [UK Tax News: VAT cut down for hospitality & tourism sector](https://tax.net.pk/2020/11/21/uk-tax-news-vat-cut-down-for-hospitality-tourism-sector/): UK Tax News: VAT cut down for hospitality &amp; tourism sector The Chancellor announced a reduction in VAT rate for the hospitality and tourism sectors in this epidemics situation. UK VAT Rate Reduced This temporary reduction in VAT rates from 20% to 5% would be maintained till March 31, 2021 instead of January 13. He said the move would &#8220;help secure 2.4m jobs in the winter&#8221;. Restaurants particularly affected by the lock down measures, and thousands of jobs already lost in the sector. The provisional VAT cut was first introduced in July and was designed to help hotels, restaurants, cafes and [&hellip;]
- [Pakistan launches National Job Portal](https://tax.net.pk/2020/11/21/pakistan-launches-national-job-portal/): National Job Portal National Job Portal launched in November, 2020 by Prime Minister, Imran Khan. It is an another step towards the vision of Digital Pakistan. Around 2 million jobs are created in Pakistan each year. Many of which are unofficial and undocumented. This portal will provide a platform where all government based departments will interact with the job seekers by using AI tools. How it will work ? National Employment Exchange (NEX) tool authorized by government to use. It will be a consortium of public, private as well as overseas institutions and government for provision of job opportunities to the young [&hellip;]
- [Top tax havens around the world](https://tax.net.pk/2020/11/20/top-tax-havens-around-the-world/): The top tax havens are island countries such as the British Virgin Islands, Samoa and Malta. Tax shelters are places where rich people keep money in foreign accounts for a different reasons, including tax evasion and tax avoidance. These individuals often hold money in shell companies and anonymous entities, such as the Cayman Islands and other small, low-tax jurisdictions in remote areas. CORPNET, an Amsterdam-based corporate research group, ranked the world&#8217;s top tax havens based on how much money a country receives and how much money it should generate based on the size of its economy. 15. Seychelles The country, Seychelles [&hellip;]
- [Dubai Mall, launched VAT refund kiosks](https://tax.net.pk/2020/11/19/dubai-mall-launched-vat-refund-kiosks/): Dubai Mall in partnership with international payment service provider Planet to launch a pre-verified VAT refund pilot service in the name of &#8220;City Verification.&#8221; With the UAE&#8217;s first mall launching the service. Visitors to the Dubai Mall can now take advantage of the hassle-free option to claim a hassle-free VAT return. Seven self-service kiosks set up at the Dubai Mall for shoppers to claim their purchases refunds before leaving the UAE. VAT Refund requirements Tourists must present a valid boarding pass, their original passport or GCC national identity used for tax-free purchases. Along with original receipts issued by traders and tax-free [&hellip;]
- [Good news for salaried taxpayers: salary tax adjustments through employer](https://tax.net.pk/2020/11/19/good-news-for-salaried-taxpayers-salary-tax-adjustments-through-employer/): There is a good news for salaried taxpayers whose salary is taxable. Tax deductions on salary adjustments through employer. Salaried class employees, should get tax adjustment on there salary from their employers under the Income Tax Ordinance 2001. There is no need for waiting a refund claim from the Federal Board of Revenue (FBR). Employees can easily get adjustments from their employers and there is no need to wait for a refund. Employees are entitled to a tax adjustment from their employer under the Pakistan tax laws. Income tax deductions from employees Under Section 149 of the Income Tax Ordinance 2001, [&hellip;]
- [Federal Board of Revenue (FBR) ceased manual processing of income tax refunds](https://tax.net.pk/2020/11/18/federal-board-of-revenue-fbr-ceased-manual-processing-of-income-tax-refunds/): Federal Board of Revenue (FBR) ceased manual processing of income tax refunds. FBR ordered regional tax offices that process the tax refunds at central level through State Bank of Pakistan (SBP). An office order to all chief commissioners of Large Taxpayers Offices (LTOs), Medium Taxpayers Offices (MTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs). The FBR said, “Field formations should send refund lists as and when asked by the FBR on given format and instructions,” The FBR instructed to Commissioners Inland Revenue to ensure application of order. Implementation under Section 170(4) of the Income Tax Ordinance, 2001. Refunds.— Section [&hellip;]
- [The Asian Development Bank (ADB) issued Pakistani rupee-linked 'Karakoram' bonds](https://tax.net.pk/2020/11/18/the-asian-development-bank-adb-issued-pakistani-rupee-linked-karakoram-bonds/): The Asian Development Bank (ADB) raised Rs1.83 billion ($11.4 million). Through the issue of Pakistani rupee-linked &#8216;Karakoram&#8217; bonds. At 7.5% semi-annual coupon, maturing in August 2023. Karakoram&#8217; bond The ADB defined the &#8216;Karakoram&#8217; bond as &#8220;an offshore bond denominated in Pakistan rupees and settled in US dollars, listed on a major stock exchange, and settled through an international central securities depository&#8221;. &#8220;The bonds arranged by Citigroup Global Markets and sold to European asset managers,&#8221; it added. Economic Coordination Committee (ECC) of the Cabinet already allowed ADB to issue Pakistan Rupee (PKR)-linked bonds. Up to $200 million to non-residents. Kazakhstan tenge, and Mongolian [&hellip;]
- [PM Imran Khan never stopped me from taking action against someone: Shabbar Zaidi Former Chairman FBR](https://tax.net.pk/2020/11/18/pm-imran-khan-never-stopped-me-from-taking-action-against-someone-shabbar-zaidi-former-chairman-fbr/): Shabbar Zaidi, former Chairman FBR said in a tweet that PM Imran Khan never stopped me from taking action against someone. He said that this rumor against him is totally &#8220;fake and baseless.&#8221; &#8220;IK is a great man and a great leader. I can swear about his intellectual and financial integrity. I am 100 per cent with him,&#8221; Shabbar Zaidi further clarified. Allegations are going on against Shabbar zaidi on social media where he is declared accused of failure to perform the things right. Shabbar Zaidi totally denied the claims of the opposition and said that it&#8217;s all political clash between [&hellip;]
- [FBR once again reminded to file income tax returns by the deadline](https://tax.net.pk/2020/11/18/fbr-once-again-reminded-to-file-income-tax-returns-by-the-deadline/): The Federal Board of Revenue (FBR) reminded again to submit income tax returns by the December 8, 2020 deadline. Otherwise it will not be further extended. Which Persons required to submit tax returns ? The FBR said in an official tweet that under section 114 of the Income Tax Ordinance 2001, all persons who have houses consisting of 500 square yards or vehicles of one thousand cc or more submit there tax returns. Which business individuals required to submit tax returns ? People with a commercial electricity bill of more than ، 500,000 or individuals with a business income of more [&hellip;]
- [State Bank of Pakistan (SBP) authorized to non-resident individuals holding Pakistan Origin Card (POC) to open foreign currency account](https://tax.net.pk/2020/11/17/sbp-allowed-non-resident-individuals-holding-pakistan-origin-card-poc-to-open-foreign-currency-account/): State Bank of Pakistan (SBP) authorized to non-resident individuals holding Pakistan Origin Card (POC) to open foreign currency account. Pakistan Origin Card (POC) Foreign Exchange (FE) circular No. 02 dated August 05, 2020 explains, a non resident person is eligible to open foreign currency account. State Bank of Pakistan clarified that non-resident person also eligible to open foreign currency account. If holding Pakistan Origin Card (POC). Foreign Exchange (FE) Circular amendment According to Para 2 sub-para (i (a)) of the Circular No 2. This para replaced with the following: “Individual non-resident Pakistani and non-resident holding Pakistan Origin Card (POC).” Now, the [&hellip;]
- [Income tax return filing reached at 2.93 million](https://tax.net.pk/2020/11/17/income-tax-return-filing-reached-at-2-93-million/): Income tax returns reached a new peak of 2.93 million. According to FBR as per the Active Taxpayers List (ATL) issued on Monday. Active Taxpayer list (ATL) issued on the basis of Tax Year 2019. Statistics based on the Income tax returns submitted up to November 15, 2020. Last year on the basis of tax year 2018 total number of income tax returns submitted was 2.85 million. It is compulsory to file income tax returns within due date for active taxpayer. If submitted after due date then payment of penalty is must after submission of income tax return (currently for tax [&hellip;]
- [China launches 6G satellite: We are still on 4G](https://tax.net.pk/2020/11/17/china-launches-6g-satellite-we-are-still-on-4g/): China successfully sent 13 satellites into orbit this month with a single rocket. Besides, the world’s first 6G satellite. Whilst engineers in most countries are still trying to install 5G networks. China has sent the ‘world’s first 6G’ test satellite into orbit. China launched, along with 12 other satellites, from the Taiyuan Satellite Launch Center in the Shanxi Province. But while there is a huge buzz around what kind of exciting speeds 6G could bring. The telecoms industry still not agreed on any specifications for the network yet, or even on the tech that was just shot into orbit. The satellite [&hellip;]
- [CAF autumn result announced by ICAP today](https://tax.net.pk/2020/11/17/caf-autumn-result-announced-by-icap-today-by-institute-of-chartered-accountants-of-pakistan/): Certificate in accounting &amp; finance (CAF) result expected at 17th November 2020 by Institute of Chartered Accountants of Pakistan. Schedule of examinations of exams (CAF, AFC, WST) of Institute of Chartered Accountants of Pakistan (ICAP). Expected date of CAF exam result is 17th November, 2020. Examination dates of CAF autumn attempt was from 21st to 26th September 2020. Commencement Date of submission of Forms was at 1st July 2020. Last date for submission of forms without 50% late fee was at 5th August 2020.
- [FBR launched Maloomat TaxRayApp: Signed MoU with NADRA: Acquired all data of filers & non-filers](https://tax.net.pk/2020/11/15/fbr-launched-maloomat-taxrayapp-signed-mou-with-nadra-acquired-all-data-of-filers-non-filers/): FBR claimed that it has acquired all information related to incomes, expenses and assets of filers &amp; non-filers. FBR has acquired all authentic information of all filers and non-filers, which include: 1 million filers 1 million filers claiming to have non-taxable income but evidence to the contrary exists. More than 3.5 million NTN holders More than 3.5 million NTN holders required under law to file annual income tax returns are failing to do so. 7.4 million individuals with tax deductions 7.4 million individuals whose withholding tax is being deducted, but they fail to file income tax returns as required under tax [&hellip;]
- [Good news: Petrol prices reduced by government](https://tax.net.pk/2020/11/15/good-news-petrol-prices-reduced-by-government/): Good news: PTI government reduced the petrol and diesel prices for fortnight. The petroleum products prices reduced by the federal government on Sunday. PTI government issued a notification through Ministry of Finance, announcing to reduce petrol prices to Rs100.69 per liter. The per-litre prices of petrol and high-speed diesel (HSD) reduced by Rs1.71 and Rs1.79, respectively. The new per-litre prices announced of petrol and HSD are Rs100.69 and Rs101.43, respectively. Price of Kerosene oil, maintained at Rs65.29 a litre.
- [Pakistan ranks 116 amongst 128 countries in the world on absence of corruption index](https://tax.net.pk/2020/11/11/pakistan-ranks-116-amongst-128-countries-in-the-world-on-absence-of-corruption-index/): #Pakistan ranks 116 amongst 128 countries in the world on absence of #corruption index. Pakistan ranked 116th among 128 countries on the absence of corruption index. A World Justice Project (WJP) Survey conducted by Gallup Pakistan. World Justice Project (WJP) Rule of Law Index Survey results based on Factor 2 of the World Justice Project (WJP) Rule of Law Index. It measures the absence of corruption in government. The Index is the world’s independent data on the rule of law. Factors of absence of corruption index Survey based on three forms of corruption: bribery, public or private interests, and corruption in [&hellip;]
- [Income Tax Returns of Members of National Assembly released](https://tax.net.pk/2020/11/10/income-tax-returns-of-members-of-national-assembly-released/): Income Tax Returns of Members of National Assembly released. Prime Minister Imran Khan owns more than 80 million assets. Details of the tax returns of the members of the National Assembly for the year 2019-20 have been released. Prime Minister Imran Khan owns assets worth more than Rs 80 million, 4 foreign accounts have 331,230 US dollars and 518 pounds. According to details, Prime Minister Imran Khan also has more than 19.9 million rupees in cash and four goats worth Rs 200,000. The Prime Minister has also taken an advance of more than Rs 70 million for 80 kanals of land [&hellip;]
- [Digital Pakistan: PTCL to launch public Cloud platform](https://tax.net.pk/2020/11/10/digital-pakistan-ptcl-to-launch-public-cloud-platform/): Digital Pakistan: PTCL to launch public Cloud platform. Digital Pakistan is another step forward towards technological prosperity of Pakistan. It is a change which aimed that all segments of the society will have equal access to the government services. Joint Venture Pakistan Telecommunication Company Limited (PTCL) has announced a joint venture with Datasid (Deticon All Saudi Company Limited), a Saudi company that will set up a digital cloud marketplace in Pakistan. Ceremony Announced at the special signing ceremony. Secretary IT &amp; Telecom and Chairman Board of Directors, PTCL, Deputy Minister for Communications attended. Information Technology, Saudi Arabia, and Deputy CEO Yasser [&hellip;]
- [Disallowance of Commission: Commission in respect of Third Schedule Items](https://tax.net.pk/2020/11/09/disallowance-of-commission-commission-in-respect-of-third-schedule-items/): Disallowance of Commission Amendment made through Finance Act 2019, to disallow any expenditure incurred on account of commission in respect of supplies covered by the Third Schedule to the Sales Tax Act, 1990 (STA), if the amount of commission paid exceeds 0.2% of gross amount of supplies in case: (i) the commission recipient not registered under the Sales Tax Act, 1990; and(ii) his name is not appearing on Active Taxpayer List (ATL). Since recipient of commission is not required to be registered under the Sales Tax Act, 1990; a clarificatory amendment made so as to withdraw the condition of registration under [&hellip;]
- [Staff required/Jobs Alert: Tax Manager, Tax Specialist, Tax Analyst](https://tax.net.pk/2020/11/08/jobs-alert-situation-vacant-vacancy-staff-required-tax-manager-tax-specialist-tax-accountant/): Jobs alert | situation vacant | vacancy | Staff Required | Tax Manager | Tax Specialist | Tax Accountant
- [Free Payment Service launched by WhatsApp](https://tax.net.pk/2020/11/07/free-payment-service-launched-by-whatsapp/): Free Payment Service Introduced by WhatsApp WhatsApp has introduced a free payment service in India. It will soon become the world&#8217;s most popular messaging application super app. The service will allow people to send money to their loved ones or pay for something remotely. For which they need to go in person or go to a local bank, according to a blog from a Facebook-owned company. This secure payment service will make money transfers as easy as sending a message. Launched In India WhatsApp launched the trial of digital payment service in India in 2018 with limited users. Waiting for regulatory [&hellip;]
- [Rules amended by FBR: Issued time limit for notifying income tax return form](https://tax.net.pk/2020/11/07/rules-amended-by-fbr-issued-time-limit-for-notifying-income-tax-return-form/): Amendment of Rules The FBR has issued draft rules for the purpose of setting timelines in respect of various steps involved in notifying income tax return forms for a tax year vide SRO 1041 dated 13 October. In this regard, in Chapter VIII of the Rules, Rule 34A is proposed to be inserted. The proposed amendment has provided timelines for the revenue department, IT personnel and the taxpayers which aims to streamline the process of designing the tax return form and facilitate the taxpayers in tax return filing. Salient features of which are as under; Timeline ► The return form shall [&hellip;]
- [Sales tax refunds: Required documents & process](https://tax.net.pk/2020/11/06/sales-tax-refunds-required-documents-process/): Sales tax refunds: Required documents &amp; process. Who can claim sales tax refunds ? Registered manufacturer- cum-exporters and commercial exporters with zero rated supplies. A Registered persons who pay tax inputs for use in manufacture of goods, tax payable &#8216;@0% under the Sales tax act. Registered taxpayers claiming refund of the excess amount of sales tax input which remain unconsumed within three months. Registered taxpayers who acquire tax paid inputs used in the export of goods, local supply of which is exempt under the sales tax act 1990. If an amount of sales tax paid unintentionally or by mistake.&nbsp; If an [&hellip;]
- [Sales tax rates updated on services of restaurants](https://tax.net.pk/2020/11/05/sales-tax-rates-updated-on-services-of-restaurants/): Sindh Revenue Board (SRB) has notified sales tax rates on services rendered by restaurants in the province. Sindh Revenue Board (SRB) Sales tax on Restaurants revised The SRB issued working tariff on November 01, 2020 updating rates of sales tax on services. The SRB said that the sales tax rate shall be 13 percent on services provided or rendered by restaurants. Exemption Services provided by restaurants whose turnover does not exceeds 4 million rupees in a financial year. Shall be exempt from the levy of 13 percent sales tax. However, the exemption shall not apply in case of restaurants:- (i) which [&hellip;]
- [MoU Signed: CAP assured FBR to integrate all retailers tills/PoS by November 30, 2020](https://tax.net.pk/2020/11/05/mou-signed-cap-assured-fbr-to-integrate-all-retailers-tills-pos-by-november-30-2020/): CAP assured FBR to integrate all retailers tills/PoS by November 30, 2020. MoU Signed between FBR &amp; CAP MoU signed between Federal Board of Revenue and the Representatives of the ChainStores Association of Pakistan (CAP). To ensure effective and efficient integration of Point of Sales (PoS)/ tills. Installed at Tier 1 retailers’s location all across the country. Deadline of 30th November, 2020 This huge milestone achieved today provides for incentives to the retailers. Who voluntarily integrate with FBR’s system by 30th November 2020. To facilitate smooth integration and collectively manage any bottlenecks, CAP committees will be formed at central and regional [&hellip;]
- [Taxpayers Profiling: Submit otherwise ready to be inactive](https://tax.net.pk/2020/11/04/taxpayers-profiling-submit-otherwise-ready-to-be-inactive/): The return filers now require to submit &#8220;Taxpayer&#8217;s Profile&#8221;. These include particulars of bank accounts, utility connections, business premises including all manufacturing, storage or retail outlets etc. Which Persons required to submit taxpayer&#8217;s profile ? Under section 114A(1) of Income Tax Ordinance, 2001, a Taxpayer’s profile needs submission by the persons: (a) every person applying for registration under section 181;(b) every person deriving income chargeable to tax under the head, “Income from business”;(c) every person whose income is subject to final taxation;(d) any non-profit organization as defined in clause (36) of section 2;(e) any trust or welfare institution; or(f) any other [&hellip;]
- [Massive increase in profitability of listed companies](https://tax.net.pk/2020/11/03/massive-increase-in-profitability-of-listed-companies/): Reason of increased profitability Profitability of listed companies increase by a massive 43% as finance cost decreases 28%. Economic activity resumed after lock down restrictions eased. SBP took several measures to stimulate activity in the economy including monetary easing &amp; deferred loan payments. The central bank has cut policy rate by 625bps to 7% since beginning of the pandemic. Finance Cost We gathered data of 399 companies listed on the Pakistan Stock Exchange to analyze the change in their finance cost and profitability during the quarter ended Sep 30, 2020. Collectively they paid PKR 29bn as finance cost during the period [&hellip;]
- [Which persons require to submit income tax returns ?](https://tax.net.pk/2020/11/03/which-persons-require-to-submit-income-tax-returns/): Following persons require to submit there income tax returns under Income Tax Ordinance, 2001. (a) every company; (ab) every person (other than a company) whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year;(ac) any non-profit organization as defined in clause (36) of section 2,(ad) any welfare institution approved under clause (58) of Part I of the Second Schedule;(ae) every person whose income for the year is subject to final taxation under any provision of this Ordinance; “company” means — (i) a company as defined in the Companies Ordinance, [&hellip;]
- [State Bank Action: Imposed penalties on four banks](https://tax.net.pk/2020/11/02/state-bank-action-imposed-penalties-on-four-banks/): State Bank of Pakistan Action against Bank The State Bank of Pakistan imposed over Rs 271 million penalties on four banks. For the quarter ending September 30, 2020. Reasons of SBP Action Reasons behind the SBP action is due to non-compliance with legal or regulatory requirements. State Bank actions may range from the imposition of penalties, administrative and financial sanctions, and reference to concerned law enforcement/prosecution agencies. Bank Islami Bank Islami Ltd faced the highest penalty of Rs 116.269mn in procedural violations in the areas of CDD/KYC, General Banking Operations &amp; Asset Quality. Albaraka Bank Albaraka Bank (Pakistan) Ltd was imposed [&hellip;]
- [How to become active tax filer in FBR](https://tax.net.pk/2020/11/02/how-to-become-active-tax-filer-in-fbr/): How to Become Active Tax filler in FBR Active Taxpayer List (ATL) How to&nbsp;include name in ATL How to&nbsp;Check Active Taxpayer Status Active Taxpayer benefits What is Active Taxpayer List (ATL) Active taxpayer list is a record of taxpayers who have submitted their tax returns of previous years. It’s updated on the basis of previous years submission of tax returns. The active taxpayers list updates every Monday on FBR’s portal. You can check online on FBR’s website after submission of tax return of previous year. If last date for submission of tax return of previous year ended then penalty will have [&hellip;]
- [Government reduced Petrol prices](https://tax.net.pk/2020/10/31/government-reduced-petrol-prices/): New Petrol Price During the first 15 days of next month, the federal government reduced the price of petrol by Rs 1.57 per liter. According to the details, the price of petrol reduced by Rs 1.57 per liter for the first fortnight of next month. After which the new price of petrol gone up to Rs 102.40 per liter. New Diesel Price According to a statement issued by the Finance Ministry, the price of diesel reduced by 84 paise per liter, after which the new price of diesel reached to Rs 103.22 per liter. No change in prices However, current prices [&hellip;]
- [Vehicles tax rates for tax year 2021](https://tax.net.pk/2020/10/31/vehicles-tax-rates-for-tax-year-2021/): Amendments through Finance Act, 2020 Federal Board of Revenue (FBR) updated rate of income tax on vehicles used for both passenger and goods transportation for tax year 2021 (July 01, 2020 to June 30, 2021). The FBR issued Income Tax Ordinance, 2001 (Updated up to June 30, 2020) after incorporating amendments brought through Finance Act, 2020. The FBR updated rate of income tax on motor vehicles under Section 234 of Income Tax Ordinance, 2001: Rates of Income Tax Under Section 234 Rates of collection of tax under section 234,— (1) In case of goods transport vehicles, tax of two rupees and [&hellip;]
- [Foreign income tax: FBR launched investigation against Fawad Khan](https://tax.net.pk/2020/10/30/foreign-income-tax-fbr-launched-investigation-against-fawad-khan/): Foreign income tax: FBR launched investigation against Fawad Khan. Federal Board of Revenue (FBR) launched an inquiry against famous Pakistani actor Fawad Khan regarding tax on foreign income.  FBR asked through a letter to Federal Investigation Agency (FIA) for the details of actor’s five-year travel record.  Fawad Khan declared his foreign income as one crore and 17 lac dollars in 2019.  FBR also initiated audit of Fawad khan&#8217;s income for the tax year 2017. FBR also inquired about information regarding his other sources of income and assets. (Source)
- [FBR sealed Jazz head office for non-payment of taxes](https://tax.net.pk/2020/10/29/fbr-sealed-jazz-head-office-for-non-payment-of-taxes/): The Federal Board of Revenue (FBR) sealed head office of Jazz a telecommunication company, in Islamabad. For non-payment of taxes amounted over Rs 25 billion. FBR issued an order against Jazz, of Income Tax involved amounted to Rs 25,393,653,480. Ahmad Shakeel Babar Deputy Commissioner Inland Revenue exercised the power under Section 138 of the Income Tax Ordinance, 2001 read with section 48 of the sales tax act 1990. “We have received a notice from FBR this afternoon. Jazz has made tax submissions based on legal interpretations of the tax owed. We will review and take measures under our legal obligations and [&hellip;]
- [PTI government considering another tax amnesty scheme](https://tax.net.pk/2020/10/28/pti-government-considering-another-tax-amnesty-scheme-on-foreign-currency/): Amnesty Scheme on foreign currency The PTI government is considering another amnesty scheme. It will be third in two years. On black foreign currency held by Pakistani nationals. Financial Action Task Force (FATF) and the International Monetary Fund (IMF) are barriers to the implementation of amnesty scheme. Prime Minister Imran Khan giving third opportunity to whiten black money. New scheme is the idea of State Bank of Pakistan (SBP) Governor Dr Reza Baqir. Tax amnesty scheme mechanism Government will not ask about the source of buying US dollars from Pakistani nationals. Tax exemptions will also be available in tax amnesty scheme [&hellip;]
- [FATF awarded another lifeline to Pakistan](https://tax.net.pk/2020/10/24/fatf-awarded-another-lifeline-to-pakistan/): The Financial Action Task Force (FATF) on Friday gave yet another lifeline to Pakistan. Decided to retain the country in its grey list for four more months. Pakistan avoided again to be placed in blacklist. Previously, Pakistan must have to fully implement its 27-point action plan till June 2020 deadline. Currently, Pakistan has made significant progress on 21 points of the plan. The FATF strongly urged Pakistan to swiftly fulfill its complete action plan by February 2021”. In June 2018, Pakistan included among the 16 other countries under increased monitoring. Due to deficiencies in their anti-money laundering (AML) and combating financing [&hellip;]
- [Banking mohtasib receives complaints against banks](https://tax.net.pk/2020/10/23/banking-mohtasib-receives-complaints-against-banks/): The Banking Mohtasib (Ombudsman) Pakistan received 14,587 complaints against banks for the year ended December 31, 2019. The annual report of Banking Mohtasib Pakistan received the following no of complaints: S. No. Bank Total 01 Albaraka Bank (Pakistan) Limited 56 02 Allied Bank Limited 586 03 Askari Bank Limited 227 04 Bank Al Habib Limited 118 05 Bank Alfalah Limited 764 06 Bank Islami Pakistan Limited 110 07 Citibank 3 08 Dubai Islamic Bank Pakistan Limited 101 09 Faysal Bank Limited 477 10 First Women Bank Limited 12 11 Habib Bank Limited 2511 12 Habib Metropolitan Bank Limited 68 13 JS [&hellip;]
- [FATF takes up Pakistan case tomorrow](https://tax.net.pk/2020/10/22/fatf-takes-up-pakistan-case-tomorrow/): With compliance of 21 points out of 27 action plan placed to combat money laundering and terror financing. The FATF’s meeting started in Paris on Wednesday. The FATF meeting will decide fate of Pakistan either to keep it on grey list for another extended period or to remove it from the grey list. Financial Action Task Force (FATF) started its three-day meeting on Wednesday in Paris and Pakistan’s case will be taken up on the last day of the meeting on Friday. Pakistan found largely compliant on 14 points out of total 27. Pakistan placed in grey list in June 2018. [&hellip;]
- [Govt increases wheat support price by over 14%](https://tax.net.pk/2020/10/22/govt-increases-wheat-support-price-by-over-14/): The federal government increased the minimum wheat procurement price by 14.3% to Rs1,600 per 40 Kg. To give subsidy on fertilisers aimed at increasing farmers’ income. The decision taken during a subcommittee meeting of the Economic Coordination Committee (ECC). The subcommittee comprised 10 members. Decided to increase the minimum wheat support price from Rs1,400 to Rs1,600 per kg. An increase of Rs200 or 14.3%. The rates are for next wheat crop but it will set the trend in the market. Decided in the meeting that Rs1,000 subsidy would be given on a di-ammonium phosphate (DAP) fertiliser bag. Asad Umar moved the [&hellip;]
- [How to register a construction company in Pakistan](https://tax.net.pk/2020/10/16/how-to-register-a-construction-company-in-pakistan/): Steps for registration of a construction company in Pakistan. While registering a construction company in Pakistan, the process can be divided in to following parts, Registration of a Company (Private / Public) with Securities and Exchange Commission of Pakistan (SECP). NTN Registration with the Federal Board of Revenue (FBR). Registration with the Pakistan Engineering Council (PEC). Types of businesses on the basis of legal structure There are three types of businesses on the basis of legal structure, Sole Proprietorship business Partnership business Private / Public Limited Company In case of sole proprietorship business you have to register business name in the [&hellip;]
- [IMF reports stagflation in Pakistan](https://tax.net.pk/2020/10/15/imf-reports-stagflation-in-pakistan/): Pakistan’s economy may grow by 1%, inflation may cross above 10%. Unemployment going to increase by the end of this fiscal year. Facts speculated in the World Economic Outlook (WEO) report that the International Monetary Fund (IMF) published on Tuesday. The WEO report 2020 this year is titled “a long and difficult ascent”. Which described the adverse effects of the Great Lock down. Pakistan’s economy, in the last fiscal year contracted by 0.4%. Now projected to grow by 1% in this fiscal year 2020-21. The 1% growth rate is less than half of the official target of 2.1%. The IMF estimated [&hellip;]
- [Free use of foreign currency account outside Pakistan stopped by government](https://tax.net.pk/2020/10/12/free-use-of-foreign-currency-account-outside-pakistan-stopped-by-government/): In an effort to document economy, dismantle manipulations of foreign currency markets and money laundering, the Federal Government has notified Foreign Currency Accounts Rules, 2020 w.e.f. 9th October 2020. Another condition of the Financial Action Task Force (FATF) fulfilled by the PTI government. Free use of foreign currency account outside Pakistan stopped by the government. Suspicions foreign currency accounts found involved in money laundering. According to the details, the strict condition of the Financial Action Task Force (FATF) fulfilled, the Ministry of Finance and the State Bank of Pakistan issued a new notification. CONDITIONS IMPOSED According to the notification issued, it [&hellip;]
- [FBR upgrades FASTER to FASTER PLUS system for issuance of Refunds](https://tax.net.pk/2020/10/05/fbr-upgrades-faster-to-faster-plus-system-for-issuance-of-refunds/): STARR system FBR’s automation process of refund of Sales Tax started in 2002. Through introduction of STARR system a semi-automated system. Refund claimants would file refund claims through Refund Claims Preparatory System (RCPS). Data of refunds taken to field offices on CDs where the refund claims sanctioned at field level. ERS System In the year 2011, ERS introduced for processing of refund claims of manufacturers-cum-exporters. Online applications may be submitted for refund claims. STARR system continued for processing of refund claims for other sectors. FASTER system After the rollback of zero rating, FASTER introduced with effect from July, 2019 for processing [&hellip;]
- [Taxation of gifts in Pakistan](https://tax.net.pk/2020/10/03/taxation-of-gifts-in-pakistan/): When Gifts Treated as Income ? The FBR will consider provision of gift from closed blood relations. If received through cross cheque or banking channel. Otherwise it will add in income chargeable to tax. The FBR has also empowered Commissioners to freeze any domestic assets of a person involved in offshore tax evasion. About taxation on gift, under Section 39 of Income Tax Ordinance 2001. If cash gift received from relatives including grandparents, parents, spouse, brother, sister, son or a daughter but the same not received through cross-cheque or banking channel, the amount of gift will still add in income chargeable to tax under [&hellip;]
- [Persons required to get sales tax registration with FBR](https://tax.net.pk/2020/10/02/persons-required-to-get-sales-tax-registration-with-fbr/): According to section 14 of the Sales Tax Act, 1990, every person who is involved in supplying of &#8220;taxable supplies&#8221; in Pakistan are required to get sales tax registration. Such persons also include suppliers of zero rates goods. Taxable supplies According to sub-section (41) of section 2, “taxable supply” means a supply of taxable goods made by, [by an importer, manufacturer, wholesaler (including dealer), distributoror retailer] Other than a supply of goods which is exempt under section 13. Also includes a supply of goods chargeable to tax at the rate of zero percent under section 4 Persons required to get sales [&hellip;]
- [FBR issued valuation for sale of used cars for purpose of collecting sales tax.](https://tax.net.pk/2020/10/01/fbr-issued-valuation-for-sale-of-used-cars-for-purpose-of-collecting-sales-tax/): Federal Board of Revenue (FBR) issued valuation for sale of used cars for purpose of collecting sales tax. Amendment of Sales Tax Rules, 2006 The FBR issued SRO 93(I)/2020 to amend Sales Tax Rules, 2006. The FBR issued the rules to implement to the law introduced through Finance Act, 2020 to determine the valuation of used cars. FBR inserted Rule 164A to the Sales Tax Rules, 2006, which stated: “164A. Supply of used vehicles. (1) Where a registered person is engaged in the business of purchasing and selling used vehicles from general public on which sales tax had already been paid [&hellip;]
- [FBR Extended Last Date For Filling Of Income Tax Returns Of Tax Year 2020](https://tax.net.pk/2020/09/30/fbr-extended-last-date-for-filling-of-income-tax-returns-of-tax-year-2020/): Federal Board of Revenue (FBR) extended last date for submission of annual income tax returns up to December 08, 2020. The last date for submission of tax return was 30th September 2020. The FBR issued notification of extension via Circular No. 04 of 2020 to extend the last date of filing / submission of annual income tax returns for the tax year 2020. The individuals and association of persons who required to file their income tax returns/statements of final taxation for the tax year 2020 due on September 30, 2020, but failed to file their income tax returns / statements, now [&hellip;]
- [Increase of tax on profit on debt for the persons other than companies](https://tax.net.pk/2020/09/29/increase-of-tax-on-profit-on-debt-for-the-persons-other-than-companies/): Previously, upto tax year 2019, the persons (mentioned in clauses a to d of sub section (1) of section 151) other than the companies were liable to tax on profit on debt at the rates from 10% to 15% under final tax regime (tax rates given in division IIIA of part 1 of the first schedule). Enhancement of Tax Rates Now from tax year 2020 (Finance Act 2019) the increased rates are as follows: Where profit on debt does not exceed Rs 5 million (Old Rate: 10% New Rate: 15% ) Where profit on debt exceed Rs 5 million does not [&hellip;]
- [Banks agreed to provide data to FBR regarding withdrawals, deposits, credit card payments and loan](https://tax.net.pk/2020/09/29/banks-agreed-to-provide-data-to-fbr-regarding-withdrawals-deposits-credit-card-payments-and-loan/): The Federal Board of Revenue (FBR) and the Pakistan Banks Association (PBA) have finally reached an agreement on the implementation of Sections 165 and 165A of the Income Tax Ordinance 2001. The two institutions have agreed to provide information to the FBR under Section 165 and Section 165A regarding withdrawals, deposits, credit card payments and loan profits through IT solutions developed by the IT team of FBR. This technical solution will connect the banks through which the banks will immediately share the relevant and required information with the FBR.  Banks have agreed to exchange information with the FBR from September 18, 2020. [&hellip;]
- [Ministry of commerce announced the import policy of new and used cars under Import Policy Order, 2020](https://tax.net.pk/2020/09/27/ministry-of-commerce-announced-the-import-policy-of-new-and-used-cars-under-import-policy-order-2020/): Ministry of commerce announced the import policy of new and used cars under Import Policy Order, 2020. Import Policy Order 2020 The ministry issued SRO 902(I)/2020 dated September 25, 2020. Notified the Import Policy Order, 2020 and explained the policy to import motor vehicles. The Import Policy Order 2020 described the conditions for import of vehicles. Under the personal baggage, transfer of residence and gift scheme. Eligibility (1) Subject to the conditions stipulated here-under Pakistan Nationals are eligible to import or gift a vehicle: Provided that, following are not eligible: Students receiving remittance from Pakistan. Non-earning members of families of the [&hellip;]
- [FBR sought suggestions from stakeholders on the TOR](https://tax.net.pk/2020/09/26/fbr-sought-suggestions-from-stakeholders-on-the-tor/): Mr Abid Shaban the Chairman of Technical Committee of Federal Board of Revenue (FBR), aimed to create a taxpayer friendly environment. He invited suggestions for improving various functions of the tax machinery. Chairman technical committee of FBR sought suggestions from stakeholders on the terms of references (TORs). The TOR of the technical committee are: (i) Identify distortion, anomalies and inequalities in the taxation system which cause difficulties for taxpayers, or which discourage investment, industrialization and documentation, and propose solutions. (ii) Propose measures to reduce the dependence on withholding taxes, minimum tax, advance tax etc. (iii) Propose measures for simplification of all [&hellip;]
- [Tax returns from Karachi city low-income areas surprisingly on top](https://tax.net.pk/2020/09/25/tax-returns-from-karachi-city-low-income-areas-surprisingly-on-top/):   Karachi&#8217;s wholesale and retail markets, which meet the needs of low-income and middle-class areas of city, regularly submitting their due taxes in accordance with their incomes. Tax Compliance in Posh areas In comparison, tax collection from big commercial markets and food streets of Karachi. Situated in the city&#8217;s posh areas like Clifton Block 5, have been exceptionally low. Surprisingly, only four businessmen filed their returns, paying a total of Rs175 in taxes in 2018.     Tax Compliance in Low income areas 807 vendors from Karachi&#8217;s famous Burns Road Food Street paid more than Rs111.3 million in taxes. Karachi&#8217;s Lalukhet [&hellip;]
- [FBR introduced income tax return form in Urdu language](https://tax.net.pk/2020/09/24/fbr-introduced-income-tax-return-form-in-urdu-language/): Federal Board of Revenue (FBR) has introduced income tax return form in Urdu language. In order to facilitate taxpayers, a FBR spokesman said on Wednesday. The spokesman said that on the vision of the Prime Minister to facilitate taxpayers. On the directives of Advisor to Prime Minister on Finance and Revenue. The FBR had introduced income tax return forms in the national language. The FBR introduced tax return forms in a wizard view for salaried persons. A simplified one-page tax return and one-page wealth statement issued in Urdu language. These return forms in Urdu language are available on the IRIS portal, [&hellip;]
- [Pakistan's current account balance again remains in surplus](https://tax.net.pk/2020/09/24/pakistans-current-account-balance-again-remains-in-surplus/):   Pakistan’s current account balance continued to remain in surplus for the second consecutive month. At $297 million in August as inflows of foreign currencies were higher than outflows. According to central bank data released on Wednesday. “The surplus is in line with market expectations. It achieved for the second successive month after a gap of nine years. Last time, it had happened in March-April 2011,”. SURPLUS REASONS   The surplus balance, however, came at the cost of economic growth. As the country’s imports and exports both remained sluggish. Mainly due to depressed demand for goods and services in the domestic [&hellip;]
- [FBR issued order of Rs 35m tax penalty on Justice Isa’s wife](https://tax.net.pk/2020/09/19/fbr-issued-order-of-rs-35m-tax-penalty-on-justice-isas-wife/): The Federal Board of Revenue (FBR) issued order of Rs 35million tax penalty on Sarina Isa, the wife of Justice Qazi Faez Isa. Commissioner Inland Revenue and International Taxes Zone Zulfiqar Ahmed on September 14 issued a 164-page order, stating that Sarina Isa has a tax liability of Rs35 million on account of her foreign assets. A 10-judge SC bench on June 19 in a reference claimed that Justice Isa committed misconduct by not disclosing his family member’s UK properties in his wealth statement. In court order, the bench, however, asked the FBR to launch a n inquiry into the foreign [&hellip;]
- [FBR decided to introduce an automated system of online filing of tax appeals](https://tax.net.pk/2020/09/12/fbr-decided-to-introduce-an-automated-system-of-online-filing-of-tax-appeals/): The Federal Board of Revenue has decided to introduce an automated system of electronic filing of appeals. This system will enable to taxpayers to file there appeal matters with Commissioner appeals online. It is an another step towards the elimination of corruption by removing personal interactions with authorities. The announcement was made in a meeting with the applicants through a webinar session. The FBR Commissioner&#8217;s IR Appeals Office is in the final stages of automation. Under this automated system, taxpayers can file an appeal against the decisions of the tax authorities on the Iris Portal through electronic filing. This automated system [&hellip;]
- [FBR allowed adjustability of property expenses against income from rent on property for all individuals and AOP's](https://tax.net.pk/2020/09/10/fbr-allowed-adjustability-of-property-expenses-against-income-from-rent-on-property-for-all-individuals-and-aops/): FBR issued circular no. 03 of 2020, dated 3rd September, 2020. Whereby, FBR allowed adjustability of property expenses against income from rent on property for all individuals and AOP&#8217;s Amendment in Finance Act, 2016 In prior years, through Finance Act, 2016 adjustment of property related expenses was only available in the case of companies. Not available in the cases of individuals and Association of Persons (AOPs&#8217;). Dual tax treatments introduced by FBR in case of rental income from property. In case of individuals &amp; AOPs&#8217; rental income was under final tax regime. However, rental income of companies was under normal tax [&hellip;]
- [FBR increased the limit of turnover for withholding agents](https://tax.net.pk/2020/09/05/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 day earlier issued by FBR. Through amendment in Income Tax Ordinance, 2001 via Finance Act, 2020. Through amendment in finance act, from July 01, 2020, limit of turnover for an individual or an AOP for a withholding agent in terms of sub-section (7) of section 153 of the Ordinance increased from “Rs.50 million and above” to “Rs.100 million and above” in the previous tax year. Amendment [&hellip;]
- [Which countries tax their citizens the most?](https://tax.net.pk/2020/09/03/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 taxes are higher in the Nordic countries. The highest taxes being in Denmark, Finland, and Iceland with respectively, 55.89, 53.75 and 46.24 percent. Wealthier countries charge the most of the taxes to the richer segments of the society. Countries such as Austria, the Netherlands and Belgium apply a similar model. On the other side, some countries do not have income taxes at all. For example these [&hellip;]
- [FBR issued list of business sectors for mandatory income tax integration](https://tax.net.pk/2020/09/03/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 in eight cities of country. These include Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, Multan, Peshawar and Gujranwala. Purpose is to share details of transactions in real time. The following business sector include for such purpose: a. Restaurants. b. hotels, motels, guest houses, marriage halls, marquees, clubs (also race clubs); c. inter-city travel by road; d. courier &amp; cargo services; e. beauty parlors, clinics and slimming clinics, body [&hellip;]
- [Tax relief proposed for telecom sector](https://tax.net.pk/2020/08/28/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 the matter in detail and it&#8217;s impact on the tax system of Pakistan. Committee comprises ministers for industries, IT &amp; telecommunication, Chairman Federal Board of Revenue (FBR) and secretary of IT ministry. Currently, telecom sector is paying 12.5% advance income tax and 17% federal excise duty on telecom services. ECC proposed that abolish 12.5% advance income tax and tax relief in federal excise duty from 17% [&hellip;]
- [FBR tax offices renamed](https://tax.net.pk/2020/08/25/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&#8217;s field offices of three major cities. The new names of FBR tax offices will take effect from September 01, 2020. a)- Large Taxpayers Unit (LTU) Karachi, Lahore and Islamabad renamed as Large Taxpayers Office (LTO) Karachi, Lahore and Islamabad. b)- LTU-II Karachi renamed as Medium Taxpayers Unit (MTU) Karachi. c)- Corporate Regional Tax Office (CRTO) Karachi and Lahore renamed as CTO Karachi and Lahore. d)- Regional Tax Office (RTO)-II Karachi renamed as RTO-I Karachi e)- RTO-III Karachi renamed as [&hellip;]
- [No more withholding tax on educational fees](https://tax.net.pk/2020/08/23/no-more-withholding-tax-on-educational-fees-if-taxpayer-is-active-filer/): 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 Section 236I of Income Tax Ordinance, 2001. Educational institute shall collect withholding tax / advance tax while preparation of fee challan. Such advance tax shall be payable by the students&#8217;s parents or guardian at the time of payment of fees. Tax paid under this section is adjustable tax for the parents or guardian against payable tax liability. Fee includes tuition fee &amp; all charges received by [&hellip;]
- [Changes in rates of withholding tax on sales to retailers, wholesalers, distributors](https://tax.net.pk/2020/08/22/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. Under section 236G Under section 236G of the Income Tax Ordinance 2001. Every manufacture or commercial importer of electronics sugar, cement, iron and steel products, fertilizers, motorcycles, pesticides, cigarettes glass, textile, beverages, paint or foam sector shall collect/deduct withholding tax from distributor, wholesaler and dealer at the time of sale. Deduction of advance tax from wholesaler, distributor and dealers will be at the time of sales. [&hellip;]
- [Tax year 2020 draft return forms issued by FBR](https://tax.net.pk/2020/08/21/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 date of issuance of the draft forms. The draft forms filing annual income tax returns electronically by salaried persons, business individuals, association of persons (AOPs) and companies. These draft forms once approved by the FBR will be available for taxpayers for submission of there tax returns for the tax year 2020. Last date for submission of tax returns is 30th September 2020. Click Here To Download [&hellip;]
- [FBR warns retail stores to register with point of sale (POS) System to avoid heavy fines](https://tax.net.pk/2020/08/19/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 to prepare monthly sales tax returns without much inconvenience. When the POS Invoicing System downloads, it will print a barcode on every customer receipt generated by the FBR&#8217;s point of sale system. Afterwards, the invoice data will upload on the FBR’s servers forthwith on a regular basis. FBR warns major retailers to connect to point of sale system (POS) of FBR by August 31. All major [&hellip;]
- [FBR implemented new tax regime for imported Items](https://tax.net.pk/2020/08/12/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 issued SRO 715 (I) / 2020 for the implementation of new rates of taxes on the import of goods. The new 12th Schedule 2020 introduced by the Finance Act. To rationalize the tax on imports by shifting the rates from person specific rates to the goods specific rates. Such as 1% on capital goods. 2% for raw materials. 5.5% for manufactured goods (Finished Items) regardless as [&hellip;]
- [Pakistani exporters trying to capture Chinese meat market](https://tax.net.pk/2020/08/12/pakistani-exporters-trying-to-capture-chinese-meat-market/): The Pak-China Joint Chamber of Commerce and Industry (PCJCCI) suggested. That Pakistani exporters establish closer ties with Chinese enterprises to explore the Chinese meat market. While addressing the Pak-China Think Tank meeting. PCJCCI President Zark Khan said, &#8220;After the outbreak of Covid-19, the demand for meat increased rapidly in china, as the country moving towards halal food than their traditional foods.&#8221; He said that Chinese farmers are not able to meet the demand for meat in the country. As very little of the Chinese land is available for livestock. &#8220;As a result, China is running out of three basic necessities: land, [&hellip;]
- [Amazon enters Pakistan for web services](https://tax.net.pk/2020/08/12/amazon-enters-pakistan-for-web-services/):   After registering a local office called Amazon Data Services Pakistan (Pvt) Ltd., Amazon is forming a team for Amazon Web Services (AWS) in Pakistan to adopt cloud computing. The move comes two weeks after the technology company disrupted worldwide. Completely affecting parts of the United States and Pakistan. According to the SECP database, the Pakistan office headed by Paul Andrew McPherson. The CEO is accompanied by Shoaib Munir. Speaking on condition of anonymity. An Amazon spokesman said the technology leader currently looking for a public policy expert for Pakistan. Who instructed to adopt the AWS cloud computing solution. In the [&hellip;]
- [The Pakistan Stock Brokers Association is now formally operational](https://tax.net.pk/2020/08/12/the-pakistan-stock-brokers-association-is-now-formally-operational/):   KARACHI: The Pakistan Stock Brokers Association (PSBA) on Wednesday announced. That it completed all legal formalities to become operational. As per the law applicable to trade associations. The Securities and Exchange Commission of Pakistan (SECP) incorporated the association. As required under the Trade Organization Rules 2013. After the license of the Ministry of Commerce. The PSBA held its second meeting under the chairmanship of Aqeel Karim Dhedi. In the presence of the members of the Executive Committee. Includes Azeem Balwani, Hamad Nazir Kehar, Mohammad Adil Ghaffar, Mohammad Afzal, Mohammad Munir Khanani, Noman Abdul Majeed Adam, Yasir Mahmood and Zahid Latif. [&hellip;]
- [Late Return Filers Can Join ATL After Payment of Surcharge](https://tax.net.pk/2021/03/03/late-return-filers-can-join-atl-after-payment-of-surcharge/): The Federal Board of Revenue (FBR) uploaded the List of Active Taxpayers (ATL) for the tax year 2020 on March 1, 2021. Active Taxpayer List (ATL) is available on FBR&#8217;s official website. The number of income tax returns for the tax year 2020 reached 2.62 million on February 28, 2021, compared to 2.43 million for the tax year 2019 as on January 28, 2020. The tax paid along with return for the Tax Year 2020 is 49.6 billion which is 60% higher than the tax paid with the return for the year 2019 as of February 28, 2020. The FBR further [&hellip;]
- [Sales Tax Amendment: FBR to recover arrears through bank account attachment](https://tax.net.pk/2021/03/02/sales-tax-amendment-fbr-to-recover-arrears-through-bank-account-attachment/): The Federal Board of Revenue (FBR) would recover sales tax arrears through attachment of bank account, notification issued by the Federal Board of Revenue (FBR). 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 mutandis, apply to chapter XI of the Sales Tax Rules 2006, for the purpose of recovery of sales tax arrears from the taxpayers through attachment of the bank account. Such amendment made in exercise of the powers conferred by sub-section (1) of section 4 [&hellip;]
- [Number of active taxpayers dropped by 30%](https://tax.net.pk/2021/03/02/number-of-active-taxpayers-dropped-by-30/): In a worrying development, the number of active taxpayers has dropped by 30% or 935,000 to just 2.2 million, the fact revealed in Federal Board of Revenue (FBR) list of active taxpayers released on Monday. 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 that two out of every three people who have a valid NTN and are doing business have not submitted their annual income tax returns for the Tax Year 2020. For the tax year 2020, [&hellip;]
- [China-Pakistan Economic Corridor project: Chapter added by FBR in the customs law](https://tax.net.pk/2021/03/01/china-pakistan-economic-corridor-project-chapter-added-by-fbr-in-the-customs-law/): The Federal Board of Revenue (FBR) on Friday introduced the China-Pakistan Economic Corridor (CPEC) chapter in the Customs Law to provide investors with tax incentives and exemptions under CPEC projects. 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, CPEC Customs Rules 2001, has been introduced through SRO 264 (I) / 2021, which was released here on Friday. According to the Gwadar Tax Free Zone Rules, 2021 issued here on Friday, the investor will file the declaration of [&hellip;]
- [FTO orders violated by FBR officials](https://tax.net.pk/2021/03/01/fto-orders-violated-by-fbr-officials/): The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to &#8220;direct all staff to respond to taxpayers&#8217; letters within 10 days as soon as possible,&#8221; Pakistani taxpayer&#8217;s rights An order in favor of Pakistani taxpayer&#8217;s rights. Where it has been violated by most tax employees, including senior officials under the Federal Tax Ombudsmen (FTO) Ordinance, 2000, According to Business Recorder report in this regard, the Registrar FTO has been contacted by a tax lawyer Waheed Shehzad Butt that the legal position in his original letter and spirit needs to be strictly enforced. And non-compliance requires strict legal [&hellip;]
- [Indus Motor Company hits profits of over 200%](https://tax.net.pk/2021/02/28/indus-motor-company-hits-profits-of-over-200/): Due to rapid growth in net sales and other revenue, the profit of Indus Motor Company increased over 200% to Rs. 2.96 billion in the quarter ended December 31, 2020. According to a notice sent to the Pakistan Stock Exchange on Friday, the car maker had made a profit of Rs 985.8 million in the same period last year. Earnings per share of the company for October to December 2020 stood at Rs. 37.60 which was Rs. 12.54 in the same quarter of 2019. Along with the results, the company declared the share for the first half of the financial year [&hellip;]
- [FBR Will publish Active Taxpayers List Today for Tax Year 2020](https://tax.net.pk/2021/02/28/fbr-will-publish-active-taxpayers-list-today-for-tax-year-2020/): Federal Board of Revenue will publish the List of Active Taxpayers for the tax year 2020 on March 1, 2021. This list will publish in accordance with the provisions of Rule 81B of the Income Tax Rules, 2002. The FBR&#8217;s ATL currently link to the 2019 tax returns, FBR said. It said, &#8220;ATL is a central record of online income tax return filers for the previous tax year. FBR publishes it on every March 1 each year. It remains valid until the last day of February of the next financial year. According to the tax laws of Pakistan, people in ATL [&hellip;]
- [My Refund in IRS](https://tax.net.pk/2021/02/28/my-refund-in-irs/): How to Check My Refund Status in IRS For the purpose of checking My Refund Status in IRS in United States of America you can use the Where&#8217;s My Refund tool. You can also use for status of My Refund checking in IRS via mobile application of IRS2Go mobile. Where you can check your status of IRS My Refund online. This is the fastest and easiest way to track your refund. This online system for checking of My Refund Status with IRS is updated and uploaded with updated data after every 24 hours. You can call the IRS to check My Refund status. However, IRS [&hellip;]
- [Largest number of new cars expected in a year in 2021](https://tax.net.pk/2021/02/27/largest-number-of-new-cars-expected-in-a-year-in-2021/): Pakistan&#8217;s auto sector is on the path to a beautiful recovery as it will launch the largest number of new cars in a year in 2021. &#8220;This is the first time in Pakistan&#8217;s history that more than 15 new cars have been launched across the country in a single year,&#8221; said Arsalan Hanif, an analyst at Arif Habib Limited, in a comment to the Express Tribune on Tuesday. &#8220;We expect the auto sector to perform better this year for a number of reasons.&#8221; Upcoming Cars in 2021 The list of new cars going to launch in January 2021, revealed that United [&hellip;]
- [Income Tax Returns Filing Reached at Top](https://tax.net.pk/2021/02/27/income-tax-returns-filing-reached-at-top/): According to the last weekly updated Active Taxpayers List (ATL) for the tax year 2019 released by the Federal Board of Revenue (FBR), the filing of annual income tax returns has so far stood at 3.11 million. The FBR updated the last weekly ATL for the tax year 2019 on February 22, 2021 and obtained a record number based on the returns filed by February 21, 2021. FBR is set to launch ATL for Tax Year 2020 on March 1, 2021. Therefore, more returns for the tax year 2019 can be filed by February 28, 2021. The FBR launches the ATL [&hellip;]
- [FATF maintains ‘grey’ status for Pakistan even after significant progress](https://tax.net.pk/2021/02/26/fatf-maintains-grey-status-for-pakistan-even-after-significant-progress/): The Financial Action Task Force (FATF) on Thursday placed Pakistan on its gray list despite acknowledging the country&#8217;s significant progress. A statement from the FATF stated that &#8220;As soon as all the deadlines of the Action Plan have expired, the FATF urges Pakistan to expedite its completion of the Action Plan by June 2021.&#8221; The FATF notes significant progress on the entire Action Plan. According to the note, &#8220;To date, Pakistan has made progress on all action plan items and has now addressed 24 of the 27 action items extensively,&#8221; according to the note. Since June 2018, when Pakistan has teamed [&hellip;]
- [The government will audit the Neelum-Jhelum surcharge collection](https://tax.net.pk/2021/02/26/the-government-will-audit-the-neelum-jhelum-surcharge-collection/): The government has decided to conduct an audit of Neelam Jhelum surcharge collections from power consumers through the Auditor General of Pakistan. The Water and Power Development Authority (WAPDA) was to collect the Neelum-Jhelum surcharge till the commencement of commercial operation of the Neelum-Jhelum hydropower project. The plant became operational in 2018, but WAPDA continued to receive surcharges. Now, the Pakistan Tehreek-e-Insaf (PTI) government has decided to audit the surcharge collection. It has also decided to abolish the surcharge from next month, which was collected from consumers at the rate of Rs .10 per unit for financing the hydropower project. However, [&hellip;]
- [ATL for tax year 2020 to be published on 1st March, 2021](https://tax.net.pk/2021/02/25/atl-for-tax-year-2020-to-be-published-on-1st-march-2021/): Federal Board of Revenue will issue a list of active tax payers for the tax year 2020 on March 1, 2021 under Rule 81B of the Income Tax Rules 2002. At present ATL based on the income tax returns filed for the tax year 2019. The active taxpayer list is the central online record of income tax return of filers for the previous tax year. The ATL is issued on March 1 of each financial year and is valid until the last date of February of the next financial year. Benefits of joining Active Taxpayer List There are many benefits to [&hellip;]
- [Exporters now need no sales tax zero rating: FBR](https://tax.net.pk/2021/02/24/exporters-now-need-no-sales-tax-zero-rating-fbr/): Dr. Muhammad Ashfaq, Member, Inland Revenue (Operations), FBR, said that the newly upgraded &#8216;Fully Automated Sales Tax E-Refund (Faster) Plus System&#8217; is so fast and transparent that exporters now need no sales tax zero rating. Addressing a meeting of Sialkot exporters organized by the Pakistan Readymade Garments Manufacturers and Exporters Association, he said that the FBR was paying a refund of Rs 200-250 billion to the exporters every month, as each exporter is included in the FASTER Plus system, which is performing very well and does not involve human hands. Dr Mohammad Ashfaq said the new system was giving exporters an [&hellip;]
- [Pakistan and China are eyeing collaboration in the gems and jewellery industry](https://tax.net.pk/2021/02/24/pakistan-and-china-are-eyeing-collaboration-in-the-gems-and-jewellery-industry/): Chinese Consul General to Pakistan and Chairman Pakistan Gems and Jewellery Development Company joined in collaboration in gems and Jewellery industry. A meeting was held between the Chinese Consul General to Pakistan and Chairman Pakistan Gems and Jewellery Development Company (PGJDC) in the port city on Monday to discuss the possibilities of collaboration and cooperation between Pakistan and China regarding the development of gems and jewellery Industry. According to a statement issued in this regard, Chairman Pakistan Gems and Jewellery Development Company (PGJDC) explained that a public sector organisation working on it. It&#8217;s working under the Federal Ministry of Industries and [&hellip;]
- [National Tax Council (NTC) lacks the constitutional Cover](https://tax.net.pk/2021/02/24/national-tax-council-ntc-lacks-the-constitutional-cover/): The National Tax Council (NTC) does not have the same constitutional coverage as the General Sales Tax (GST) Council in India. Therefore, the status of the NTC is no more than a forum for discussion. According to provincial tax administration, the first target set for the National Tax Council (NTC) was an agreement on a common definition of &#8220;goods&#8221; and &#8220;services&#8221;. He added that if the formation of the council has been challenged in a court of law, no one has a definite idea of ​​the final fate of the whole affair. According to Business Recorder report, the NTC is modeled [&hellip;]
- [Senior Chartered Accountant Rana Muhammad Anwar Khan Passed Away](https://tax.net.pk/2021/02/22/senior-chartered-accountant-rana-muhammad-anwar-khan-passed-away/): With profound grief, it is intimated that Rana Muhammad Anwar Khan, a renowned and Senior Chartered Accountant of Pakistan (FCA) and ex-senior partner Tariq Ayub, Anwar &amp; Co Chartered Accountants, has passed away today. He was a very senior member of Institute of Chartered Accountants of Pakistan (ICAP). Rana Muhammad Anwar FCA served in his profession of chartered accountancy for more than 60 years. He was one of the founding members of Institute of Chartered Accountants of Pakistan. He will be always remembered in the field of tax consultation in Pakistan. Especially, his efforts to strengthen the Federal Board of Revenue [&hellip;]
- [FBR will launch a track and trace system by July 2021](https://tax.net.pk/2021/02/21/fbr-will-launch-a-track-and-trace-system-by-july-2021/): Federal Board of Revenue (FBR) officials say the track and trace system will be implemented in July 2021. It will help to increase revenue collection in the country. Addressing the Senate Standing Committee on Finance, Revenue and Excise on Monday. He told committee chairman Senator Farooq Hamid Naik that the scope of the track and trace system will to extend to industries such as sugar, cement and fertilizer. He said that this system would also monitor the beverage industry. It help in resolving the issue of under-invoicing as well as expanding the tax base. The committee informed that the FBR started [&hellip;]
- [SBP made it mandatory for all banks to issue Europay MasterCard Visa (EMV) cards](https://tax.net.pk/2021/02/20/sbp-made-it-mandatory-for-all-banks-to-issue-europay-mastercard-visa-emv-cards/): On Friday, the State Bank of Pakistan made it mandatory for all banks to issue new payment cards based on the latest SBP made it mandatory for all banks to issue Europay MasterCard Visa (EMV) cards technology by June 30, 2021. Cards will be activated in advance so customers can pay from the first day of issue. Earlier, cardholders needed to activate them through phone banking or ATM. In addition, merchants at Point of Sale (POS) will not be required to enter PIN codes to pay up to Rs 3,000 for online shopping with the new cards. Banks can reset the [&hellip;]
- [FBR fired the officer for dishonesty](https://tax.net.pk/2021/02/20/fbr-fired-the-officer-for-dishonesty/): The Federal Board of Revenue (FBR) has finally fired an officer from the civil service on charges of &#8220;inefficiency and misconduct&#8221;, which will help to resolve the more than 100 pending cases. The FBR&#8216;s dismissal orders said, &#8220;The competent authority, after considering all the aspects and matters related to this case, has decided to impose a heavy dismissal sentence on Dr. Sajid Hussain Arain.&#8221; Dr Sajid Hussain Arain Dr Sajid Hussain Arain, was a Grade 19 officer in the Inland Revenue Service and has been fired more than once in the past for integrity issues. He was last posted as Chief [&hellip;]
- [Pakistan made progress on all 27 points in FATF Action Plan](https://tax.net.pk/2021/02/18/pakistan-made-progress-on-all-27-points-in-fatf-action-plan/): Pakistan has made progress on all the 27 benchmarks laid down in Financial Action Task Force (FATF) Action Plan and sent its compliance report to FATF near end January. This was claimed by government sources who added that they are hopeful that Pakistan would be out of the Grey List following the upcoming meeting of global terror financing watchdog. FATF would review Pakistan’s progress on the Action Plan in its three-day meeting being held on February 22, February 24 and February 25. Three main concerns of FATF notably terror financing, money laundering and activities of proscribed outfits have been addressed, the [&hellip;]
- [Additional Taxes of 700 billion expected In Upcoming Budget under IMF Deal](https://tax.net.pk/2021/02/18/additional-taxes-of-700-billion-expected-in-upcoming-budget-under-imf-deal/): Under the International Monetary Fund (IMF) agreement, Pakistan will raise additional revenue of 1.4% of its economy size or more than Rs. 700 billion to achieve its tax collection target in the next financial year. Sources in the finance ministry told the Express Tribune that the increase in revenue would include the burden of income tax on business people and the corporate sector. The salaried class, especially those in the higher income regions, will have to suffer more in the next financial year. He added, &#8220;From July this year, the government will also recover about Rs. 360 billion or .7% of [&hellip;]
- [Individual Tax Returns System in United Kingdom](https://tax.net.pk/2021/02/17/individual-tax-returns-system-in-united-kingdom/): The UK has a self-assessment (SA) tax system. As part of this system, most UK taxpayers adjust their tax liability entirely through tax deductions at the source on earnings and savings and do not need to declare any further. However, one-third of taxpayers are required to complete a tax return, which will be annually declared with the HMRC. Married couples and those living in civil partnerships taxed on their own and are responsible for their own affairs and each files their own return. Tax returns last date for submission is January 31 after the end of the tax year, and payment [&hellip;]
- [Govt continuously reduced taxes on petrol Price for the last three months](https://tax.net.pk/2021/02/16/govt-continuously-reduced-taxes-on-petrol-price-for-the-last-three-months/): The government is now levying tax of Rs 34 per liter on petrol prices. The government has been continuously reducing taxes on petrol for the last three months since December 1, 2020. The federal government kept the price of petrol stable for the people by reducing the tax rate on petrol. The government has kept the price of petrol stable for the next fortnight up to 28th February, 2021 by reducing the tax on petrol to provide relief to the people. On February 1, the tax rate on petrol was 33% and now it reduced to 31%. The tax collection per [&hellip;]
- [SBP setting up one window portal for Apna Ghar Scheme](https://tax.net.pk/2021/02/15/sbp-setting-up-one-window-portal-for-apna-ghar-scheme/): Deputy Governor State Bank of Pakistan Sima Kamil says, a one-window portal would be set up soon for the convenience of the people. Apna Ghar Scheme According to details, Sima Kamil said that under the &#8216;Apna Ghar&#8217; scheme, banks have so far received loan applications of Rs 22 billion while loans of Rs 5 billion have been approved. Talking to a private channel, the SBP deputy governor said that a one-window portal would be set up soon for the convenience of the people. Roshan Digital Account A few days ago, Governor State Bank of Pakistan (SBP) Dr. Raza Baqir clarified that [&hellip;]
- [The rupee touches a three-month high](https://tax.net.pk/2021/02/14/the-rupee-touches-a-three-month-high/): Rupee Currency has appreciated by Rs 1.4 against the dollar since the beginning of February. The rupee appreciated by Rs 0.25 against the US dollar in the inter bank market on Friday and closed at a three-month high of Rs 158.82. According to the State Bank of Pakistan, it closed at Rs 159.07 against the US Dollar on Thursday. Rupee appreciation reasons Overall, since February 1, 2021, the rupee has appreciated by 1.4 or 0.88%. Now, the dollar reached where it was in last November 2020. Increased oil and gas imports through Pakistan from November 2020 to meet the fuel needs [&hellip;]
- [Taxpayers to update profile to avoid penalty, and exclusion from ATL](https://tax.net.pk/2021/02/13/taxpayers-to-update-profile-to-avoid-penalty-and-exclusion-from-atl/): FBR advised to Taxpayers to update their profile by March 31, 2021 to avoid any penalty and further exclusion of there name from Active Taxpayers List (ATL). According to Federal Board of Revenue (FBR) last date for updating the profile was December 31, 2020. However, this date was then extended by the FBR up to March 31, 2021. Date was extended for assistance of the of taxpayers to avoid the penalty and exclusion of name from the ATL list. Through the Finance Act, 2020 amendment was made in law and a Section 114A was inserted to Income Tax Ordinance, 2001 regarding [&hellip;]
- [FBR Encouraged Taxpayers’ to get their legal cases resolved through ADRC](https://tax.net.pk/2021/02/10/fbr-encouraged-taxpayers-to-get-their-legal-cases-resolved-through-adrc/): FBR Encouraged taxpayers to resolve cases through ADRC immediately. FBR issued a press release at February 02, 2021 for information of the taxpayer about the system of Alternative Dispute Resolution Committees (ADRC) and encouraged taxpayers to get their legal cases resolved through ADRC. Federal Board of Revenue is taking steps to expedite the disposal of pending cases in various tax appeal forums including Commissioners Inland Revenue Appeals, Appellate Tribunal Inland Revenue, High Courts and Supreme Court of Pakistan. The FBR has simplified the process of the first level of appeals, namely the Commissioners Appeals level, with the introduction of an electronic [&hellip;]
- [Sales Tax Relief by Punjab Revenue Authority](https://tax.net.pk/2021/02/09/sales-tax-relief-by-punjab-revenue-authority/): Through the Finance Act, 2020, the Government of the Punjab reduced the rate of Punjab Sales Tax on Services from 16% to 5% on more than twenty services. Punjab Revenue Authority also reduced the rate on payments made through credit / debit cards to restaurants and beauty parlours to 5%. Government also provided a big relief to Medical profession by reducing the sales tax rate to Zero Percent. HOTELS, MOTELS, GUEST HOUSES, MARRIAGE HALLS, CLUBS CATERING SERVICES Hotels, motels and guest houses. 9801.1000 Tax Rate: Five percent without input tax adjustment for noncorporate, nonfranchise, nonchain businesses with less than 20 rooms; [&hellip;]
- [Clearance in Sky: Pakistan Customs introduced a pre-arrival clearance facility](https://tax.net.pk/2021/02/07/clearance-in-sky-pakistan-customs-introduced-a-pre-arrival-clearance-facility/): Pakistan has introduced a system for pre-arrival clearance of imported goods coming through the air route. It will help to to facilitate business operations in the country with the aim of clearing the goods on time, facilitating trade and improving supply chain management. Customs Department Initially receives details of the goods in the aircraft electronically through the Board when the flight departs from the international destination and cargo importers receive clearance for delivery until the flight lands in Pakistan. This new project, launched by the Customs Department of Pakistan, and is called &#8220;Clearance in Sky&#8220;. Clearance in Sky This system sends [&hellip;]
- [Govt imposing additional taxes on cars from next week](https://tax.net.pk/2021/02/06/govt-imposing-additional-taxes-on-cars-from-next-week/): It was learned on Friday that the government is considering issuing a tax amendment ordinance next week. Sources said that the Federal Board of Revenue (FBR) had proposed a one per cent tax exemption for locally manufactured electric cars and a rebate of three per cent additional sales tax on imports of electric vehicles. Similarly, the ordinance proposes an exemption of one per cent additional customs duty on spare parts for electric vehicles. FBR Abolished Additional Customs Duty on Import of Electric vehicles | ALSO READ Under the ordinance, an additional tax of Rs 0.2 million will be levied on the [&hellip;]
- [FBR Abolished Additional Customs Duty on Import of Electric vehicles](https://tax.net.pk/2021/02/05/fbr-abolished-additional-customs-duty-on-import-of-electric-vehicles/): 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, electric motorcycles, and three-wheeled electric cars. The two-wheelers are in a completely built unit (CBU) condition. In this regard, the FBR issued a notification to amend the SRO here on Wednesday 572 (I) 2020. Under the notification, additional customs duty on electric vehicles of 2 and 3 wheels (in CBUs condition) will not be charged till June 30, 2025. These vehicles are under Pakistan Customs Tariff (PCT) Codes 8703.8030 [&hellip;]
- [Auto loans increased by 19% to Rs. 41 Billion in December 2020](https://tax.net.pk/2021/02/04/auto-loans-increased-by-19-to-rs-41-billion-in-december-2020/): Auto loans reportedly increased by 19% to Rs. 41 Billion in December 2020 after interest rate cuts and resumption of business activities following the initial epidemic-affected lock down. According to data compiled by the State Bank of Pakistan, Rs 219 billion was recorded in car loans in December 2019, and at Rs. 256 billion during the same period in 2020. A media report said the main reason of the increase was the growing demand for 1,300 cc passenger cars. Ministry of commerce announced the import policy of new and used cars under Import Policy Order, 2020 | ALSO READ According to [&hellip;]
- [FBR introducing tax stamps for track & trace system from July 2021](https://tax.net.pk/2021/02/02/fbr-introducing-tax-stamps-for-track-trace-system-from-july-2021/): The Federal Board of Revenue (FBR) expects to introduce tax stamps on products in various sectors from July 2021. FBR said the installation of track and trace systems in various sectors would be a game changer to improve revenue and prevent counterfeit products in the market. The FBR expects to start imposing UIM (tax stamp) on various products from July 2021. Where FBR will have authority to seize packets and sacks without tax stamps to avoid illegal sale of tobacco, cement, sugar and fertilizer. The FBR on Monday successfully completed the assessment process for the approval of a five-year license for [&hellip;]
- [Tax on Agricultural Income in Pakistan](https://tax.net.pk/2021/02/02/tax-on-agricultural-income-in-pakistan/): 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 41 &amp; section 111(1)(d) ), is available only when agriculture income is charged to tax under provincial law. THE&nbsp;PUNJAB&nbsp;AGRICULTURAL INCOME TAX ACT 1997 In Punjab, the taxation of agriculture income is administered under the provincial law of &#8220;The Punjab Agricultural Income Tax Act 1997&#8220;. Under such Act, Agriculture Income is taxed by any of the following two methods; AREA or LAND BASED:&nbsp;Agriculture income taxed based on acres. INCOME BASED:&nbsp;Agriculture [&hellip;]
- [Inheritance and gift tax rates around the world](https://tax.net.pk/2021/01/29/inheritance-and-gift-tax-rates-around-the-world/): This is the list of countries by inheritance tax rates and tax rates on the amount of gift. Inheritance tax is also termed as estate tax in some countries. Inheritance tax is normally charged to the property of the person before it&#8217;s rights are transferred to his heirs. A&nbsp;gift tax&nbsp;is the tax on money or property that one living person gives to another.&nbsp;Property received upon the death of a person are considered separately under the&nbsp;inheritance tax. Many&nbsp;gifts&nbsp;are subject to exemptions given in&nbsp;tax laws. Territory Inheritance tax rate (%) Gift tax rate (%) Albania&nbsp;(Last reviewed 24 December 2020) NA NA Algeria&nbsp;(Last reviewed 01 [&hellip;]
- [Corruption in Pakistan increased more than Afghanistan: Transparency International reveals](https://tax.net.pk/2021/01/29/corruption-in-pakistan-increased-more-than-afghanistan-transparency-international-reveals/): Corruption in Pakistan is higher than in Afghanistan as Transparency International (TI) released its annual report on Thursday, which shows that the corruption situation in Pakistan worsened in 2020. According to the 2020 Corruption Perceptions Index (CPI), corruption is damaging the healthcare system and contributing to the democratic backwardness of COVID-19 epidemics. Countries that perform well on the index invest more in healthcare, are better able to provide health coverage globally, and adhere to democratic principles and institutions or the rule of law. Chairman Transparency International Pakistan Chapter Sohail Muzaffar said that Pakistan is ranked 124th out of 180 countries in [&hellip;]
- [FBR opposed to restore the zero rating system](https://tax.net.pk/2021/01/28/fbr-opposed-to-restore-the-zero-rating-system/): The Federal Board of Revenue (FBR) has opposed the proposal to restore the zero-rating system in the textile sector or introduce lower sales tax rates in five export sectors. According to media reports, exporters have approached the Prime Minister and various parliamentary committees with a proposal to restore the sales tax zero rating system in the budget (2020-21). The industry&#8217;s alternative proposal is to reduce the sales tax rate in five export sectors from 17% to 5%. However, the FBR has taken a principled stand on the government&#8217;s non-withdrawal of sales tax from export sectors. The FBR said we can only [&hellip;]
- [IT Exports Increased by 40%](https://tax.net.pk/2021/01/27/it-exports-increased-by-40/): According to the Ministry of information and communication technology (ICT) exports of IT and telecommunication during July-December of the fiscal year 2020-21 increased by 40% to US 958 million. This growth attributed to the increase in exports of telecommunications, computers and information services. IT ministry claimed that it has achieved the highest ever growth rate for IT exports. He also clarified that Pakistan&#8217;s IT industry is developing rapidly and the Ministry of IT is working to increase exports by encouraging IT companies in this sector. The Federal Minister for IT also lauded the role of Pakistan Software Export Board (PSEB) in [&hellip;]
- [Tax Profiles updation not required to salaried taxpayers: FBR](https://tax.net.pk/2021/01/27/tax-profiles-updation-not-required-to-salaried-taxpayers-fbr/): The Federal Board of Revenue (FBR) has issued a legal explanation that &#8220;salaried individuals&#8221; are not required to update their &#8220;tax profiles&#8221;. According to an explanation issued by the FBR to a Lahore-based chartered accountant firm, &#8220;salaried individuals does not require to update their tax profile. However, under Section 181 of the Income Tax Ordinance 2001, every person applying for registration, including a salaried person, requires to update their tax profile.&#8221; According to report published in the propakistani.pk. Through Income Tax Circular 8 of 2020, the FBR already extended the deadline to March 31, 2021. According to the FBR Circular, in [&hellip;]
- [Resident and Non Resident status under tax laws of Pakistan](https://tax.net.pk/2021/01/26/resident-and-non-resident-status-under-tax-laws-of-pakistan/): 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 &#8220;resident individual&#8221; for a tax year. If the person was present in Pakistan for a period of 183 days (over six months) or more in a tax year. Now, this period has been reduced to only four months. Which means a person will have to stay abroad for eight months to claim tax-free status. Resident and Non-Resident Persons Section 81 of the Income Tax Ordinance, 2001 A person shall be a resident person [&hellip;]
- [Income tax returns filing reached at new peak](https://tax.net.pk/2021/01/25/income-tax-returns-filing-reached-at-new-peak/): According to the weekly list of active taxpayers (ATL) released on Monday, the Federal Board of Revenue (FBR) has reached a peak of of 3.06 million in income tax returns for the tax year 2019. 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, FBR will issue ATL for the tax year 2020 on March 1, 2021. Therefore, ATL 2019 will run until February 28, 2021. Display of name in active taxpayer list (ATL) is subject to filing [&hellip;]
- [Taxpayer bound to make e-payment of duties and taxes over Rs 1 million: FBR](https://tax.net.pk/2021/01/25/taxpayer-bound-to-make-e-payment-of-duties-and-taxes-over-rs-1-million-fbr/): Mohsin Rafique of Collector Customs Appraisement Lahore informed in a seminar held at APTMA, Lahore that from January 20, 2021, all duties and taxes of more than one million will be paid through e-payment system only. Mohsin Rafique informed the participants that as per the requirements of FATF and as a direction towards digitization and automation of the economy, the federal government has now bound to all importers to pay duty and taxes of over Rs. 1 million through internet banking, mobile banking and other e-payment sources only approved by the State Bank of Pakistan. Payment of all FBR taxes as [&hellip;]
- [Procedure for registration of FBR informer](https://tax.net.pk/2021/01/24/procedure-for-registration-of-fbr-informer/): A person who wants to become an informer, he should get himself first register with FBR for this purpose. Then he will able to get reward for the sharing of information with the Federal Board of Revenue (FBR). Complete procedure for registration as informer and other conditions are specified in the Income Tax Rules, 2002. Informer means An “Informer” means any person, a group of persons or a company who provides any original information in the shape of concrete evidence, which conclusively leads to detection of tax evasion, formulation of assessment, and eventual recovery of the evaded tax and includes a [&hellip;]
- [FBR considering proposals to tax benefit to non-resident or overseas Pakistanis](https://tax.net.pk/2021/01/23/fbr-considering-proposals-to-tax-benefit-to-non-resident-or-overseas-pakistanis/): The Federal Board of Revenue (FBR) is reviewing various proposals to provide some benefits to non-resident or overseas Pakistanis. According to media reports published, that if any such proposals are finalized, they could be incorporated through a presidential ordinance amending the Income Tax Ordinance, 2001 (Ordinance).The whole exercise is aimed at facilitating Pakistanis or non-residents abroad. Removal of List of Active Taxpayers A proposal under consideration is that the provisions of Section 100BA of the Income Tax Ordinance which relates to the &#8220;List of Active Taxpayers&#8221; which would not be applicable to non-resident persons or non-resident citizens of Pakistan holding Pakistan [&hellip;]
- [State Bank of Pakistan maintained the Monetary Policy rate for the next two months](https://tax.net.pk/2021/01/22/state-bank-of-pakistan-maintained-the-monetary-policy-rate-for-the-next-two-months/): The State Bank of Pakistan (SBP) Monetary Policy Committee on Friday maintained the policy rate at 7% for the next two months. State Bank of Pakistan Governor Dr. Raza Baqir said that the MPC observed the annual inflation rate. According to him, Inflation rate predicted from 7 to 9%. Baqir said that due to changes in electricity prices and international oil prices, there may be some changes in the projection but it will be temporary so the MPC decided not to make adjustments in interest rates. In addition, the MPC maintained that there is no pressure on inflation from demand. As [&hellip;]
- [FBR extends scope of sales tax on IT Services and IT Enabled Services](https://tax.net.pk/2021/01/22/fbr-extends-scope-of-sales-tax-on-it-services-and-it-enabled-services/): The Federal Board of Revenue (FBR) has extended scope &#8220;IT Services&#8221; and &#8220;IT Enabled Services&#8221; to collect 16% sales tax from service providers under the jurisdiction of the Islamabad Capital Territory (ICT). The FBR issued SRO 77 (1) 2021 to amend SRO 495 (1) / 2016 on July 4, 2016 regarding the imposition of sales tax on services provided in Islamabad Capital Territory (ICT). Under the Islamabad Capital Territory (Tax on Services) Ordinance, 2001, 16% sales tax is levied on services provided by software or IT based system development consultants. SRO 77 (1) 2021 Under SRO 77 (1) 2021, the FBR [&hellip;]
- [Government increases the rate of return of National Savings Certificates](https://tax.net.pk/2021/01/21/government-increases-the-rate-of-return-of-national-savings-certificates/): Government increases the rate of return of National Savings Certificates Ministry of Finance issued a notification, whereby the rate of return on Defense Savings Certificates has been increased from 8.49 percent to 9.42pc while the rate of return on regular income certificates has been increased from 8.04pc to 9pc. Defense Savings Certificates / Regular income certificates The rate of return on National Savings Certificates has been increased. The Ministry of Finance has issued a notification to increase the rate of return on national savings schemes from January 21 2021. A notification issued by the Ministry of Finance said that the rate [&hellip;]
- [Non-textile sector DLTL refunds approved](https://tax.net.pk/2021/01/20/non-textile-sector-dltl-refunds-approved/): To facilitate exporters, the Ministry of Commerce has approved Rs. 213 million under the &#8216;Draw Back of local taxes and levy (DLTL) refunds for the non-textile sector. &#8220;I am pleased to announce that Rs 213 million has been sanctioned for DLTL payments in the non-textile sector,&#8221; Abdul Razzaq Dawood, Advisor to the Prime Minister on Trade and Investment, said in a statement on Wednesday. Abdul Razzaq Dawood | Advisor on Trade &amp; Investment | State Bank of Pakistan (SBP) holds the such funds and will provide to the concerned exporters soon, the adviser said. &#8220;Our policy is not to impose any [&hellip;]
- [Corporate tax exemptions](https://tax.net.pk/2021/01/20/corporate-tax-exemptions/): Following tax exemptions are available to corporate taxpayers: 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, or IT-enabled services. These are exempt from tax up to the financial year ending 30 June 2025. Profits from the business of refineries, which established between 1 July 2018 and 30 June 2023. Exemption has been given from tax for a period of 20 years. This exemption is subject to fulfillment of certain conditions. Low-cost housing projects Incentive available on Low-cost [&hellip;]
- [FBR called for income tax proposals for 2021/2022 budget](https://tax.net.pk/2021/01/19/fbr-called-for-income-tax-proposals-for-2021-2022-budget/): The Federal Board of Revenue (FBR) called for income tax proposals for the 2021/2022 budget and asked stakeholders to submit the same by February 15, 2021. The FBR has asked suggestions from the tax offices including Large Taxpayer Offices (LTOs), Medium Tax Offices (MTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) as well as traders and industries. It has also been told that attention should be paid to expanding the proposals. Tax base for widespread participation in revenue generation efforts. Stakeholders are also asked to come up with a proposed proposal that includes relevant sections / clauses or rules [&hellip;]
- [FBR has been asked to be fully digitized by July 2021: PM Says](https://tax.net.pk/2021/01/19/fbr-has-been-asked-to-be-fully-digitized-by-july-2021-pm-says/): Prime Minister Imran Khan said that the Federal Board of Revenue (FBR) has been asked to be fully digitized by July 2021. It allow the government to increase tax collection and allocate more resources in the social sector. It will help increase spending on human capital. Addressing the inaugural function of the National Highways Authority (NHA) e-bidding, e-billing and GIS mapping system, the Prime Minister termed corruption as a major obstacle to the country&#8217;s development. &#8220;It is unfortunate that as a society we have accepted commissions, bribery and corruption,&#8221; he said. Imran Khan | PM The Prime Minister added that he [&hellip;]
- [Telecom sector tax share increases 129% in FY20: PTA](https://tax.net.pk/2021/01/19/telecom-sector-tax-share-increases-129-percent-in-fy20-pta/): The increase in the use of telecom services during the Corona virus lockdown has resulted in a 129 per cent increase in the tax contribution of the sector, which has paid Rs 278 billion in the financial year 2019-2020. &#8220;Lockdown has led to a significant increase not only in the number of subscribers but also in the use of telecom services as a result of increased demand for telecom services. The Pakistan Telecom Authority (PTA) has announced its annual report of 2020. Data usage stands at 4,498 petabytes (fiscal year 2020), compared to an increase of more than 77 percent at [&hellip;]
- [Penalties will not be imposed on late filers of income tax returns: FBR](https://tax.net.pk/2021/01/18/penalties-will-not-be-imposed-on-late-filers-of-income-tax-returns-fbr/): The Federal Board of Revenue (FBR) has decided to not penalize late filers across the board for technical and non-technical barriers to filing income returns. Federal Board of Revenue (FBR) has softened its stance on imposing fines on late filers in the tax year 2020-21. Although the tax authority has not imposed any fines, the fines have been discussed for some time. Ashfaq Ahmed, a member of Inland Revenue Operations at the FBR, said: &#8220;Fines and penalties on late filers are used not as a tool to collect revenue but as a tool to prevent late filing.&#8221; Ashfaq Ahmed | Member [&hellip;]
- [FBR allowed to registered persons to file non-export refund claims](https://tax.net.pk/2021/01/16/fbr-allowed-to-registered-persons-to-file-non-export-refund-claims/): The Federal Board of Revenue (FBR) has allowed registered persons to file non-export refund claims through the STARR system at tax offices or the Expeditious Refund System (ERS) by June 30, 2021. 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 a refund through the FASTER system, which has limited scope. FBR upgrades FASTER to FASTER PLUS system for issuance of Refunds | ALSO READ According to the FBR, registered individuals claiming non-sales and / or input tax [&hellip;]
- [Criteria for selection & conduct of income tax audit](https://tax.net.pk/2021/01/16/criteria-for-selection-conduct-of-income-tax-audit/): The Federal Board of Revenue (FBR) has issued a criteria for selection and conduct of income tax audit under Section 214C of the Income Tax Ordinance, 2001. The criteria have been given under the updated Income Tax Rules, 2002. Selection and performance of audit.- (1) This rule deals with cases for audit by the FBR under section 214C of the Income Tax Ordinance, 2001 (XLIX of 2001). (2) The following steps shall be followed for computer ballot selection of cases for audit on the basis of random and parametric selection methods: (a) data of all tax returns (manually or e-filed) shall [&hellip;]
- [WhatsApp delayed its new privacy policy as users run away to other apps](https://tax.net.pk/2021/01/16/whatsapp-delayed-its-new-privacy-policy-as-users-run-away-to-other-apps/): WhatsApp has delayed its new privacy policy as users run away from competing apps. WhatsApp is delaying updating its privacy policy after widespread confusion over what data it shares with its parent company, Facebook. Last month, WhatsApp began notifying users of its updated terms and privacy policy, which people had agreed to continue using after February 8. A special part of the policy concerns users: which user&#8217;s data is collected and shared with Facebook, including the protection of privacy and the protection of people&#8217;s data. There is a record track record nearby. The confusion surrounding the update has contributed to the [&hellip;]
- [Law enforcement agencies sealed 609 illegal petrol pumps](https://tax.net.pk/2021/01/15/law-enforcement-agencies-sealed-609-illegal-petrol-pumps/): Pakistan Customs along with the help of law enforcement agencies sealed around 609 illegal petrol pumps which were selling smuggled petroleum products. About 4.5 million liters of smuggled petrol and diesel have also sealed during the operation, a statement issued by the PM office said on Friday. The authorities have initiated crackdown against the illegitimate petrol pumps on the directions of Prime Minister Imran Khan. According to the Interior Ministry, the work of the Interior Ministry&#8217;s subordinate board and non-discrimination is in full swing. With positive results beginning to emerge. In case, fuel stations remain unable to provide the reliable evidences [&hellip;]
- [Japan action against trade of illegal used cars in Pakistan](https://tax.net.pk/2021/01/15/japan-action-against-trade-of-illegal-used-cars-in-pakistan/): The Pakistani embassy in Tokyo is taking legal steps to resolve the issue under applicable laws and, to reduce any potential hassle that may result from illegitimate trade. Amid growing protests among the Pakistani business community in Japan, the Japanese government has announced action against the approval of used vehicles on the basis of forged / forged documents. &#8220;In response to the growing protests among the Pakistani business community in Karachi over the approval of used vehicles on the basis of forged / forged documents, media reports about recent fraud by Pakistan Customs in Karachi In view of this, the Embassy [&hellip;]
- [No law to bring back assets abroad: Shabar Zaidi.](https://tax.net.pk/2021/01/14/no-law-to-bring-back-assets-abroad-shabar-zaidi/): There is no law to bring back assets abroad, says Shabar Zaidi. Former Federal Board of Revenue (FBR) chairman Shabar Zaidi has said there is no law to bring back assets abroad. The question is, how did 120 billion go abroad? He said these important things while talking on Dunya News program &#8220;Dunya with Kamran Khan&#8221;دنیا کامران خان کیساتھ. He said that former President Pervez Musharraf came under political pressure and brought Foreign Currency Account Protection Act, this law is not in any book. Bring or take money, SBP was not asking before. Shabbar Zaidi opposed restoring Pakistan’s export sector to [&hellip;]
- [Tax audit of Rahat Fateh Ali Khan resumed on information of secret bank accounts](https://tax.net.pk/2021/01/14/tax-audit-of-rahat-fateh-ali-khan-resumed-on-information-of-secret-bank-accounts/): Rahat Ali Khan found it costly not to disclose the amounts in the secret accounts in the annual income tax returns. Singer Rahat Fateh Ali Khan could not satisfy the FBR regarding secret bank accounts. The FBR has given a deadline of tomorrow to submit a reply. Rahat Fateh Ali Khan found it costly not to disclose the amounts in the secret accounts in the annual income tax returns. The team of Intelligence department of Inland Revenue service sent the details of the secret bank accounts to the tax office. The FBR has given Rahat Fateh Ali Khan till January 15 [&hellip;]
- [Income Tax Return Filing reached at it's peak](https://tax.net.pk/2021/01/13/income-tax-return-filing-reached-at-its-peak/): Income tax return filing reached at it&#8217;s peak of 3.03 million for tax year 2019, according to weekly Active Taxpayers List (ATL) updated on Monday. The FBR issued the weekly ATL – 2019 updated on the basis of returns filed up to January 10, 2021. The ATL-2019 will remain applicable till February 28, 2021 as the FBR will issue new ATL for tax year 2020 on March 01, 2021. The return filers including salaried persons, business individuals, Association of Persons (AOPs) and companies can check their names on the ATL by visiting&nbsp;How to check ATL status? The filing of income tax [&hellip;]
- [e-payment limit of taxes abolished](https://tax.net.pk/2021/01/12/e-payment-limit-of-taxes-abolished/): Payment of customs duty and taxes of more than Rs 1 million will also be accepted through e-payment after January 20. To this end, a joint meeting has been convened by the State Bank of Pakistan through video link at the request of the Karachi Customs Agents Association. (KCAA). Attended by more than 60 regional heads of all the nominated banks and representatives of the association on the second day. Decision taken in meeting that for payment of duties and taxes, any amount can be paid by check at any branch of the same bank for issuance of pay order by [&hellip;]
- ['Raast' first instant digital payment system launched by Pakistan](https://tax.net.pk/2021/01/11/raast-first-instant-digital-payment-system-launched-by-pakistan/): Digital payment system &#8216;Raast&#8217; will do the right thing by transacting and contributing to Pakistan&#8217;s economy using a regular digital financial service. A major step towards achieving maximum efficiency in the economy of payment and digitization of sending and receiving. Prime Minister Imran Khan on Monday launched the country&#8217;s first instant digital payment system called &#8216;Raast&#8217;. &#8216;Raast&#8217; launched Addressing a launching ceremony at the State Bank of Pakistan in Islamabad, Raza Baqir highlighted the features of the upcoming system. &#8220;When this system moves forward, and when we integrate government departments into the system, government employees will immediately receive salaries, pensions. It [&hellip;]
- [Weekly Tax Updates: January 10 2021](https://tax.net.pk/2021/01/10/weekly-tax-updates-january-10-2021/): Weekly Tax Updates from 3rd January to January 09 2021. World taxes, Top Tax News &amp; Updates. Business &amp; Industry News. Financial news, banking sector. Money market, stock exchange updates. Tax summaries. Tax Updates | Federal Board of Revenue | Tax News | Income Tax Ordinance 2001 | Sales Tax Act 1990 | FBR |
- [FBR launched operation: Get Sales tax registration otherwise face three years imprisonment](https://tax.net.pk/2021/01/09/fbr-launched-operation-get-sales-tax-registration-otherwise-face-three-years-imprisonment/): A person who is liable to get registration of sales tax, if he fails to get sales tax registration shall be liable to pay both fine and penalties besides the person will also liable to imprisonment up to three years. According to Federal Board of Revenue (FBR) the tax offices is going to launch operations against the persons who make taxable supplies but are not registered with sales tax. Cottage industry not required to get sales tax registration: ALSO READ Under Sales Tax Act, 1990, any person who required to apply for registration under the Act. If he fails to make [&hellip;]
- [The State bank of Pakistan launching a new payment system called ‘Raast’](https://tax.net.pk/2021/01/09/the-state-bank-of-pakistan-launching-a-new-payment-system-called-raast/): SBP going to launch a new digital payment system &#8216;RAAST&#8217; from next week. The State Bank of Pakistan (SBP) is ready to introduce a global payment system called &#8216;Raast&#8217;, which will be a huge leap in the digitization of the country&#8217;s financial system. Payment systems have been already introduced in modern countries such as the United Kingdom and Australia. From Monday on wards, the central bank will initiate a new payment system called ‘Rast’, as we believe this a right way forward for the country,” Kamil said. Kamil | Deputy Governor | State Bank of Pakistan | This development announced by [&hellip;]
- [FBR appealed to all taxpayers to file income tax returns before march 2021](https://tax.net.pk/2021/01/08/fbr-appealed-to-all-taxpayers-to-file-income-tax-returns-before-march-2021/): The Federal Board of Revenue has issued a statement stating that there has been a significant improvement in the collection of income tax returns for the tax year 2020. As of December 8, 2020, 1.768 million taxpayers had filed income tax returns with them. The tax collection was Rs 22 billion. As on January 4, the number of people filing income tax returns has reached 2.316 million while the tax paid along with the statements has collected Rs 43.6 billion. During the same period last year, 21.81 million returns filed and the income tax paid Rs. 28 billion. Thus, the income [&hellip;]
- [FBR formed committee to improve Income Tax Return forms](https://tax.net.pk/2021/01/08/fbr-formed-committee-to-improve-income-tax-return-forms/): The Federal Board of Revenue (FBR) on Friday formed a committee to simplify income tax returns for the tax year 2021. This step of FBR is part of various reforms under the special direction of the Prime Minister of Pakistan. FBR urged timely design / finalization of income tax return forms for individuals, AOPs and companies for the tax year 2021. Upon departure from the previous exercise, the FBR aims to pre-design return forms. So that they are available to taxpayers on the first day of the tax year. The Committee includes Member (IR Policy), Chief Information Officer, Chief of Inland [&hellip;]
- [FBR established Export Oriented Sectors Registration Cell (ESRC)](https://tax.net.pk/2021/01/07/fbr-established-export-oriented-sectors-registration-cell-esrc/): Federal Board of Revenue (FBR) issued an office order on Thursday for establishment of &#8216;export oriented sectors Registration cell&#8217; to allow concessionary tariff on supply of electricity and gas to export-oriented sectors (former zero-rated sector). The FBR nominated following officers to the cell: Khalid Mehmood, Second Secretary (ST-L&amp;P), Imran Ullah Khan, Senior Auditor (ST-L&amp;P) and Majid Hussain Abbasi, Inspector (ST-L&amp;P). The functions of the ESRC are to: examine the particulars and recommendations of the respective associations and particulars of the taxpayer including declarations in the registration profile etc. as required, and forward the case to the ministry of commerce for further [&hellip;]
- [Taxation of Builders and Developers](https://tax.net.pk/2021/01/07/taxation-of-builders-and-developers/): Taxation of Builders and Developers. There is a complete package covering tax impact from all aspects. Taxpayer is eligible to take the immunity for the same has to be made by June 30, 2021 previously it was December 31, 2020. Benefits to builders and developers as per section 100D of Income Tax Ordinance are as under: Fixed Tax Regime A scheduler based fixed tax regime for builders and developers, which can be opted for eligible projects being either new or existing incomplete projects.  No need to disclose source of investment The tax authorities are not permitted to require any explanation regarding [&hellip;]
- [Shabbar Zaidi opposed restoring Pakistan's export sector to zero rating](https://tax.net.pk/2021/01/06/shabbar-zaidi-opposed-restoring-pakistans-export-sector-to-zero-rating/): Former FBR chairperson Shabbar Zaidi tweets about the zero rating of exports in Pakistan. Previously, exporters paid taxes and claimed refunds after exports. The previous government introduced zero rating in the last phase of its tenure, but on the advice of Zaidi, reversed by the PTI government. Syed Shabbir Zaidi, former chairman of the Federal Board of Revenue, has spoken out against the rejection of zero rate for Pakistan&#8217;s exports, saying it would be &#8220;regressive&#8221; to change it. Former Federal Board of Revenue Chairperson Shabbir Zaidi believes that restoring Pakistan&#8217;s export sector to zero rating in this age of technology is [&hellip;]
- [Significant progresses in corporate taxes](https://tax.net.pk/2021/01/05/significant-progresses-in-corporate-taxes/): Currently, the Government of Pakistan has introduced amendments in the following areas, taking into account the extraordinary economic conditions caused by the Covid 19 epidemic. Developments in Tax Laws | Fixed tax regime introduced for builders and developers. Also, reduction made in tax rates applicable on immovable property capital gains.&nbsp; For Capital gains on disposal of immovable property distinction with reference to ‘open plots’ and ‘constructed properties’ removed. Presumptive tax regime for resident shipping businesses (on tonnage basis), extended up to June 30, 2030.&nbsp; Reduced rate facility of 3% for withholding of tax on certain specified services currently available to resident [&hellip;]
- [E-stamping Revenue Reaches Rs. 201.3 Billion at year end 2020](https://tax.net.pk/2021/01/05/e-stamping-revenue-reaches-rs-201-3-billion-at-year-end-2020/): E-Stamping, a flagship project of the Punjab Information Technology Board (PITB), aims to automate the issuance of stamps in Punjab. Since its launch in November 2014, e-stamping has now achieved a milestone of Rs.201.3 billion revenue in 2020 As of December 31, 2020. The total revenue collected using this e-stamping system is over PKR 201 billion. A total of 8.1 million e-stamps issued during the year with over 10.9 million transactions. E-stamping ensures smoothing of property and business transactions in Punjab. This is to minimize the sale and purchase of fraudulent and counterfeit stamp papers. PITB has also developed a mobile [&hellip;]
- [Government appointed permanent chairman of the FBR after six months](https://tax.net.pk/2021/01/04/government-appointed-permanent-chairman-of-the-fbr-after-six-months/): The government appointed a permanent chairman of the FBR after six months. According to the notification of appointment by Establishment Division, Javed Ghani of Grade 22 has been appointed as Chairman of FBR. His appointment as Chairman FBR will take effect immediately. According to the notification, Javed Ghani had the additional charge of Chairman FBR for 6 months. Javed Ghani will remain chairman FBR till retirement or re-appointment. Javed Ghani was a member of FBR. Biography of the newly appointed chariman FBR | Muhammad Javed Ghani Muhammad Javed Ghani has worked at the Customs Headquarters and at various ports, airports, and [&hellip;]
- [Company tax return](https://tax.net.pk/2021/01/04/company-tax-return/): Taxable period The tax year for company tax return is starting from 1 July through 30 June. However, tax authorities have powers to allow a special year-end. ALSO READ: Annual Income tax return filing last date December 31 2020 for companies Company tax returns All companies are required to file an income tax return each year by 31 December. For the preceding financial year (1 July through 30 June) by accounting for business income on an accrual basis. If the special year granted by the tax authorities ends between 1 July and 31 December, then the tax return is required to [&hellip;]
- [FBR allowed to taxpayers to file settlement application for agreed assessment](https://tax.net.pk/2021/01/04/fbr-allowed-to-taxpayers-to-file-settlement-application-for-agreed-assessment/): FBR allowed to taxpayers to file settlement application for agreed assessment. The Federal Board of Revenue has issued a statement saying that the government has added a new section 122D to the Income Tax Ordinance 2001 through the Finance Act 2020. Under which taxpayers can file a settlement application for tax assessment. Recently, the FBR has directed all sub-offices to form oversight committees under the law. He can submit the application for tax assessment online to the Oversight Committee. The Committee will decide within 30 days of filing the application. There is a strong possibility that a large number of taxpayers [&hellip;]
- [Bitcoin trading reached at highest volume](https://tax.net.pk/2021/01/04/bitcoin-trading-reached-at-highest-volume/): Bitcoin traded at $ 33,365 in Asia on Monday, hitting a record high of 34,800 on Sunday as investors bet on digital currency to become a mainstream asset. The latest milestone in the world&#8217;s most popular cryptocurrency came on December 16, less than three weeks after it first crossed 20,000, and the bitcoin has risen 800 percent since mid-March. With the supply of bitcoin limited to 21 million, some see it as a hedge to avoid the risk of inflation as governments and the central bank activate stimulus taps in response to COVID-19 epidemics. Some even see it as a safe [&hellip;]
- [FBR directed to issue income tax exemption certificates against gratuity and provident funds](https://tax.net.pk/2021/01/03/fbr-directed-to-issue-income-tax-exemption-certificates-against-gratuity-and-provident-funds/): On Saturday, officials said the Federal Board of Revenue (FBR) had directed for issuance of Income Tax Exemption Certificate to Provident / Gratuity Funds after Inland Revenue offices had verified genuine applications for taxpayer convenience. Inland Revenue service sources said that the FBR has issued a directive in response to taxpayers&#8217; complaints that tax offices are refusing to grant income tax exemptions against gratuity and provident funds. According to officials, the FBR is deeply concerned about the treatment of exemption certificate applications by some field formations under section 159/150/151 of the Income Tax Ordinance 2001. The FBR said that the taxpayers [&hellip;]
- [FBR launched electronic filing of appeals from 1st January 2021](https://tax.net.pk/2021/01/02/fbr-launched-electronic-filing-of-appeals-from-1st-january-2021/): Federal Board of Revenue has launched Electronic Filing of Appeals with effect from 1st January, 2021. The Federal Board of Revenue has started electronic filing of appeals from January 1, 2021. Under with the orders of Inland Revenue tax authorities, the first appeal is filed with the Commissioner of Inland Revenue (Appeals). The FBR is working to ensure the automation of all its systems and the full convenience of taxpayers, and the convenience of filing appeals electronically is an important step in that direction. Federal Board of Revenue in collaboration with Pakistan Revenue Automation Limited developed software for e-filing of appeals. [&hellip;]
- [PTCL license expired](https://tax.net.pk/2021/01/02/ptcl-license-expired/): According to PTCL, the business operation license of Pakistan Communication Company Limited (PTCL) expired on December 31, 2020. Now, PTCL is in conversation with the PTA (regulator) for the renewal for renewal of license. PTCL informed to Pakistan Stock Exchange (PSX), that the integrated license was issued for 25 years. License to PTCL was effective from January 01, 1996 and it was valid under December 31, 2020. Which now needs to be renewed from 1st January, 2021 as per the the conditions of the Pakistan Telecommunication authority (PTA). PTCL already submitted the renewal application to process official request to Pakistan Telecommunication [&hellip;]
- [FBR issued no of tax returns submitted up to year end 2020](https://tax.net.pk/2021/01/02/fbr-issued-no-of-tax-returns-submitted-up-to-year-end-2020/): According to a statement issued by Federal Board of Revenue (FBR) they have received 2.3 million income tax returns for tax year 2020 by December 31, 2020. It is to remind here that the last date for submission / filing of income tax returns by salaried, business individuals, AOPs and companies with special financial year, was December 08, 2020. Last date for submission / filing of tax returns by corporate sector was December 31, 2020. Income Tax Returns Filed up to Due Date In last month of the year 2020, the last date for filing tax returns for tax year 2020 [&hellip;]
- [FBR's datewise activities in year 2020](https://tax.net.pk/2021/01/01/fbr-datewise-activities-in-year-2020/): FBR ISSUES CLARIFICATION (Federal Board of Revenue has issued a clarification regarding extension in Prime Minister’s Construction package.) Dec 31, 2020 2.19 MILLION INCOME TAX RETURNS FILED Dec 26, 2020 SMUGGLED GOODS WORTH 29 BILLION SEIZED IN CURRENT YEAR Dec 25, 2020 FBR ISSUES REFUNDS OF RS. 144 BILLION IN THE CURRENT FINANCIAL YEAR Dec 24, 2020 LETTER OF UNDERSTANDING INKED BETWEEN FBR AND DIRECTORATE OF FEDERAL GOVERNMENT EDUCATIONAL INSTITUTIONS (CANTONMENTS/GARRISONS) Dec 23, 2020 BENAMI TRANSACTIONS ADJUDICATING AUTHORITY INITIATES 27 REFERENCES AGAINST BENAMI TRANSACTIONS Dec 23, 2020 TAXPAYERS’ ALLOWED TO FILE SETTLEMENT APPLICATION FOR AGREED ASSESSMENT Dec 23, 2020 DIRECTORATE GENERAL INTELLIGENCE [&hellip;]
- [Tax measures & reliefs in response to COVID-19 in 2020 by Pakistan](https://tax.net.pk/2021/01/01/tax-measures-reliefs-in-response-to-covid-19-in-2020-by-pakistan/): Government in Pakistan have introduced tax measures to reduce the impact of the COVID-19 pandemic in year 2020. Tax Reliefs in 2020 by Pakistan Exempted taxes on import of oxygen gas, cylinders &amp; tanks 23 August 2020: FBR exempted taxes on import of oxygen gas, oxygen cylinders and cryogenic tanks. This exemption was available for a period of 3 months starting from 23 June 2020. This relief applicable to LCs opened for GDs filed on or after 23 June 2020. The Prime Minister’s COVID-19 Pandemic Relief Fund 2020 30 June 2020: In Finance Act 2020 &#8216;The Prime Minister’s COVID-19 Pandemic Relief [&hellip;]
- [Prices of all petroleum products increased: A New Year gift](https://tax.net.pk/2020/12/31/prices-of-all-petroleum-products-increased-a-new-year-gift/): The federal government on Thursday increased prices of all petroleum products. For next fortnight effective from mid-night of January 01, 2021. According to a press release issued by the Finance Division, the prices of petroleum products enhanced and will effect from January 01, 2020 for the next fortnight. The price of petrol increased by Rs2.31 to Rs106 per liter from Rs103.69. The rate of high speed diesel (HSD) increased by Rs1.80 to Rs110.24 per liter to Rs108.44. The price of kerosene oil increased by Rs3.36 to Rs73.65 per liter from Rs70.29. The price of light diesel oil increased by Rs3.95 to [&hellip;]
- [Top tax issues of Pakistan in 2020](https://tax.net.pk/2020/12/31/top-tax-issues-of-pakistan-in-2020/): Tax Potential and its Compliances in Pakistan Pakistan has a potential of a big economy. About 38% of Pakistanis live in cities, yet they contribute about 55% of GDP. This means that if Pakistan manages to collect taxes effectively in these cities, there is more potential for revenue. At present, local city governments in Pakistan not financially empowered; instead, most city taxes are levied through one of Pakistan&#8217;s four provincial governments. These provincial governments have large jurisdictions with a population of 12 million to more than 110 million. Since the management of cities is not the main task of these governments, [&hellip;]
- [Retailers registered with FBR started obtaining CNIC of consumers on sales above than Rs100,000](https://tax.net.pk/2020/12/30/retailers-registered-with-fbr-started-obtaining-cnic-of-consumers-on-sales-above-than-rs100000/): Retailers registered with the Federal Board of Revenue (FBR) have begun obtaining details of computerized national identity cards (CNICs) from consumers who buy goods worth more than Rs 100,000, tax officials said. Limit of CNIC requirement increased to Rs 100,000 Retailers with Sales Tax Registration Number (STR) were providing details of ordinary consumers on sale of goods worth more than Rs 100,000 through monthly sales tax returns. Through the Finance Act 2020, the limit already increased from Rs. 50,000 to Rs. 100,000. READ ALSO: FBR issues procedure for cash back refunds of sales tax to customers of Tier-1 retailers. Sources said [&hellip;]
- [Cash paid for immovable property required to be reported under anti money laundering and counter terrorism financing : FBR](https://tax.net.pk/2020/12/29/cash-paid-for-immovable-property-required-to-be-reported-under-anti-money-laundering-and-counter-terrorism-financing-fbr/): Every cash transaction for sale or purchase of housing units worth more than Rs. 2 million must be reported under Anti Money Laundering (AML) / Counter Terrorism Financing (CFT). To comply with the requirements of Financial Action Task Force (FATF). The Federal Board of Revenue (FBR) instructed on Monday. Real estate agents (REAs) have to comply with the requirements of the AML and Counter Financing of Terrorism (CFT) era. ALSO READ: Anti money laundering Act: monitoring of Jewelers, real estate agents and accountants under strict regulations. The FBR said that a Currency Transaction Report (CTR) needs to be submitted. When a [&hellip;]
- [Field formations directed to pay all income tax refunds submitted by January 31, 2021: FBR](https://tax.net.pk/2020/12/29/field-formations-directed-to-pay-all-income-tax-refunds-submitted-by-january-31-2021-fbr/): The FBR has directed the field formations to immediately pay all income tax refunds. Filed under section 170 of the Income Tax Ordinance 2001 by January 31, 2021 for the tax year 2020. According to the FBR&#8217;s directive to field formations to process income tax refund requests, the FBR said that refund payments or refund adjustments holds the same financial impact on the exchequer and unreasonable or criminal refunds not to pay or adjusted by taxpayers. In this regard, data on Income Tax Refund Applications for Tax Year 2020 obtained from Field Formation / PRAL, and verified. According to data the [&hellip;]
- [40 percent of registered taxpayers do not file sales tax forms](https://tax.net.pk/2020/12/28/40-percent-of-registered-taxpayers-do-not-file-sales-tax-forms/): Forty percent (40%) of the taxpayers registered with the Sales Tax Directorate do not submit their sales tax forms. They cheat the government revenue and honest taxpayers by engaging in the activities of fraud. 40% Non filers of sales tax forms Dr. Waqar Masood, Special Assistant to the Prime Minister for Revenue, said that the issue of flying invoices has become a difficult task for the (FBR). According to him, 250,000 people registered with the sales tax directorate out of which 105,000 (40%) do not submit their sales tax forms. It should be noted that the government has also withdrawn the [&hellip;]
- [Annual Income tax return filing last date December 31 2020 for companies](https://tax.net.pk/2020/12/23/annual-income-tax-return-filing-last-date-december-31-2020-for-companies/): With the end of the last month of the year 2020, you have only few days left to file annual income tax return (ITR) of Companies&#8216; for the tax year 2020. For filing an ITR for financial year 2019-20 — or assessment year 2020-21 — the last date to do so without bearing a penalty is December 31. Section 118 of the Income Tax Ordinance 2001 deals with the due date for filing annual income tax returns. A return of income under section 114 of a company shall be submitted (a) in the case of a company with a tax year [&hellip;]
- [Further extension in time for filing income tax return](https://tax.net.pk/2020/12/23/further-extension-in-time-for-filing-income-tax-return/): Extension of time for furnishing income tax returns and other documents. After first extension of 15 days by the commissioner, the taxpayer may also apply further extension. Extension of time for furnishing returns and other documents. Section 119 of the Income Tax Ordinance 2001 deals with the extension in time for filing annual income tax returns. According to the legal provisions of the above section once 15 days allowed by the commissioner for filing annual income tax returns may also be granted further extension in time in case of any exceptional circumstances justifying a longer extension of time. How to apply [&hellip;]
- [State bank issued list of chartered accountants firms for audit of banks](https://tax.net.pk/2020/12/22/state-bank-issued-list-of-chartered-accountants-firms-for-audit-of-banks/): State Bank of Pakistan (SBP) recently issued updated list of chartered accountants firms / audit firms, which can conduct audit of banking companies. SBP&#8217;s panel of chartered accountants Auditors Maintained Under Section 35 (1) of Banking Companies Ordinance, 1962. State Bank of Pakistan updated the list up to December 21, 2020. Following is the list of chartered accountant firms with their categories to conduct audit: Categories of Audit Firms a.Category ‘A’Category “A” are eligible to conduct audit of all Banks and DFIsb.Category ‘B’Category “B” are eligible to conduct audit of Banks and DFIs having assets up to Rupees 100 billion or [&hellip;]
- [Income Tax on Foreign Remittance in Pakistan 2022](https://tax.net.pk/2020/12/22/income-tax-on-foreign-remittance-in-pakistan-2022/): Income Tax on Foreign Remittance in Pakistan 2022 Through the study of the Income Tax Ordinance, 2001 in general and the provisions of Section 80 of the Ordinance in particular, reveal the three types of persons to be treated under the Income Tax law of Pakistan. An 1. Individual; 2. A Company or Association of Persons incorporated, formed, organized or established in Pakistan or elsewhere; 3. The Federal Government, a Foreign Government, a Political Sub-Division of a Foreign Government, or a Public International Organization. Section 83 &amp; 84 Income Tax Ordinance 2001 (Company &amp; AOPs) It is noteworthy that the incidence [&hellip;]
- [State bank never declared cryptocurrency illegal: SHC](https://tax.net.pk/2020/12/19/state-bank-never-declared-cryptocurrency-illegal-shc/): On Thursday, the Sindh High Court expressed frustration with the Federal Ministry of Finance. For not explaining its comments on the cryptocurrency petition. While the State Bank of Pakistan said it had never declared it illegal. A two-judge bench headed by Justice Muhammad Karim Khan Agha. He had sought the opinion of the SBP till January 13. On whether there was any law in place to curb cryptocurrency trading in Pakistan ? It also warned that if comments were not filed by the ministry through the deputy additional attorney until the next hearing, the finance secretary would have to appear in [&hellip;]
- [Tax amnesty scheme for builders and developers ending at December 31 2020](https://tax.net.pk/2020/12/19/tax-amnesty-scheme-for-builders-and-developers-ending-at-december-31-2020/): Tax amnesty scheme already announced for builders and developers for construction of housing projects is going to end as at December 31, 2020. Complete procedure to get registration under the said tax amnesty scheme is available under Section 100D of Income Tax Ordinance, 2001. Salient Features of Scheme for Builders and Developers Under Section 100D of Income Tax Ordinance 2001. List of exempted sectors from section 111 of the Income Tax Ordinance 2001, on investment made in new construction projects. Exemption from Section 111 on purchase of plot and building on the conditions of: List of persons for whom Exemption from [&hellip;]
- [Exemption from sales tax on medical and testing equipment regarding covid-19](https://tax.net.pk/2020/12/18/exemption-from-sales-tax-on-medical-and-testing-equipment-regarding-covid-19/): S.R.0.1257(I)/2020 -In exercise of the powers conferred by clause (a) of sub-section (2) of section 13 of the Sales Tax Act, 1990. In suppression of its Notification No. S.R.O. 555(I)/2020, dated the 19th June, 2020. The Federal Government pleased to exempt the import and subsequent supply of the following goods. From whole of the sales tax specified in columns (2) and (3) of the Table below: This Notification shall take effect from the 1st day of October, 2020 and shall remain in force up to the 30 th day of June, 2021. LATEST POSTS PREVIOUS POSTS CATEGORIES NEWS FEEDS &#8211; www.TaxUrdu.com
- [FBR announced Regional interview committees for appointment of advocates on the panel of FBR](https://tax.net.pk/2020/12/18/fbr-announced-regional-interview-committees-for-appointment-of-advocates-on-the-panel-of-fbr/): FBR&#8217;s revised policy for appointment of Advocates and Legal Advisor circulated vide Board&#8217;s letter No. 8(70) S(P.A)/2020/176432-R dated 12.10.2020. Following is the list of city wise Regional Interview Committees which shall conduct interviews: LATEST POSTS PREVIOUS POSTS NEWS FEEDS &#8211; www.TaxUrdu.com
- [FBR issued list of Tier-1 integrated retailers with FBR](https://tax.net.pk/2020/12/18/fbr-issued-list-of-tier-1-integrated-retailers-with-fbr/): Federal Board of Revenue (FBR) has issued up to date list of Tier-1 retailers. These retailers have registered their Point of Sales (POS) with FBR. Tier-1 retailers allowed only to get cash back of 5% five percent sales tax paid at the time of purchases. ‘Tier-1 retailer’ as defined in section 2(43A) of the Sales Tax Act, 1990 which fulfills the following conditions: (a) a unit of a national or international chain of stores; (b) operating in an air-conditioned shopping mall, plaza or centre, excluding kiosks; (c) Cumulative electricity bill during the immediately preceding twelve consecutive months exceeds Rupees twelve hundred [&hellip;]
- [Withholding tax on Pakistan-made mobile phones abolished](https://tax.net.pk/2020/12/17/withholding-tax-on-pakistan-made-mobile-phones-abolished/): Withholding tax on Pakistan-made mobile phones abolished. The Cabinet&#8217;s Economic Co-ordination Committee approved the Mobile Device Manufacturing Policy and Electric Vehicle Policy. The meeting approved the abolition of 4% withholding tax on locally manufactured mobile phones. The framework for tax and duty concessions for the mobile phone manufacturing industry and electric vehicles in Pakistan till 2025 was also approved. Three (3) big mobile phone companies will soon Will launch operations in Pakistan. These are great achievements in the Made in Pakistan campaign. Very soon we will be making our electric vehicles and mobile phones. LATEST POSTS PREVIOUS POSTS
- [Income Tax Returns Filing for Tax Year 2020 Reaches 2.93m](https://tax.net.pk/2021/06/07/income-tax-returns-filing-for-tax-year-2020-reaches-2-93m/): The income tax returns for tax year 2020 have reached to a new peak of 2.93 million against 2.63 million in last year for tax year 2019. Showing an increase of 11.4 percent along with tax payment of Rs.52 billion compared to only Rs.34 billion last year, showing an increase of 55 percent. Currently, the Federal Board of Revenue (FBR) has released the provisional revenue collection figures for the first eleven months of current tax year / fiscal year. According to the information, FBR has collected net revenue of Rs. 4,170 billion during Jul-May period. Which has exceeded the target of [&hellip;]
- [Islamabad Chamber of Commerce chief demands fixed tax regime for Traders](https://tax.net.pk/2021/06/07/islamabad-chamber-of-commerce-chief-demands-fixed-tax-regime-for-traders/): Islamabad Chamber of Commerce and Industry President Sardar Yasir Ilyas Khan has urged the government to introduce a fixed tax regime for traders in the upcoming budget. He also said to end the condition of CNIC on sale. It will help in promoting documented economy and increasing tax revenue. He said that the retail sector was contributing around 20% to GDP. Introducing a fixed tax regime would be a great initiative to broaden the tax base of the country. He added that the best option to increase tax revenue is to avoid putting more tax burden on current taxpayers. Govt should [&hellip;]
- [Budget in front but Pakistan and IMF will discuss taxes next week](https://tax.net.pk/2021/06/07/budget-in-front-but-pakistan-and-imf-will-discuss-taxes-next-week/): Pakistan and the International Monetary Fund (IMF) are working to eliminate their differences over new taxation measures. The government’s willing to increase sales tax rate on fertilizer to 10% and charge 17% tax on import of crude oil to generate Rs115 billion. Interest income There is also a proposal to tax interest income under normal tax regime, instead of charging a maximum rate of 15% that is at the lower end. IMF &amp; Govt Talks The talks between the both will continue next week. Although only five days left in presentation of the budget for fiscal year 2021-22. According to media [&hellip;]
- [Tax Practitioners Urged FBR to issue FTNs against Withholding tax Deduction](https://tax.net.pk/2021/06/07/tax-practitioners-urged-fbr-to-issue-ftns-against-withholding-tax-deduction/): Tax practitioners have urged the Federal Board of Revenue (FBR) to issue Free Tax Numbers (FTNs) to persons who are not liable for withholding tax. In its proposals for budget 2021/2022, the Karachi Tax Bar Association (KTBA) said. That Section 49(3) of the Income Tax Ordinance, 2001 has specified. That payment received by the Federal, Provincial or a Local Government shall not liable to any deduction of advance tax. FBR should issue a separate list of Free Tax Numbers (FTNs). Who are not liable to tax withholding as provided under section 49(3) of the Ordinance through a S.R.O. The KTBA said [&hellip;]
- [Govt Preparing to Increase Consumption of Electric Vehicles by Reducing Taxes and Prices](https://tax.net.pk/2021/06/06/govt-preparing-to-increase-consumption-of-electric-vehicles-by-reducing-taxes-and-prices/): Relevant institutions have taken practical steps to increase the use of electric vehicles in Pakistan by reducing tax and prices. Rana Qamar Al Hassan, Director, Excise and Taxation Department, Punjab, said that the government planned to increase the use of electricity instead of petrol in vehicles so as to reduce the import of petrol at high prices along with environmental pollution. It also decided to reduce the excise tax on vehicles. It proposed to the government to reduce the excise tax on vehicles up to 2,000 cc and bring it to the level of Islamabad. The excise department has decided to [&hellip;]
- [Cement sales bounce 41% in May](https://tax.net.pk/2021/06/06/cement-sales-bounce-41-in-may/): The cement sector recorded growth of 49.86% in May 2021 as total sales reached 3.947 million tons against 2.634 million tons in the same month of the previous fiscal year. According to data released by the All Pakistan Cement Manufacturers Association (APCMA), local cement in May 2021 rose to 3.2 million tons against 2.27 million tons in May 2020, showing a healthy growth of 40.95%. Exports significantly increased by 105.56%, up from 363,174 tons in May 2020 to 746,550 tons in May 2021. Cement mills located in northern Pakistan sold 2.71 million tons of cement in domestic markets. Which is an [&hellip;]
- [Despite the obstacles, the FBR issued a Rs250b tax refunds](https://tax.net.pk/2021/06/06/despite-the-obstacles-the-fbr-issued-a-rs250b-tax-refunds/): FBR Inland Revenue (Operations) member Dr Muhammad Ashfaq Ahmed has claimed that despite some minor discrepancies in the system, the Federal Board of Revenue (FBR) has paid tax refunds amounted to Rs 250 billion this year. During a meeting with the business community at the Faisalabad Chamber of Commerce and Industry (FCCI), he appealed to every citizen to submit their tax returns. Highlighting the issuance of notices to the IT sector. He clarified that tax authority has a constitutional and legal responsibility to ask for taxable amount. But It should not be termed as harassment. Ahmed noted that IT exports are [&hellip;]
- [Shaukat Tarin warns Tax defaulters of action after third-party audit](https://tax.net.pk/2021/06/05/shaukat-tarin-warns-tax-defaulters-of-action-after-third-party-audit/): Federal Minister for Finance and Revenue Shaukat Tareen has warned that if any error is found after a third party audit, it will result in the launch of an investigation and penal action. &#8220;In this regard, we have created a section to review all the bills of the people, the number of deposits and the date of travel, etc. and if a person is found liable to pay taxes but is in default, such Matters will be sent to a third party. Auditors will prove the tax default and if proven, these defaulters will be put behind bars. &#8221; Shaukat Tareen [&hellip;]
- [Traders remind FBR of their promise](https://tax.net.pk/2021/06/05/traders-remind-fbr-of-their-promise/): All Pakistan Anjuman e Tajiran (APAT) President Ajmal Baloch and Secretary Khalid Chaudhry expressing their concern on Tuesday that the Federal Board of Revenue (FBR) promised to install Point of Sales (POS) devices two years ago which has not been fulfilled still now. The traders’ union leaders explained that the coronavirus pandemic situation has damaged businesses. Which made it impossible for them to meet expenditures and faced heavy losses in past one year. They also said that the Federal board of revenue had imposed the condition of showing the national identity card (NIC) for purchasing, which was practically impossible. The traders [&hellip;]
- [Govt called for the National Assembly session on June 11 to present the budget](https://tax.net.pk/2021/06/05/govt-called-for-the-national-assembly-session-on-june-11-to-present-the-budget/): The federal government on Friday call for the National Assembly session on June 11 to present the budget for the fiscal year 2021-22. Adviser to Prime Minister on Parliamentary Affairs Babar Awan and National Assembly Speaker Asad Qaiser held a meeting to decide the schedule of the budget. The budget will be submitted by Finance Minister Shaukat Tarin after which it will be presented in the Senate for approval. Govt is confident that the Rs8,000 billion budget would float through the lower house of parliament, Qaiser said, “We will be presenting a people-friendly budget.&#8221; The budget for the pension of the [&hellip;]
- [Govt considering to reduce taxes on cars in upcoming budget](https://tax.net.pk/2021/06/03/govt-considering-to-reduce-taxes-on-cars-in-upcoming-budget/): The government is considering slashing taxes on new imported and locally assembled cars of up to 800cc engine capacity in the upcoming budget. The proposal, seeks to cut import duties and taxes on new imported cars by up to 63% and cut down them by nearly 7% for locally made cars. The proposal includes eliminate 50% regulatory duty, either eliminating 7% additional customs duty or reducing the customs duty by the same percentage and ending 2.5% federal excise duty on new imported cars. In addition to that, there is also a proposal to abolish 5% withholding tax and reduce the standard [&hellip;]
- [FBR Records historic growth again in May, 18% Growth in 11 Months](https://tax.net.pk/2021/06/02/fbr-records-historic-growth-again-in-may-18-growth-in-11-months/): Federal Board of Revenue (FBR) has released the provisional revenue collection figures for the first eleven months of current fiscal year. According to the provisional information, FBR has collected net revenue of Rs. 4,170 billion during Jul-May period, which has exceeded the target of Rs.3,994 billion by Rs. 176 billion. This represents a growth of about 18% over the collection of Rs.3, 549 billion during the same period last year.  May was Rs. 386 billion, against a required increase of Rs. 214 billion The net collection for the month of May was Rs. 386 billion, against a required increase of Rs. [&hellip;]
- [FBR notifies Gabd (Gwadar) as TIR Border Crossing Point](https://tax.net.pk/2021/06/02/fbr-notifies-gabd-gwadar-as-tir-border-crossing-point/): Pakistan became a member of TIR (International Road Transport) Convention in 2017. TIR has 77 contracting parties including China, Afghanistan, Iran, Turkey and all Central Asian Republics (CARs). After becoming member, Pakistan notified sea and land border points as TIR crossings i.e., Sust (Khunjerab) with China, Torkham &amp; Chaman with Afghanistan, Taftan with Iran and Gwadar &amp; Karachi are two sea ports. Gabd located at 87 Km from Gwadar on Pak-Iran border In December, 2020 Gabd (Pakistan)-Reemdan (Iran) has been upgraded to international border crossing and now passengers/drivers can cross this border with valid visa. Consequently, FBR has notified Gabd as [&hellip;]
- [Sindh Revenue Board Announces Tax Relief Scheme](https://tax.net.pk/2021/06/01/sindh-revenue-board-announces-tax-relief-scheme/): The Sindh Revenue Board (SRB) has announced a tax incentive scheme. This scheme allows total exemption from penalties. It provides significant relief for Sindh sales tax (SST) defaulters in payment of default surcharge. Meetings held with different chambers of commerce and taxpayer associations. In a press release on Monday, the Sindh Revenue Board (SRB) approved a proposal for tax incentive scheme. Under this scheme penalties would be exempted. Further, significant exemption from the default surcharge liability will be provided to the taxpayers and defaulters. Provided, if they deposit the principal amount of arrears of Sindh sales tax during the month of [&hellip;]
- [The KTBA Proposed the FBR to separate the tax fraud investigation](https://tax.net.pk/2021/06/01/the-ktba-proposed-the-fbr-to-separate-the-tax-fraud-investigation/): Karachi Tax Bar Association (KTBA) proposed to the Federal Board of Revenue (FBR) to separate tax fraud investigations from normal audit and assessment. The KTBA urged to establish special directorate to audit of cases involving tax fraud. KTBA proposed amendment in different tax law provisions. If the tax officer determined that the registered person is involved in tax fraud. The case is moved to the special directorate for further investigation with criminal proceeding. The Karachi Tax Bar Association is of the view that this difference between registered law enforcers and those engaged in criminal activities will restore confidence in real taxpayers [&hellip;]
- [SBP extends prize bond encashment deadline](https://tax.net.pk/2021/06/01/sbp-extends-prize-bond-encashment-deadline/): State Bank of Pakistan (SBP) extended the last date for encashment or conversion of prize bonds of Rs 15,000, Rs 25,000 and Rs 40,000 up to September 30, 2021, a circular issued by the SBP. The last date for encashment or conversion of Rs 15,000 prize bond was June 30, 2021, while, May 31, 2021 was for Rs. 25,000 and Rs 40,000 prize bonds. The SBP has directed all the banks to circulate updated instructions on prize bonds to all branches for information and compliance. All other terms and conditions in this regard shall remain unchanged. Unregistered prize bonds of Rs [&hellip;]
- [FBR issues clarification on Single Window Program](https://tax.net.pk/2021/05/27/fbr-issues-clarification-on-single-window-program/): Federal Board of Revenue has issued a clarification on the news published in the daily “Dunya” dated May 21, 2021. That Revenue Division could only spend Rs. 10,300/- on Single Window Program out of allocated Rs 200 million funding in the last ten months. FBR has clarified that an amount of Rs. 20 million allocated under PSDP funding to PSW program for the on-going fiscal year and not the reported amount of Rs 200 million. With the required administrative approvals in place, it is expected that the utilization of allocated amount will be before 30th June 2021. FBR has utilized Rs. [&hellip;]
- [FBR Issues Clarification on Excessive Charge of Duties & Taxes on Mobile Phones](https://tax.net.pk/2021/05/27/fbr-issues-clarification-on-excessive-charge-of-duties-taxes-on-mobile-phones/): Federal Board of Revenue (FBR) has issued a clarification on the media news about excess charging of customs duties and taxes on import of mobile phones. FBR explained that in a meeting with Pakistan Telecommunication Authority (PTA). According to this the passengers can register up to 5 mobile phones on their passports. In case of high end phones of more than USD 500, the difference of duty / taxes between passport and CNIC registration is about Rs. 9,000/-. Accordingly, in order to correct this anomaly and to limit the registration of mobile phone against passport up to one set. The WeBOC [&hellip;]
- [Directorate of Intelligence & Investigation (IR) unearths tax evasion in Lahore](https://tax.net.pk/2021/05/27/directorate-of-intelligence-investigation-ir-unearths-tax-evasion-in-lahore/): The Directorate of Intelligence &amp; Investigation (IR), Lahore received authentic information related to sales tax fraud. Action carried out under Section 38 read with Section 40 of the Sales Tax Act, 1990 against M/s. Innovative Biscuits (Pvt.) Limited. Lahore. Assessment order issued where amount involved of Rs. 4.27 billion as sales tax. Also default surcharge and 100% penalty for tax fraud. Accused includes Sheikh Munir Hussain, who was arrested. Two bail applications filed by the accused rejected by Special Judge. Subsequently. the accused filed another application for bail before Lahore High Court. Then, the Lahore High Court, Rawalpindi Bench, Rawalpindi allowed [&hellip;]
- [The Punjab Letters of Administration and Succession Certificates Ordinance 2021](https://tax.net.pk/2021/05/24/the-punjab-letters-of-administration-and-succession-certificates-ordinance-2021/): The Governor of Punjab has issued a new succession law called &#8220;The Punjab Letters of Administration and Succession Certificates Ordinance 2021&#8221;. Procedure for applying the succession certificate / letter of administration is as following: Step: 1Application : The applicant will provide his / her National Identity number (CNIC), deceased persons death certificate and National Identity number (CNIC No). Step: 2Details of Legal Heirs and Assets: The applicant will provide the details of legal heirs , and information pertaining to the movable and immovable assets of the deceased. Step: 3Verification and Consent of Legal Heirs: All legal heirs mentioned by the applicant [&hellip;]
- [FBR introduces online electronic hearing of tax audits and assessment cases](https://tax.net.pk/2021/05/20/fbr-introduces-online-electronic-hearing-of-tax-audits-and-assessment-cases/): Federal Board of Revenue (FBR) has launched the software of electronic hearing of tax audit and assessment cases to facilitate the taxpayers. This activated by enabling and fictionalizing the e-Hearings module in the Iris. The module enables online hearing both form the dedicated hearing rooms established in the field formations and from the places of the taxpayers. Such e-Hearings will available recorded and archived for further legal and administrative utilization. In the first phase, the module launched and tested in LTO Islamabad, RTO Rawalpindi, RTO Faisalabad and RTO Peshawar wherein online e-Hearings through the dedicated e-Hearing Rooms and from the places [&hellip;]
- [MG Pakistan going to launch a budget car in Pakistan](https://tax.net.pk/2021/05/19/mg-pakistan-going-to-launch-a-budget-car-in-pakistan/): This budget car targeted for the middle class of Pakistan. It is possibly a sporty look hatchback. Although Javed Afridi didn’t share any details about the vehicle set to be launched. But according to the local media reports that the vehicle in question is the MG3. Javed Afridi told Khaleej Times, a UAE-based media outlet in an interview. That MG Pakistan is planning to bring a budget car for the middle class of Pakistan. MG3 is a hatchback, and will be competing with the already existing models of Suzuki Swift, KIA Rio, Toyota Vitz, and other similar local cars. Car is [&hellip;]
- [Shaukat Tarin seeks time to present budget for Fiscal Year 2021-2022](https://tax.net.pk/2021/05/19/shaukat-tarin-seeks-time-to-present-budget-for-fiscal-year-2021-2022/): Minister for Finance Shaukat Tarin has sought more time from the National Assembly speaker for presenting the annual budget for fiscal year 2021-22. According to media reports, the speaker’s chamber had contacted Shaukat Tarin and consulted about summoning the budget session. Shaukat Tarin, however, told the speaker office that he has just taken charge of the ministry of finance and i will need some more time to prepare the annual budget for the Tax Year 2022. The speaker of National Assembly later on contacted the parliamentary leaders of opposition parties and informed them that the government wanted to present the budget [&hellip;]
- [Lahore High Court dismisses plea against ban on Rs 7,500 prize bond](https://tax.net.pk/2021/05/19/lahore-high-court-dismisses-plea-against-ban-on-rs-7500-prize-bond/): The Lahore High Court (LHC) on Tuesday dismissed a petition filled, where challenging ban by the government on sale and purchase and further draw of Rs 7,500 prize bonds, after it&#8217;s discontinuation. The court decided that the ban imposed as per government policy and court can not interfere in their policy matters. Justice Jawad Hassan reserved the verdict on maintainability of the petition filed by Anwar Ali. It was decided on Tuesday. Earlier, a legal counsel for the petitioner argued before the honorable court. That the federal government issued a notification banning sale, purchase and draw of Rs 7,500 prize bonds. [&hellip;]
- [Karachi Tax Bar Demands further date extension for sales tax payment & return filing](https://tax.net.pk/2021/05/19/karachi-tax-bar-demands-further-date-extension-for-sales-tax-payment-return-filing/): Karachi Tax Bar Association (KTBA) on Tuesday demands from the Federal Board of Revenue (FBR) to further extend the last date for sales tax payment and filing monthly of sales tax return for the month of April, 2021. Because, taxpayers are unable to comply with statutory requirement due to extended Eid holidays and lock down. Karachi tax bar Association asked the FBR to extend the last date of payment of sales tax and date of filing of the monthly sales tax return for the period April 2021 till May 24, 2021 and May 27, 2021, respectively. Previously FBR extended the last [&hellip;]
- [Rs. 100 Prize Bond Draw Result & List Dated 17 May 2021](https://tax.net.pk/2021/05/19/rs-100-prize-bond-draw-result-list-dated-17-may-2021/): Rs. 100 Prize Bond Draw List No 34 Held at Multan Result Dated 17 May 2021 Balloting for Lucky Draw No. 34 of Rs. 100 prize bond held in Multan city on 17th May 2021. State bank do the balloting for the 100 Rs. Prize bonds. 1st prize of the 100 Rs. prize bond of value 700,000 PRK awarded to 1 lucky winner, while second prize of the 100 prize bond of amount Rs. 200,000 awarded to 3 lucky winners. The last &amp; third prize of the 100 prize bond is given to 1199 winners of amount Rs. 1,000/- each. DRAW [&hellip;]
- [Bitcoin fell to a three-month low on Monday](https://tax.net.pk/2021/05/18/bitcoin-fell-to-a-three-month-low-on-monday/): Bitcoin fell to a three-month low on Monday that saw investors selling and buying the digital currency. This happened after Tesla boss Elon Musk tweeted about the carmaker’s bitcoin holdings. Bitcoin fell to as low as $42,185, its lowest since Feb. 8, and was last down 6.2% at $43,564. In his latest tweet, Musk said “Tesla has not sold any bitcoin”. A day earlier, he suggested Tesla may have done so, and last week, Musk said Tesla would stop taking bitcoin as payment due to environmental concerns about energy use to process transactions. Ether, linked to the ethereum blockhain, fell to [&hellip;]
- [RS. 1500 Prize Bond Result, 17 May 2021 Announced](https://tax.net.pk/2021/05/18/rs-1500-prize-bond-result-17-may-2021-announced/): Results of 1500 Prize bonds announced by the State Bank of Pakistan. The list of winners published. The draw held in Karachi on May 17, 2021. In the results, The first position holder won prize of Rs. 3000000. The balloting of prize bonds worth Rs.1500/- each held in Karachi on May 17th. The Draw number is 86. The winner of the prize bond announced, prize bond number 602642 won the amount of 3,000,000 PKR. The second prize winners are 587960, 925211, 942100 they all won Rs. 1,000,000, Third prize of 1500 prize bond awarded to 1696 lucky winners. The draw held [&hellip;]
- [Saudi Arabia New Vaccine Decision Raised Problems for Pakistan Travel Industry](https://tax.net.pk/2021/05/17/saudi-arabia-new-vaccine-decision-raised-problems-for-pakistan-travel-industry/): In a new development, Saudi Arabia has set a travel permit requirement for foreign travelers with the COVID-19 vaccine. However, the new condition has made it difficult for Pakistanis to plan to travel to the kingdom of Saudi Arabia. This is because the list of vaccines recommended by the Gulf country does not include any medicine made in China. According to media reports, the state has recommended the use of Pfizer, Oxford, Moderna, and Johnson &amp; Johnson coronavirus vaccines. In Pakistan, however, most people are being vaccinated with Chinese vaccines (Sinopharm, CanSino, and SinoVac.) According to media reports, people who do [&hellip;]
- [CPEC Related Gwader Projects](https://tax.net.pk/2021/05/11/cpec-related-gwader-projects/): S.No Project Name Estimated Cost(US$ M) 1 Gwadar East-Bay Expressway 168 2 New Gwadar International Airport 230 3 Construction of Breakwaters 123 4 Dredging of berthing areas &amp; channels 27 5 Development of Free Zone 32 6 Pak China Friendship Hospital 100 7 Pak-China Technical and Vocational Institute at Gwadar 10 8 Gwadar Smart Port City Master Plan 4 CPEC Related Gwader Projects Gwadar East-Bay Expressway The Construction of Eastbay Expressway is the main project of Gwadar Port through which the entire traffic of gwadar port will flow. The purpose of Eastbay Expressway is to provide primary connectivity of the Port [&hellip;]
- [Amazon in Pakistan](https://tax.net.pk/2021/05/11/amazon-in-pakistan/): E-commerce giant Amazon will add Pakistan to its approved sellers list within a few days. Amazon currently have 102 other countries on its platform.&nbsp; Prime Minister Imran Khan announced this development on Thursday, and said it will open new opportunities for young men and women and new startups. &#8220;A great development as Amazon has finally approved that our sellers can export their goods through their system. Amazon starting operations in Pak will open opportunities for our youth as it will enable a new breed of young men &amp; women entrepreneurs to join the export market,&#8221; Khan tweeted. Imran Khan Tweeted The [&hellip;]
- [FBR Reduces Sales Tax Rate on Petroleum Products](https://tax.net.pk/2021/05/10/fbr-reduces-sales-tax-rate-on-petroleum-products/): The Federal Board of Revenue (FBR) reduces sales tax rate from 17 percent to 15.44 percent on Kerosene oil and from 17 percent to 7.56 percent on Light diesel oil from May 1, 2021, to maintain prices of the petroleum products unchanged during the month of May. The FBR amended S.R.O. 57(I)/2016 (sales tax on petroleum products) through issuance of a notification S.R.O. 557 (I)/2021 issued on Monday. According to the notification issued, the standard rate of 17 percent would remain enforce on Motor spirit and High-speed diesel oil from May 1. The federal government already kept the prices of petroleum [&hellip;]
- [Step by Step Guide for Registration as Builder & Developer](https://tax.net.pk/2021/05/10/step-by-step-guide-for-registration-as-builder-developer/): Not Registered Please go to https://iris.fbr.gov.pk/public/txplogin.xhtml and Click “Registration for Unregistered Person”. Already Registered 1- Please use your Iris login and password to enter in Iris application. 2- After logging in, on left upper corner of your window, Click Registration and select Builder / Developer. 3- Click on tab Builder / Developer on the following window: 4- After clicking on Builder / Developer tab, you will arrive at following screen where you can add detail of your Project by click on + button in right side of corner of your screen. 5- Please add detail of your project in the following [&hellip;]
- [Chairman FBR Inaugurates Anti-Benami Adjudicating Authority Secretariat](https://tax.net.pk/2021/05/10/chairman-fbr-inaugurates-anti-benami-adjudicating-authority-secretariat/): Chairman Federal Board of Revenue (FBR) Asim Ahmad has inaugurated the Secretariat of Anti-Benami Adjudicating Authority here in Islamabad. On this occasion, Chairman Anti-Benami Adjudicating Authority Muhammad Ali, Member FATE and Director General Anti-Benami Initiatives Syed Nadeem Hussain Rizvi, Member Administration Bakhtiar Muhammad and other members and officers were present. Chairman Anti-Benami Adjudicating Authority Muhammad Ali briefed about the performance of Authority. He said that Authority had decided 68 references out of 95 references so far. Out of 68 decided references, movable and immovable properties in 52 references declared Benami with declared value of Rs. 15 billion. Whereas their market value [&hellip;]
- [Withdrawal of customs duty on import of cotton yarn S.R.O533(I)/2021](https://tax.net.pk/2021/05/08/withdrawal-of-customs-duty-on-import-of-cotton-yarn-s-r-o533i-2021/): 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 Government is pleased to exempt the whole of customs duties leviable on import of goods specified in column (2) of the Table below falling under PCT headings specified in column (3) of the said Table, namely :- S. No. Description PCT Code (1) (2) (3) 1 Cotton Yarn (other than sewing thread), containing 85% or more byweight of cotton, not put up for retail sale 52.05 2 Cotton Yarn [&hellip;]
- [Customs field formations to remain open on 8th, 10th & 11th May](https://tax.net.pk/2021/05/08/customs-field-formations-to-remain-open-on-8th-10th-11th-may/): In order to facilitate exports and other trade activities, Federal Board of Revenue’s Customs Wing has issued instructions to all Customs field formations to work as normal working days on 8th, 10th and 11th of May, 2021. State Bank of Pakistan has already issued instructions to the relevant banks to operate on May 8th, 10th and 11th, 2021 to facilitate all trade related activities. All the Customs field formations directed to issue duty roasters of the officers/officials for the Eid holidays. So that the exports and essential/perishable import consignments processed/cleared without delay during Eid Holidays. Port Authorities, Terminal Operators, off-dock terminals [&hellip;]
- [Revised Profit Rates on National Savings Schemes effective from 7th May 2021](https://tax.net.pk/2021/05/08/revised-profit-rates-on-national-savings-schemes-effective-from-7th-may-2021/): According to a notification issued by the finance ministry, the new profit rates that will effective from the 7th of May. The revised profit rates on Regular Income Certificates reduced to 9.24 percent from 9.36 percent. Further, the rate of profit on Special Savings Certificates reduced to 8.75 per cent from 8.87 percent. The profit rate on the six-month short-term certificates reduced down to 7.20 per cent from 7.30 per cent. However, the rate of profit on Behbood Savings Certificates, Shuhada Family Welfare Account, Pensioners’ Benefit Account and Defence Saving Certificates will remain the same. On March 25, the Ministry of Finance [&hellip;]
- [Schedule of Prize Bonds Draw from January 2021 to December 2021](https://tax.net.pk/2021/05/08/schedule-of-prize-bonds-draw-from-january-2021-to-december-2021/): Prize Bond&nbsp;Schedule 2021–&nbsp;Prize bonds&nbsp;a type of government&nbsp;bonds issued where some randomly prize bonds selected within the issue then afterwards redeemed / encashed at a higher value than the face value of the prize bond. According to the&nbsp;Prize Bond&nbsp;Schedule, the Prize Bond Draw held in different cities of Pakistan on different dates. The&nbsp;prize bond schedule&nbsp;of Rs.&nbsp;100,&nbsp;200,&nbsp;750,&nbsp;1500,&nbsp;7500(Cancelled),&nbsp;15000(Cancelled),&nbsp;25000(Premium)&nbsp;and&nbsp;40000 premium respectively may found here. Prize Bond Schedule | Year 2021 | Premium Prize bonds Schedule |
- [FBR extends date for filing sales tax & Federal excise return for April 2021](https://tax.net.pk/2021/05/07/fbr-extends-date-for-filing-sales-tax-federal-excise-return-for-april-2021/): Federal Board of Revenue (FBR) extended the date of payment and submission of Sales Tax and Federal Excise Return for the period of April, 2021. 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 Federal Excise Return, which is due on 18th May 2021 is hereby extended up to 21st May 2021. FBR directed this in exercise of powers conferred under section 74 of the Sales Tax Act, 1990 and section 43 of the Federal Excise Act, 2005, [&hellip;]
- [Withdrawal Of 15,000 & 7,500 Denomination National Prize Bonds From Circulation](https://tax.net.pk/2021/05/07/withdrawal-of-15000-7500-denomination-national-prize-bonds-from-circulation/): Finance Division (Budget Wing), Government of Pakistan issued Notifications No. F.16(1)BS /2021-750 and F.16(1)BS /2021-751 dated April 28, 2021, regarding conversion / redemption / encashment of Rs. 15,000/- and Rs. 7,500/- denomination National Prize Bonds, with immediate effect. In this connection, the following instructions issued for information, guidance and compliance: a) National Prize Bonds of Rs. 15,000/- and Rs. 7,500/- denomination shall not be sold with immediate effect. b) Cash payment for encashments of cited bonds is NOT allowed. However, the bondholder(s) shall have the following options to replace / encash these bonds: 1) Conversion to Premium Prize Bonds (Registered) i. [&hellip;]
- [State Bank of Pakistan to not issue new Currency Notes on Eid ul Fitr due to COVID-19](https://tax.net.pk/2021/04/30/state-bank-of-pakistan-to-not-issue-new-currency-notes-on-eid-ul-fitr-due-to-covid-19/): The State Bank of Pakistan (SBP) announced that it will not issue new currency notes on Edi ul Fitr this year due to the coronavirus pandemic. “Like last year, we will not be issuing new currency notes on Eid ul Fitr due to the spread of the coronavirus pandemic,” said in a statement by State Bank of Pakistan. The State Bank of Pakistan issues new currency notes on Eid every year. As people want to give Eidi by using new currency notes. The State Bank of Pakistan statement also came as Pakistan’s coronavirus situation positive ratio jumped to 9.6% on Thursday. [&hellip;]
- [FATF's condition fulfilled, 15000 and 7500 Prize Bonds to be abolished](https://tax.net.pk/2021/04/29/fatfs-condition-fulfilled-15000-and-7500-prize-bonds-to-be-abolished/): Another condition of the Financial Action Task Force (FATF) has been met. The government decided to scrap 15,000 and 7,500 Prize bonds. According to the details, the federal government has decided to scrap 15,000 and 7,500 Prize bonds. Investors have time till June 2021 to cash 15,000 prize bonds. Fifteen thousand prize bonds will be considered trash from July 1 2021. There will be no draw for 15,000 prize bonds. The deadline for investors to cash 7,500 prize bonds is December 2021. Prize Bonds holder can also deposit it in their bank account and can also buy savings certificates. The government [&hellip;]
- [Tax Deadline 2021 for World Corporate Income Taxes](https://tax.net.pk/2021/04/25/tax-deadline-2021-for-world-corporate-income-taxes/): Here, Tax deadlines for 2021, Income Tax Due dates or Tax Calendar is given for Individuals, Association of Persons (AOPs) and Company (Corporate Sector) of Pakistan and for World Corporate Income Tax deadlines for all over the world. Tax Deadlines 2021 in Pakistan Type of Person Tax Return Deadlines in 2021 Individual &amp; Association of Person (AOP) On or before 30th September Company (Corporate Sector) On or before 31st December Company having a&nbsp;special tax year On or before 30th September Tax Deadlines 2021 in Pakistan Tax Deadline 2021 for World Corporate Income Taxes Corporate Income Tax return due date Corporate Income [&hellip;]
- [Federal Board of Revenue alerts Taxpayers about Fake and Harmful Emails](https://tax.net.pk/2021/04/22/federal-board-of-revenue-alerts-taxpayers-about-fake-and-harmful-emails/): Federal Board of Revenue (FBR) received complaints from taxpayers that emails are being sent to them regarding income tax defaulters list. In a press release, Federal Board of Revenue (FBR) denied any link / relation with these emails. Sent from a fake email address,&nbsp;alert@fbr.news. These fake emails informs to the targeted taxpayers to check the attached Income Tax Defaulters List for their details. Likewise, some such emails contains the passwords for the attached defaulter list sent to the taxpayers. Federal Board of Revenue (FBR) warned to the taxpayers that the attachments with such fake emails accounts infected by harmful viruses and [&hellip;]
- [Federal Board of Revenue Introduces Automated Process for Scanning of Cargo](https://tax.net.pk/2021/04/22/federal-board-of-revenue-introduces-automated-process-for-scanning-of-cargo/): Pakistan Customs Wing of Federal Board of Revenue introduced a new automated process in WeBOC system for scanning of containerized import consignments for their instant clearance at ports. This new system by Customs was a long awaited initiative aimed at replacing physical inspection of cargo. By using the latest scanning technology in line with international best practices. Risk Management System (RMS) Currently, the Karachi Port and Port Qasim have Customs cargo scanning facilities installed with the help of Japanese Government under JICA program in addition to the scanners of the terminal operators. The newly installed Blue channel will be part of [&hellip;]
- [Best Classes Online for Tax Courses In Pakistan](https://tax.net.pk/2021/04/19/best-classes-online-for-tax-courses-in-pakistan/): The online tax course offered by Global Tax Consultants comprises of theoretical, practical and numerical concepts of Tax Laws prevailing in Pakistan. In this online tax course opportunity available to learn the registration matters, monthly &amp; annual tax compliance and tax audits &amp; assessments. This online tax course will help you in understanding the tax laws. It will enable you to understand the practical approach and implications of tax laws. It will provide the understanding of theoretical, numerical and practical knowledge. This online tax course develops vibrant perception and interpretation skills and knowledge regarding tax structure and tax laws in Pakistan. [&hellip;]
- [FBR Appointed Asim Ahmad as New Chairman FBR](https://tax.net.pk/2021/04/11/fbr-appointed-asim-ahmad-as-new-chairman-fbr/): Federal Board of Revenue (FBR) has appointed to Mr Asim Ahmad as new chairman FBR. He was Member IT previously at BS-21 officer of Inland Revenue Service. Mr Asim Ahmad has also been given the additional charge of the post of Secretary, Revenue Division. Mr Asim Ahmad new chairman FBR As per Establishment Division’s Notification No. 34/1/2018-E-1 dated 09.04.2021, Mr. Asim Ahmad, has left the charge of the post of Member (IT), Federal Board of Revenue (HQ), Islamabad on April 9 and takes the charge of the post of Chairman, FBR under Section 10 of the Civil Servants Act, 1973, by [&hellip;]
- [Government fixes Nisab for Zakat at Rs80,933 for 2021](https://tax.net.pk/2021/04/11/government-fixes-nisab-for-zakat-at-rs80933-for-2021/): The federal government of Pakistan has fixed Nisab for Zakat deduction on bank accounts for the current year 2021 at Rs 80,933. A notification issued by the Administrator-General Zakat about zakat Nisab. Where the Nisab on bank accounts decided to a minimum of Rs 80,933 balance. It applies to Bank accounts like savings bank accounts, profit and loss sharing bank accounts, or similar bank accounts. Zakat will be deducted on the first day of Ramazan. Bank will deduct zakat @2.5 percent on the total balance of their bank accounts. Moreover, Minister for Science and Technology Fawad Chaudhry said about Ramazan prediction. [&hellip;]
- [Over 35 bank accounts of Jahangir Tareen and his family frozen](https://tax.net.pk/2021/04/09/over-35-bank-accounts-of-jahangir-tareen-and-his-family-frozen/): According to media reports, more than 35 bank accounts of Jahangir Khan Tareen and two members of his family have been frozen over involvement in the sugar scandal. Freeze Bank accounts include total of 36 accounts at nine different banks. Out of the frozen bank accounts, Jahangir Khan owns 14, his son 21 and his wife one bank account. Bank accounts frozen have millions of Rupees and accounts freezed on request of the Federal Investigation Agency (FIA). The agency had summoned the father and his son to appear today (Friday) before its team for questioning in separate cases come from the [&hellip;]
- [FBR to reintroduce track and trace system for tobacco products by the end of June 2021](https://tax.net.pk/2021/04/09/fbr-to-reintroduce-track-and-trace-system-for-tobacco-products-by-the-end-of-june-2021/): The Federal Board of Revenue (FBR) may reintroduce the track and trace system for tobacco products through a modified strategy in late June 2021, when a high court ruled that the previous system was not valid. According to a country based report on Pakistan released by the International Monetary Fund (IMF) on Thursday. Pakistani authorities have issued a letter of intent (LOI) to re-institute the track and trace system by the end of June 2021. &#8220;The Islamabad High Court (IHC) has declared the procurement process not valid, related to track and trace licenses to deal with the smuggling of tobacco products [&hellip;]
- [Guide To LDA City Naya Pakistan Apartments and How to Apply for Bank of Punjab Loans](https://tax.net.pk/2021/04/08/guide-to-lda-city-naya-pakistan-apartments-and-how-to-apply-for-bank-of-punjab-loans/): With the objective of constructing 50,000 housing units, an effort can be seen in the form of ‘LDA City Naya Pakistan Apartments’. Under this project, the government has approved the&nbsp;construction of 35,000 affordable apartments. This project is being initiated by the Lahore Development Authority (LDA). LDA City Naya Pakistan Apartments LDA City Naya Pakistan Apartments project has been approved by the government of Punjab. The project is in its initial phases. Lahore Development Authority (LDA) has released the project details. Size Of Apartments According to the released details, the apartments decided to construct in 650sqft, 1100sqft, 1500sqft, and 2200sqft. In the [&hellip;]
- [FBR and Provincial Revenue Authorities sign MoU on Single Portal and Return for Sales Tax](https://tax.net.pk/2021/04/08/fbr-and-provincial-revenue-authorities-sign-mou-on-single-portal-and-return-for-sales-tax/): Federal Board of Revenue (FBR) and all other four Provincial Revenue Authorities have signed a Memorandum of Understanding (MoU) for a single web portal for sales tax return. The memorandum of understanding (MoU) was signed by the Chairman FBR on behalf of FBR. The heads of all provincial revenue authorities signed the MoU on behalf of their respective revenue authorities. The representatives of Khyber Pakhtunkhwa Revenue Authority (KPRA) and Balochistan Revenue Authority (BRA) were physically present in the MoU signing ceremony. However, the representatives of Sindh Revenue Board (SRB) and Punjab Revenue Authority (PRA) participated via Zoom technology. Dr. Waqar Masood [&hellip;]
- [List of exemptions from total income withdrawn through Second Amendment Ordinance](https://tax.net.pk/2021/04/06/list-of-exemptions-from-total-income-withdrawn-through-second-amendment-ordinance/): Federal Board of Revenue (FBR) through Tax Laws (Second Amendment) Ordinance, 2021 have withdrawn tax exemptions from total income. Which were available through various clauses of Second Schedule of Income Tax Ordinance, 2001. 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 derived by Shiekh Sultan Trust, Karachi Clause (72A): Any income derived by Sukuk holder in relation to Sukuk issued by the Second Pakistan International Sukuk Company Limited and the Third Pakistan International Sukuk Company Limited, including [&hellip;]
- [State Bank of Pakistan launches Five Years Islamic banking plan](https://tax.net.pk/2021/04/06/state-bank-of-pakistan-launches-five-years-islamic-banking-plan/): State Bank of Pakistan launched a third five-year Islamic Banking plan (for the period from 2021 to 2025). It will help Islamic banks in enhancing their network nationwide. Advised to increase online banking and “capitalise on fintech to sustain the growth momentum.” The State Bank highlighted that the State Bank aimed to make Islamic Banking one-third of the overall banking industry share by 2025. “For more penetration in the market and minimising services delivery costs, IBIs (Islamic banking institutions) need to increase the use of alternative delivery channels,” it said. “Given the significant contribution of branchless banking towards improving financial inclusion, [&hellip;]
- [State Bank of Pakistan invites views on revision of Foreign Exchange manual](https://tax.net.pk/2021/04/06/state-bank-of-pakistan-invites-views-on-revision-of-foreign-exchange-manual/): Considering the market dynamics and changing business environment, SBP is in the process of reviewing the Foreign Exchange (FE) manual in consultation with the relevant stakeholders in a phased manner. The main purpose of these revisions is to promote ease of doing business. To ease the current instructions, minimizing the redundancies and delegating more powers to the Authorized Dealers to facilitate the stakeholders. According to the State Bank of Pakistan, (SBP). &#8220;in this regard, 11 chapters (out of 22) of Foreign Exchange Manual already revised. Continuing with the work to align the foreign exchange regime with ever changing business dynamics. The [&hellip;]
- [HBL launches first Personal Finance Manager Solution powered by Hysab Kytab](https://tax.net.pk/2021/04/06/hbl-launches-first-personal-finance-manager-solution-powered-by-hysab-kytab/): HBL has teamed up with Hysab Kytab to launch the first comprehensive Personal Finance Manager (PFM) solution offered by any bank in Pakistan for the first time. Hysab Kytab&#8217;s PFM (Budgeting) tool has been integrated into HBL Mobile and will enable all app users to control their financial well-being. Vaqar ul Islam, founder of Hysab Kytab and director of Jaffer Group of Companies. Said, “Going live with HBL is a major milestone. Hysab Kytab is a PFM born in Pakistan. I thank HBL for trusting and selecting it for their own digital platform. This is the kind of support that our [&hellip;]
- [15000 Prize Bond List 2021 Announced, On 1st April 2021](https://tax.net.pk/2021/04/04/15000-prize-bond-list-2021-announced-on-1st-april-2021/): Rs 15000 prize bond list 2021, announced on, 1st April 2021. List of Rs 15000 prize bond also updates here. State bank&nbsp;does the balloting for the 15000 Rs. Prize bonds. 1st prize of the 15000 Rs. prize bond of value 30,000,000 PKR awarded to 1 lucky winner, while second prize of the 15000 prize bond of amount Rs. 10,000,000 awarded to 3 lucky winners. Moreover, the third prize of the 15000 Rs prize bond awarded to 1696 winners of amount 185,000/- Rs each. Prize Bond | Prize Bond Draw List | 15000 | 1st April 2021 | Hyderabad |
- [Rupee Becomes the World's Best Performing Currency against Dollar](https://tax.net.pk/2021/04/04/rupee-becomes-the-worlds-best-performing-currency-against-dollar/): Pakistani rupee has become the world’s best performing currency. Rupee appreciated the most against the US dollar in the last three months ended March 31, 2021. The rupee strengthened on the back of excessive inflows of foreign exchange from international sources compared to limited emissions during epidemics. Taking to his Twitter handle, Tangent Capital Advisers CEO Muzammil Aslam while citing Bloomberg data tweeted, “Pakistani rupee has been the world’s best currency against the US dollar from January 1 to March 31.” The rupee strengthened 4.09% to Rs153.55 against the US dollar during the day since the opening level of January 1, [&hellip;]
- [SECP issues circular enabling startups to increase capital against property](https://tax.net.pk/2021/04/03/secp-issues-circular-enabling-startups-to-increase-capital-against-property/): SECP issued a circular No 11 of 2021 explicitly allowing private companies and startups to increase capital by receiving immovable property, intangible assets and services from investors. Securities and Exchange Commission of Pakistan (SECP) allows to business startups to increase capital. The decision was taken for the support of businesses especially startups and small business units. The Securities and Exchange Commission of Pakistan (SECP) issued a circular. Where SECP allows private companies to increase capital against immovable property, intangible assets and services from investors. This decision taken at supporting entrepreneurship and encouraging business climate for small business units and firms. Especially, [&hellip;]
- [FBR Exempts Judicial Allowance by Honoring Court Judgment](https://tax.net.pk/2021/04/03/fbr-exempts-judicial-allowance-by-honoring-court-judgment/): The&nbsp;Federal Board of Revenue&nbsp;(FBR) exempted judicial allowances from income tax. This exemption has been given by honoring court judgments. 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 case of subordinate judiciary.” Statement of Tax Machinery Exemption based on Court Judgments The exemption has been provided in compliance with judgment of the Sindh High Court and Peshawar High Court. Sindh High Court Judgment came in July 2020 and judgement of the Peshawar High Court (PHC) arrived in [&hellip;]
- [Investors at Karachi Export Processing Zone demand tax collection booth](https://tax.net.pk/2021/04/02/investors-at-karachi-export-processing-zone-demand-tax-collection-booth/): Investors in the Karachi Export Processing Zone (KEPZ) facing difficulties in paying taxes and duties due to the unavailability of tax collection booths in the Export Processing Zone. Currently, there are more than 270 commercial and industrial units operating in KPZ. However, they have to travel 15 km to pay taxes and duties as the nearest tax collection booth is at Karachi Airport. Asif Sheikh Javed, former convener of FPCCI for Export Processing Zone, has written a letter to Finance Minister Hamad Azhar. Highlighting the issue facing KEPZ investors. He emphasized on the establishment of tax collection booths within the Export [&hellip;]
- [Federal Board of Revenue Rejected a News Report Published](https://tax.net.pk/2021/04/02/federal-board-of-revenue-rejected-a-news-report-published/): The Federal Board of Revenue (FBR) has rejected a report published in the Daily Business Recorder. Federal Board of Revenue (FBR) issued a press release. Where FBR has issued a denial on a news item published in Daily Business Recorder. FBR explained that the meeting was conducted under the chair of Special Assistant to Prime Minister on Revenue only consulted the budget 2021-22 preparation of FBR. No imposition of any new tax in the coming budget of 2021-2022 FBR categorically expressed that no decision or consultation whatsoever, made in the meeting. With regards to imposition of any new tax in the [&hellip;]
- [Deposits in Roshan Digital Accounts crossed $800 million](https://tax.net.pk/2021/04/02/deposits-in-roshan-digital-accounts-crossed-800-million/): Deposits in the newly launched Roshan Digital Accounts (RDA) have exceeded $ 800 million in seven months. According to the State Bank of Pakistan (SBP), this is an increase of 212$ million in March. Arrivals have been accelerating every month since the launch of the Roshan Digital Account (RDA) in September 2020. Roshan Digital Account was launched in September 2020 by Prime Minister Imran Khan. This Digital Account is a new initiative of State Bank of Pakistan (SBP) in partnership with major banks of Pakistan to facilitate Non Resident Pakistanis (NRPs) for banking services in Pakistan. Roshan Digital Account is for [&hellip;]
- [IMF programme & SBP Amendment Bill Open to Reviews in Parliament, says Azhar](https://tax.net.pk/2021/04/01/imf-programme-sbp-amendment-bill-open-to-reviews-in-parliament-says-azhar/): The government has the right to review the International Monetary Fund (IMF) program and is open to the State Bank of Pakistan (SBP) for recommendations to improve the sovereignty bill, new Finance Minister Hammad Azhar explained on Wednesday. Hammad Azhar, addressing his first press conference after taking on the most difficult task of reviving the national economy. Hammad Azhar told his government would take the State Bank of Pakistan (SBP) amendment bill to parliament with a &#8220;free mindset&#8221;. The unprecedented autonomy proposed for the central bank, now described by critics as a state within a state and the approval of &#8220;tough [&hellip;]
- [Federal Cabinet Rejected Summary of Sugar and Cotton Imports from India](https://tax.net.pk/2021/04/01/federal-cabinet-rejected-summary-of-sugar-and-cotton-imports-from-india/): On Thursday, the federal cabinet rejected a summary of sugar and cotton imports from India. According to media reports, a meeting of the Federal Cabinet was held under the chairmanship of Prime Minister Imran Khan in which the Prime Minister was present through video link. The meeting of the Federal Cabinet considered the Economic Co-ordination Committee&#8217;s (ECC) recommendation to import sugar and cotton from India. In which the ECC had recommended importing sugar from India at cheaper and economical rates. But in the meeting, the federal cabinet rejected the ECC summary. The Cabinet decision comes a day after the ECC&#8217;s newly [&hellip;]
- [Pakistan to import sugar, cotton from India: Hammad Azhar Press Conference](https://tax.net.pk/2021/03/31/pakistan-to-import-sugar-cotton-from-india-hammad-azhar-press-conference/): Federal Finance Minister Hammad Azhar while during press conference at PID said on Wednesday that the government has decided to import 0.5 million metric tonnes of sugar from India. While addressing a press conference at the &#8216;Press Information Department (PID)&#8217; today Mr Hammad Azhar said, &#8220;Pakistan will also open the trade of cotton with India.&#8221; Hammad Azhar Hammad Azhar also explained that this was a difficult decision for government. But this decision taken for the country in view of a given situation. The proposal to allow both the cotton and sugar imports from India will be presented first before Pakistan&#8217;s Economic [&hellip;]
- [FBR Banned Transfers, Postings & Leaves during 4th Quarter](https://tax.net.pk/2021/03/31/fbr-banned-transfers-postings-leaves-during-4th-quarter/): The Federal Board of Revenue (FBR) has banned the transfer, posting and leaves of officers and personnel of Inland Revenue field formations during the fourth quarter (From April to June) of 2020-21. On Tuesday, as per the FBR guidelines issued to all IR offices. Despite this fact it has been observed with concern. That IR field formations applied for leave approval including ex-Pakistan leave and transfer / posting. The fourth quarter of the current financial year is about to begin. The entire tax machinery needs to intensify its efforts. To achieve the revenue targets assigned to it with full commitment and [&hellip;]
- [State Bank of Pakistan Signed MoU to bring digitization in federal government payments](https://tax.net.pk/2021/03/29/state-bank-of-pakistan-signed-mou-to-bring-digitization-in-federal-government-payments/): The State Bank of Pakistan (SBP) on Monday signed MoU with the Controller General of Accounts Pakistan (CGAP) to bring digitization in federal government payments. Through the Pakistan&#8217;s first instant payment system of Raast launched by State Bank of Pakistan in January 2021. According to the central bank, SBP&#8217;s flagship initiative provides an easy, fast, low-cost, interconnected and secure electronic payment platform for quick processing of high-volume retail payments. The country&#8217;s first instant payment system is also capable of making payments to multiple beneficiaries at a time. To meet the high levels of government payments such as salaries, pensions and social [&hellip;]
- [Soneri Bank declares Rs2,400m profit after tax](https://tax.net.pk/2021/03/29/soneri-bank-declares-rs2400m-profit-after-tax/): Annual Audited Financial Statements of Soneri Bank Limited for the year ended 31st December, 2020, were approved by the Bank&#8217;s shareholders on Friday, 26th March, 2021, at its 29th AGM in Lahore and Karachi by Zoom. The meeting chaired by Board Chairman Allauddin Ferista. Along with the President and Chief Executive Officer and other members of the Board of Directors were also present. In 2020, the bank posted a pre-tax profit of Rs 4,035 million. A post-tax (Profit after tax) profit of Rs 2,420 million. When compared with 2019 it comes to Rs 3,247 million and Rs 1,906 million respectively. Representing [&hellip;]
- [Pay as You Earn (PAYE)](https://tax.net.pk/2021/03/24/pay-as-you-earn-paye/): What is Pay As You Earn (PAYE) ? Employee&#8217;s tax refers to that tax which required to deduct by an employer from the amount of salary or remuneration paid by employer or payable or accrue by an employer. This process of deducting or recovering tax from salary or pay of employee normally known as Pay as You Earn (PAYE). The PAYE system originally developed in 1944 in Britain by Sir Paul Chambers. This type of tax collection and payment system, also known as &#8220;pay as you go&#8221;. It is more popular term in the United States. How is PAYE calculated ? [&hellip;]
- [Third Schedule Goods for Sales tax Rates Under Sales Tax Act, 1990](https://tax.net.pk/2021/03/21/third-schedule-goods-for-sales-tax-rates-under-sales-tax-act-1990/): Following is items / goods of&nbsp;Third Schedule to Sales Tax&nbsp;where consumer goods / items are mentioned for collection of sales tax: (Under Clause (a) of sub-section (2) of section 3), 1 Fruit juices and vegetable juices2 Ice Cream.3 Aerated waters or beverages.4 Syrups and squashes.5 Cigarettes.6 Toilet soap7 Detergents8 Shampoo9 Toothpaste10 Shaving cream11 Perfumery and cosmetics14 Tea15 Powder drinks16 Milky drinks17 Toilet paper and tissue paper18 Spices sold in retail packing bearing brand names and trade marks21 Shoe polish and shoe cream 32 Fertilizers33 Cement sold in retail packing 37 Mineral/bottled water38 Household electrical goods, including air conditioners, refrigerators, deep freezers, [&hellip;]
- [Biography of Dr Raza Baqir Governor State Bank of Pakistan](https://tax.net.pk/2021/03/21/biography-of-dr-raza-baqir-governor-state-bank-of-pakistan/): Reza Baqir is a Pakistani economist. He is the 20th Governor of the State Bank of Pakistan. He was appointed at this position in year 2019. Currently, he is working at the same post. Early life and education Dr Raza Baqir graduated from Harvard University. After this he obtained a PhD in economics at the University of California Berkley. Professional Career Before his current position as Governor, State Bank of Pakistan. Dr Raza Baqir held different positions in the International Monetary Fund (IMF). Such positions included being the Mission Chief for Romania and Bulgaria. He was also the IMF&#8217;s Senior Resident Representative. In 2019, President Arif Alvi appointed Dr Raza Baqir as [&hellip;]
- [IRS Covid Tax Tips](https://tax.net.pk/2021/03/21/irs-covid-tax-tips/): A complete list of tax tips issued by the Inland Revenue Service (IRS) of USA regarding coronavirus (COVID-19) tax reliefs and Economic Impact Payments for ready reference. What employers need to know about repayment of deferred payroll taxes Tips to help take the stress out of tax season IRS Online Account can help taxpayers get ready to file their tax return Here’s why people filing taxes for the first time should use Free File Free electronic filing options for military members and their families People should be on the lookout for identity theft involving unemployment benefits Things taxpayers should know when [&hellip;]
- [SHC suspends FBR’s Rs25 billion deal for Implementation of Track & Trace system](https://tax.net.pk/2021/03/20/shc-suspends-fbrs-rs25-billion-deal-for-implementation-of-track-trace-system/): Implementation of Trace and Track system introduced by FBR is no doubt very important step of government and FBR. From the start of its development it has become controversial. The contract awarded for implementation of &#8220;Track &amp; Trace&#8221; system has come under restraining / stay order of the Sindh High Court. Reasons of Stay Order By Sindh High Court The Stay Order was given because the FBR accepted a bid that is at least 52% more expensive than the principles of transparency. Another allegation in litigation is that the winning bidder has a conflict of interest because he trades in those [&hellip;]
- [PTBA Proposed the FBR to extend the last date for updating taxpayers’ profile](https://tax.net.pk/2021/03/20/ptba-proposed-the-fbr-to-extend-the-last-date-for-updating-taxpayers-profile/): Pakistan Tax Bar Association (PTBA) on Friday urged the Federal Board of Revenue (FBR) to extend the last date for updating taxpayers’ profile for further 90 days. 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 the taxpayers to update their profile electronically containing various information such as bank account, utilities etc. Furthermore, failure to file the form will also provoke the penal provisions. As well as exclusion of the taxpayers&#8217; name from Active Taxpayers List (ATL). The [&hellip;]
- [PTI decided to abolish Income Tax Exemptions through Presidential Ordinance](https://tax.net.pk/2021/03/19/pti-decided-to-abolish-income-tax-exemptions-through-presidential-ordinance/): The federal government of Pakistan Tehreek-e-Insaf (PTI) has decided to abolish income tax exemption of Rs 140 billion on the condition of International Monetary Fund (IMF). 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 presidential ordinance has also been approved. The federal cabinet has approved the ordinance through summary circulation. According to sources, the procedure for bringing the Presidential Ordinance has been completed. Govt bringing presidential ordinance because the bill not passed by the Parliament due to [&hellip;]
- [State Bank of Pakistan maintains Monetary Policy Rate unchanged at 7pc](https://tax.net.pk/2021/03/19/state-bank-of-pakistan-maintains-monetary-policy-rate-unchanged-at-7pc/): The State Bank of Pakistan has announced a new monetary policy and decided to maintain interest rates at 7%. The monetary policy statement issued by the SBP said that the interest rate has been maintained at 7%. Further said, the production of major industries is increasing, international crude oil prices have increased. Moreover, electricity, sugar and wheat prices have pushed up inflation. Earlier, on January 22, 2021, the Governor SBP had announced to keep the interest rate at 7% while announcing the Monetary Policy Committee. The SBP governor, Dr Raza Baqir said that monetary policy would remain at the same level [&hellip;]
- [Government Reopens Applications Under Kamyab Jawan Loan Program](https://tax.net.pk/2021/03/19/government-reopens-applications-under-kamyab-jawan-loan-program/): Government of Pakistan has re-opened the applications under there loan scheme named, &#8220;Kamyab Jawan Program&#8221;. This entrepreneurship loan is to uplift the youth of the country by offering different loans in order to start the startups or for running the existing business. Kamyab Jawan is a Youth Entrepreneurship Loan Scheme for provision of subsidized business loans. Where to Apply for Kamyab Jawan Loan ? The eligible candidates candidates can apply for the Kamyab Kawan loan by visiting website at www.kamyabjawan.gov.pk/BankForm/newApplicantForm. All the eligible candidates including Men / Women or Transgender can apply to run their own small and medium sized Enterprises [&hellip;]
- [Exceptional Rise of Workers Foreign Remittances in February 2021](https://tax.net.pk/2021/03/19/exceptional-rise-of-workers-foreign-remittances-in-february-2021/): Foreign Remittances from Working segment of the overseas Pakistanis continued exceptional increase in February 2021, by reaching $2.266 billion. As per the latest data released by the State Bank of Pakistan (SBP), the workers&#8217; remittances enhanced by 24.17 percent as compared to the same month in last year 2020. On a month-on-month basis, a decline of 0.34pc was recorded from $2,273.6 million recorded in January 2021. According to Press Release of State Bank of Pakistan, Workers&#8217; Foreign Remittances in February 2021 for the 9th consecutive month, workers’ foreign remittances remained above $2 billion in February 2021. Workers’ remittances amounted to $2.266 [&hellip;]
- [FBR's Investigation & Prosecution Cell registered FIR on issuance of fake and flying invoices](https://tax.net.pk/2021/03/18/fbrs-investigation-prosecution-cell-registered-fir-on-issuance-of-fake-and-flying-invoices/): The FBR&#8217;s Regional Tax Offices&#8217; Investigation and Prosecution Cell has registered an FIR against a company on account of issuing fake and flying invoices. During search operation, a truck load of record of various businesses, invoices and hundreds of stamps. They used this stuff in generation of fake invoices confiscated. So far, it appears that the accused found involved in a huge scam of hundreds of millions of tax fraud. By means of being the epicenter of notorious business of fake/flying invoices. Separate teams constituted to unearth the whole scam. FBR claimed this in press release issued on his portal: &#8220;Regional [&hellip;]
- [Finance Ministry clarification regarding SBP powers to share information out of the country](https://tax.net.pk/2021/03/18/finance-ministry-clarification-regarding-sbp-powers-to-share-information-out-of-the-country/): Explaining the media reports regarding the recently introduced draft SBP Amendment Act 2021, the Finance Ministry said that it is a misconception that SBP is allowed unabatedly to share financial or non-financial private information with any institution out of the country. He said, in Pakistan we adopt process with the permission of Federal Government and through the process given in the proposed act ( State Bank Amendment Act 2021). Said in a press release issued by the Ministry of Finance here on Wednesday. A statement issued by the ministry said that SBP follows some protocols for the exchange of information. The [&hellip;]
- [About 200,000 late filers got active taxpayers status](https://tax.net.pk/2021/03/17/about-200000-late-filers-got-active-taxpayers-status/): According to latest Active Taxpayer List issued by FBR, about 200,000 income tax return filers paid penalty / surcharge to become Active Taxpayer and include their names in Active Taxpayers List (ATL) during first 14 days of March. According to latest Active Taxpayer List (ATL) issued by FBR for tax year 2020 updated up to March 14, 2021. The total number of active taxpayers have increased to 2.37 million. As compared with 2.17 million active taxpayers in the ATL of 2020 issued by the FBR on March 01, 2021. The appearance of taxpayers’ name on the Active Taxpayer List (ATL) exempts [&hellip;]
- [FBR Submits Proposed Tax Exemptions Withdrawal Bill in National Assembly secretariat](https://tax.net.pk/2021/03/17/fbr-submits-proposed-tax-exemptions-withdrawal-bill-in-national-assembly-secretariat/): The Federal Board of Revenue (FBR) submitted a bill to the National Assembly (NA) secretariat, consisting of tax amendments to withdraw about 36 tax exemptions. It will be applicable from July 1 2021 under the International Monetary Fund (IMF) programme. According to media reports, Bill will be introduced in the next session of the lower house. The bill will be called the income tax (second amendment) bill 2021, The bill proposes to streamline the tax system for non-profit organisations, listing of firms in the stock market, tax exemptions for oil refineries, special economic zones (SEZs) set up under the China-Pakistan Economic [&hellip;]
- [SBP advised all banks to develop digital portals for end-to-end digitalisation](https://tax.net.pk/2021/03/17/sbp-advised-all-banks-to-develop-digital-portals-for-end-to-end-digitalisation/): The State Bank of Pakistan (SBP) advised all banks to develop digital portals for end-to-end digitalisation. These portals will be used for the purpose of case submission and processing to further facilitate the business community in Pakistan. It will help to promote ease of doing business and increase in operational performance of banks. It will assist to make processing of foreign exchange-related cases economically and environmentally safe. The State bank of Pakistan (SBP) in the first phase of its end-to-end digitalisation campaign established an online platform &#8211; named, &#8220;Regulatory Approval System (RAS)&#8221;. This system, &#8220;Regulatory Approval System (RAS)&#8221; (RAS) will assist [&hellip;]
- [Naya Pakistan LDA Apartments: Bank of Punjab & LDA Sign Deal](https://tax.net.pk/2021/03/16/naya-pakistan-lda-apartments-bank-of-punjab-lda-sign-deal/): The Lahore Development Authority (LDA) and the Bank of Punjab (BOP) have signed an agreement worth Rs. 10 billion under which the bank will provide resources for the construction of LDA City Naya Pakistan Apartments. The agreement was signed by LDA Director General Ahmed Aziz Tarar and BOP Chairman Zafar Masood in the presence of Punjab Chief Minister Sardar Usman Bazdar here on Wednesday. According to the agreement, LDA will build and allot 4,000 apartments through belting and will also be responsible for the maintenance of the building&#8217;s infrastructure while the bank will receive applications, providing soft loans to successful applicants. [&hellip;]
- [Third Covid wave: FBR directed only 50 percent staff will work from home](https://tax.net.pk/2021/03/16/third-covid-wave-fbr-directed-only-50-percent-staff-will-work-from-home/): The Federal Board of Revenue (FBR) has directed that due to the recent increase in Corona cases in the third wave, only 50% of FBR staff will work from home. A notification issued by National Command and Operation Center (NCOC) Under Epidemic Diseases Control Act 1958, vide No .l (135)•HC(G)i2021 dated 11-03•2021. According to notification all types of sports, cultural and other activities and events shall remain closed till next orders. Moreover, all commercial activities, establishments, markets, amusement parks shall remain closed on weekends (Saturday and Sunday) other than services as already notified. Outdoor marriage ceremonies shall be allowed subject to [&hellip;]
- [Tax Havens, a Global Issue](https://tax.net.pk/2021/03/15/tax-havens-a-global-issue/): The Panama Papers, Luxembourg Leaks and Paradise Leaks clearly show how large-scale tax evasion and money laundering is taking place through tax havens around the world. Tax evasion through tax havens has become a global problem for developed and developing economies. International tax policy experts estimate that global tax revenue lost about 200$ billion a year as a result of the tax abuse. For example, a multinational corporation (MNE) pays about 20-30% tax on its income in non-tax havens, while Bermuda tax havens tax 0% on that income. A tax haven can be defined as a tax jurisdiction that is primarily [&hellip;]
- [Income Tax Credit Proposed for IT Sector](https://tax.net.pk/2021/03/14/income-tax-credit-proposed-for-it-sector/): The Federal Board of Revenue (FBR) said on Wednesday that it was proposing to expand the scope of tax incentives for IT services and IT-enabled services by allowing 100 per cent income tax credit. Budget proposal available to expand the scope of tax incentives available for income from the export of software, IT services and IT-enabled services, a statement said. For this purpose, the &#8216;Tax Exemption&#8217; transferred to the tax credit system of tax. It is suggested that such income be given 100% tax credit against tax liabilities, including minimum tax liabilities on their amount of sales (Which is Turnover). Explaining [&hellip;]
- [Freelancers Get Tax Notices of Billion Dollars Scam Exposed by FBR](https://tax.net.pk/2021/03/14/freelancers-get-tax-notices-of-billion-dollars-scam-exposed-by-fbr/): The Federal Board of Revenue (FBR) has exposed a mega scam involving Rs60 billion overseas transactions, made by a foreign company to 70,000 individuals in Pakistan, who did not mention those to the tax authority. 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 sent by a company registered in the US, but it has no trace in Pakistan. Remittances were sent by engaging different 27 banks on the sale of different items and freelancer consultancy. The FBR [&hellip;]
- [KTBA requested the FBR to withdraw clarification regarding mode of furnishing of tax notices](https://tax.net.pk/2021/03/14/ktba-requested-the-fbr-to-withdraw-clarification-regarding-mode-of-furnishing-of-tax-notices/): The Karachi Tax Bar Association (KTBA) has requested the Federal Board of Revenue (FBR) to withdraw the clarification regarding the matter of services / furnishing of tax notices and other documents under Section 218 of the Income Tax Ordinance 2001. In a letter to the Chairman of FBR, Karachi Tax Bar Association (KTBA) on February 22, 2018 expressed grave concern over the withdrawal of the FBR&#8217;s earlier explanation and limited the entire procedure of serving notices and other documents to one mode only i.e., via electronic servicing of tax notices. According to KTBA the board had completely ignored the concept of [&hellip;]
- [Government Increased taxes on computers, laptops and their accessories](https://tax.net.pk/2021/03/10/government-increased-taxes-on-computers-laptops-and-their-accessories/): The government has increased taxes on computers, laptops and their accessories at a time when people desperately need these equipment for &#8216;Work from Home&#8221;, &#8220;Educations and Learning&#8221; and to meet the needs of post Covid-19 era. 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 on CPUs has been imposed at $25-$60 per piece. Shabbir Mansha Chora, head of the customs committee of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), told the Express Tribune: &#8220;This [&hellip;]
- [Cabinet approved budget proposals to meet the IMF's Demands](https://tax.net.pk/2021/03/10/cabinet-approved-budget-proposals-to-meet-the-imfs-demands/): The federal cabinet has approved a new budget to impose a tax of Rs 140 billion to meet a condition of the International Monetary Fund (IMF). An increase of 1.4 Trillion rupees through tax exemptions. The Income Tax Second Amendment Act 2021 approved in a cabinet meeting chaired by Prime Minister Imran Khan after resisting the IMF&#8217;s demand for more than a year. The IMF suspended more than 6 billion a year ago after the prime minister refused to raise electricity prices and present a mini-budget. Imran Khan has now accepted these demands with about 30 other big conditions for the [&hellip;]
- [Digital Tax Increased Ad Rates by Google](https://tax.net.pk/2021/03/10/digital-tax-increased-ad-rates-by-google/): Google has told users it will increase advertising rates on its French and Spanish platforms by 2% from May to help eliminate the effects of the digital tax on profits. France has collected taxes from year 2019, and Spain from this year. Under pressure from voters, US tech companies are paying more and more taxes in the countries where they operate. An e-mail viewed by the Internet company, AFP, said the increase in advertising rates was &#8220;to cover a fraction of the cost of complying with tax laws on digital services in France and Spain.&#8221; In France, Internet companies that sell [&hellip;]
- [Track and Trace System: Contract signed between FBR and AJCL](https://tax.net.pk/2021/03/08/track-and-trace-system-contract-signed-between-fbr-and-ajcl/): The Federal Board of Revenue and AJCL along with its lead partners Authentix Inc. USA and Mitas Corporation of South Africa signed a contract to operate the tracks and trace systems for specific sectors such as tobacco, cement, sugar and fertilizer. Dr. Muhammad Ashfaq Ahmed Member IR Operations signed the contract on behalf of FBR and Kevin McKenna CEO and President of Authentix Inc USA, Sten Bertelsen, from Mitas Corporation (Pty) South Africa and Mr. Omer Jaffer CEO of AJCL Private Limited. The track and trace system for specific sectors such as tobacco, cement, sugar and fertilizer will be launched on [&hellip;]
- [FBR Allowed to tourists to import vehicles without Duties and Taxes](https://tax.net.pk/2021/03/08/fbr-allowed-to-tourists-to-import-vehicles-without-duties-and-taxes/): The Federal Board of Revenue (FBR) has changed the definition of &#8216;tourist&#8217; to allow tourists to temporarily import vehicles without any duties and taxes for a period of six months. The FBR proposed amending the Customs Rules 2001 in a notification issued here on Friday. According to SRO.201 (I) / 2021, &#8220;tourist&#8221; means &#8220;a person not normally resident in Pakistan, who enters Pakistan for a stay of not more than six months in the course of any twelve months period for legitimate non-immigrant purposes.&#8221; SRO 201(I)/2021 Previously, the definition of the tourist as per customs laws is that a tourist ” [&hellip;]
- [PTBA highlighted issues in Active Taxpayer List](https://tax.net.pk/2021/03/07/ptba-highlighted-issues-in-active-taxpayer-list/): Pakistan Tax Bar Association highlighted some issues regarding Active Taxpayer List for the Tax Year 2020 issued on March 1st, 2021 by Federal Board of Revenue. Letter forwarded by PTBA to Chairman FBR regarding the matter. Manually Submitted Tax Returns 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 income tax returns for the tax year 2020 manually within due date but the Active taxpayer status of those taxpayers still have not been updated on IRIS by the [&hellip;]
- [Free Income Tax Filing Programs in 2021 in America](https://tax.net.pk/2021/03/06/free-income-tax-filing-programs-in-2021-in-america/): About 70% of Americans do not have to pay for tax preparations and filing for there tax returns. People with low incomes or simple tax situations are often eligible for free income tax filing services. Offer of state tax return filing may also be free. Here is the list of free income tax filing best tax softwares in 2021. When the spring approaching in America, many American citizens are seeking to file their annual income tax returns filing with the Internal Revenue Service. Every year, usually with a deadline of April 15, many Americans have to file last year&#8217;s Income Tax [&hellip;]
- [Business Registration facility in Punjab under One Window](https://tax.net.pk/2021/03/05/business-registration-facility-in-punjab-under-one-window/): Registration facility with Business Registration Portal and FBR in Punjab under One Window. The Federal Board of Revenue and the Punjab Information Technology Board have taken a very important step to promote the business and facilitate the taxpayers by introducing the one window facility under which the business people and the Association of Persons simultaneously register with the Punjab Government and with Federal Board of Revenue (FBR). FBR explained this all in a press lease. Due to this facility, the applicant will not have to visit the FBR field office or website and will be registered with the Punjab Business Portal [&hellip;]
- [New Complaint Mechanism Introduced by FBR](https://tax.net.pk/2021/03/04/new-complaint-mechanism-introduced-by-fbr/): Federal Board of Revenue has issued a circular in the wake of ongoing measures against corruption and irregularities under which a taxpayer can lodge a complaint against any officer or official involved in corruption and bribery in Inland Revenue (IR) field offices. The feature of this new procedure is that the identity of the complainant will secret. so that he does not fear that the officer or official against whom he has lodged a complaint may take undue retaliation against him. FBR New Complaint Number Member IR operations will himself receive all complaints. For this purpose the member of IR Operations [&hellip;]
- [Customers complaints: HBL Bank on Top of the list](https://tax.net.pk/2021/03/04/customers-complaints-hbl-bank-on-top-of-the-list/): Habib Bank Limited (HBL) is at the forefront of failing to satisfy customers with its services as most complaints against the bank were lodged in the Wafaqi Mohtasib (Ombudsman) Pakistan (Federal Ombudsman (Pakistan)). The annual report for the year 2020 issued by the office of Wafaqi Mohtasib last week shows that the largest number of complaints against any bank was received against Habib Bank Limited (HBL), which is 23.37 percent of the total complaints received during the year. The office of the Wafaqi Mohtasib (Federal Ombudsman) received 22,750 complaints during the year. The banking customers lodged about 5,317 complaints against HBL [&hellip;]
- [FBR issues draft income tax return form for individuals](https://tax.net.pk/2021/08/18/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 form through an SRO1022(I)/2021 to amend the Income Tax Rules 2002. Such form for individuals issued, who are deriving income under any head other than salary / business for tax year 2021. The FBR has also issued the draft of the wealth statement required to be filed under Section 116 of the Income Tax Ordinance 2001. The Individual Paper Return for Tax Year 2021 is the [&hellip;]
- [Eye opening facts of cyber attack on FBR data center](https://tax.net.pk/2021/08/17/eye-opening-facts-of-cyber-attack-on-fbr-data-center/): On the question of a journalist Finance Minister Shaukat Tarin informed that he has decided to take a third-party view before taking any action in case of the worst ever cyber-attack that brought down the Federal Board of Revenue’s (FBR) data centre (includes all websites and applications) for more than 72 hours. According to media reports, &#8220;Pakistan’s premier spy agency had forewarned the FBR about high possibility of a cyber-attack, sources told The Express Tribune on Monday. But these warnings were ignored, resulting into either taking over or shutting down about 360 virtual machines of the FBR data centre&#8221;. According to [&hellip;]
- [Instructions of State Bank regarding Cost of using Digital Fund Transfer Services](https://tax.net.pk/2021/08/17/instructions-of-state-bank-regarding-cost-of-using-digital-fund-transfer-services/): The State Bank of Pakistan on 16th June 2021 issued circular PSD Circular No. 02 of 2021 whereby SBP allowed banks and other service providers to charge a minimal fee on &#8216;digital fund transfers&#8217; transactions above than a prescribed limit. While the transactions of digital funds transfers of below such prescribed limit will continue to use such banking services free of cost. All banks were Instructed by State Bank of Pakistan to follow such circular which is applicable from 1st July 2021. Previously, in the first quarter of 2020 the State Bank of Pakistan, advised banks and other service providers to offer [&hellip;]
- [FBR issues latest explanation on FBR Data Center](https://tax.net.pk/2021/08/16/fbr-issues-latest-explanation-on-fbr-data-center/): Federal Board of Revenue (FBR) has issued the explanation regarding latest situation pertaining to service optimization of FBR Data Center. FBR has clarified that all applications having public interface have been operationalized and running smoothly. These operationalized projects include FBR Website, Paysis website, eFBR website, IRIS website, AJK IRIS website, IMS web service, PRA web service and Tax Asaan Mobile application. FBR issues clarification regarding customs operations Federal Board of Revenue (FBR) Sunday clarified that Customs operations had remained fully operational throughout this week. FBR issued a clarification regarding disturbance in Customs Operations due to up gradation of FBR data center, [&hellip;]
- [FBR Extends Deadline for Filing Sales Tax and FED Returns](https://tax.net.pk/2021/08/16/fbr-extends-deadline-for-filing-sales-tax-and-fed-returns/): The Federal Board of Revenue (FBR) has extended the date of payment and submission of Sales Tax and Federal Excise Return for the Tax Period of July 2021. In its letter to all Chief Commissioners Inland Revenue (IR), the FBR has informed about the extension in date of payment of Sales Tax and FED up to August 23, 2021 which was earlier set as August 15, 2021. Similarly, the date of submission of Sales Tax &amp; Federal Excise Return has been extended up to August 24, 2021 which was earlier set as August 18, 2021. The FBR has granted the extension [&hellip;]
- [Pakistan starts export of smartphones](https://tax.net.pk/2021/08/16/pakistan-starts-export-of-smartphones/): After formal authorization from Pakistan Telecom Authority (PTA), Inovi Telecom has exported 5,500 units of 4G smartphones carrying &#8220;manufactured in Pakistan&#8221; tag to the United Arab Emirates (UAE). &#8220;PTA congratulates the company for this landmark achievement. This is the result of concerted efforts for the development of the mobile device manufacturing ecosystem in the country,&#8221; PTA said in a press release issued on Saturday. PTA PTA praised and said that successful implementation of the Device Identification Registration and Blocking System (DIRBS) and enabling government policies including the mobile manufacturing policy have created a favorable environment for mobile device manufacturing in Pakistan. [&hellip;]
- [About taxes on corporate income in Pakistan](https://tax.net.pk/2021/08/15/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 company under Income Tax Ordinance, 2001. The federal corporate tax rates on taxable income (for tax year 2022) are as follows: COMPANY TYPE TAX RATE (%) Banking company 35% Public company other than a banking company 29% Any other company 29% Small company 21% Corporate Tax Rates (%) The future tax rates applicable for ‘companies’ and ‘small companies’&nbsp;will be&nbsp;as follows: TAX YEAR COMPANY RATE (%) SMALL [&hellip;]
- [FBR issues clarification regarding disturbance in Data Center](https://tax.net.pk/2021/08/15/fbr-issues-clarification-regarding-disturbance-in-data-center/): Federal Board of Revenue has issued a clarification regarding disturbance in Customs Operations due to up gradation of FBR Data Center. FBR has clarified that Customs operations have remained fully operational, throughout this week. Goods Declaration (GD) filing in Weboc for export has remained fully operational however due to slight glitch in Active Taxpayer List module, import GDs filing was temporarily affected where ATL data was required as input in the Weboc system, which was restored on priority. Goods Declaration (GD) for imports is being filed smoothly since yesterday afternoon. Daily GD filing (import as well as export) for the last [&hellip;]
- [Cyber attack on FBR websites, affected all data centers, and shipments](https://tax.net.pk/2021/08/15/cyber-attack-on-fbr-websites-affected-all-data-centers-and-shipments/): The Federal Board of Revenue (FBR) has been the target of a cyber attack by hackers that has shut down all government websites operated by the FBR. The closure of FBR websites and data centers has also affected the country&#8217;s shipments. The cyber attack has also put pressure on customs. Fresh vegetable consignments are stuck at border stations. Consumers have also lost access to the Active Tax Payer List. A senior official, speaking on condition of anonymity, told the Express Tribune that hackers attacked the FBR&#8217;s data center and broke into Microsoft&#8217;s HyperV software, a national crisis-like situation on Saturday night. [&hellip;]
- [FBR official website down and not responding](https://tax.net.pk/2021/08/14/fbr-official-website-down-and-not-responding/): The official website of Federal Board of Revenue (FBR) is not available online for the past few hours. As creating problems for income tax return filers as the last date is 30th September 2021 for online submission of income tax returns for tax year 2021 and sales tax returns for the month of July, 2021. The official website https://www.fbr.gov.pk/ is not available online for the past few hours as the site is continuously not responding and showing massages of &#8220;This site can’t be reached&#8220;. Federal Board of Revenue (FBR) while doing a tweet on his official twitter account of @FBRSpokesperson at [&hellip;]
- [2 Companies reportedly found Involved in Rs6 Billion Mega Tax Fraud](https://tax.net.pk/2021/08/13/2-companies-reportedly-found-involved-in-rs6-billion-mega-tax-fraud/): Public Accounts Committee (PAC) has referred two mega tax fraud cases involving over Rs. 6 billion to the National Accountability Bureau (NAB) for investigation of tax evasion and illegal exemptions and concessions availed by those two companies. On Thursday, Rana Tanveer Hussain, Chairman of the PAC, concluded after declaring the Federal Board of Revenue’s (FBR) reply as unsatisfactory in the case of the Chahat Food Industries Limited. The investigation team of the Auditor General of Pakistan (AGP) visited the business premises in Lahore and Vehari for verification. Team found no manufacturing activity. The company availed illegal exemption under section 65D of [&hellip;]
- [FBR Increases Customs Duties of Chinese Mobile phone accessories](https://tax.net.pk/2021/08/13/fbr-increases-customs-duties-of-chinese-mobile-phone-add-on/): Directorate General of Customs Valuation Karachi has increased customs values of the accessories of the Chinese-origin mobile phone accessories for correct assessment of duties and taxes at the time of import clearance. In this regard the directorate General of Customs Valuation Karachi has issued a valuation ruling number 1580 of 2021 to supersede the earlier ruling 1448 of 2020. It is important to mention here that the Federal Board of Revenue (FBR) will charge custom values in US dollars on the import of different types of mobile phone accessories, ranging between $0.06 and $7. The minimum customs values have been fixed [&hellip;]
- [FBR increases minimum price of steel products](https://tax.net.pk/2021/08/12/fbr-increases-minimum-price-of-steel-products/): In the wake of increased prices of steel products in the domestic &amp; international markets, Federal Board of Revenue (FBR) has increased the minimum prices of steel products vide SRO 985 dated 4th Aug, 2021. Last time the prices of steel products were fixed by FBR vide SRO 992 dated 4th Sep, 2019. FBR is empowered to fix minimum prices of steel products under proviso to clause (46) of section 2 of the Sales Tax Act, 1990. The new prices of Bars has been fixed at Rs. 140,000/-; Billets at Rs. 125,000/-, Ingots/Bala &amp; Ship-plates at Rs. 120,000/- and Scrap at Rs. 118,000/- [&hellip;]
- [FBR issues clarification on suspicious exemption certificates](https://tax.net.pk/2021/08/12/fbr-issues-clarification-on-suspicious-exemption-certificates/): Federal Board of Revenue has issued a clarification on a news story titled “FBR issues thousands of suspicious exemption certificates” appearing in a magazine with the name “Profit” in its edition of 10th August, 2021. The news item, inter alia, mentions that FBR field formations have issued thousands of exemption certificates without fulfilling the requirements envisaged in law. FBR has clarified that the news has been reported without understanding the relevant provisions of SRO 717(I)/2014 and context of FBRs’ correspondence with field formations. ALSO READ: FBR issues clarification on Single Window Program The law stipulates inherent mechanism for examining the propriety and [&hellip;]
- [Deadline and penalty for Tier-1 retailers and other tax provisions relating there to](https://tax.net.pk/2021/08/12/deadline-and-penalty-for-tier-1-retailers-and-other-tax-provisions-relating-there-to/): FBR directs Tier-1 Retailers to integrate with revenue authority till August 15. The Federal Board of Revenue (FBR) has advised Tier-1 Retailers to integrate their invoicing systems with the tax Realtime invoicing system of Federal Board of Revenue. FBR has given 15th August, 2021 as deadline for integration with point of sales (POS) system of FBR. If tier-1 retailers fails they will not be allowed credit for input tax equal to 60 per cent, claiming in the sales tax return for the month of July 2021. For the enforcement of this drive of FBR, to integrate Tier-1 Retailers all the country, [&hellip;]
- [Definition of Tier-1 Retailer under sales tax act 1990](https://tax.net.pk/2021/08/11/definition-of-tier-1-retailer-under-sales-tax-act-1990/): All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system. ‘Tier-1 retailer’ is defined in section 2(43A) of the Sales Tax Act, 1990, to be a person who falls in any of the following categories: (a) a retailer operating as a unit of a national or international chain of stores; (b) a retailer operating in an air-conditioned shopping mall, plaza or centre, excluding kiosks; (c) a retailer whose cumulative electricity bill during the immediately preceding twelve consecutive months exceeds Rupees twelve hundred thousand; (d) a wholesaler-cum-retailer, engaged in bulk import and supply of consumer goods on wholesale basis to the retailers as well as [&hellip;]
- [Balochistan finance department introduces online tax collection system](https://tax.net.pk/2021/08/11/balochistan-finance-department-introduces-online-tax-collection-system/): The government of Balochistan has installed online tax collection system. This online tax system will help to boost the the revenue receipts and will promote tax culture in the biggest province of Pakistan. During a meeting held for signing of agreement for installation of online tax collection system. Balochistan Finance Minister Mir Zahoor Buledi informed that the this step would not only help taxpayers in the Balochistan. This will also bring a positive change and transparency in the tax system. &#8220;Balochistan Finance Minister Mir Zahoor Buledi said the finance department had introduced the online system to bring transparency to collection of [&hellip;]
- [List of sales tax exemptions granted in budget 2021-2022](https://tax.net.pk/2021/08/10/list-of-sales-tax-exemptions-granted-in-budget-2021-2022/): 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. Other exemptions are available in various notifications (SROs) issued by the Government under section 13. A complete list of such goods can be obtained from 6th schedule of Sales tax Act 1990. Here, exemptions granted in Finance Act, 2021 (fiscal year 2021-2022) are described. GRANT OF ZERO-RATING ON CERTAIN ITEMS Zero-rating on local supply of raw material, components, parts and plant and machinery to registered exporters under Export Facilitation [&hellip;]
- [FBR launches prize scheme for customers of tier1 integrated retailers](https://tax.net.pk/2021/08/10/fbr-launches-prize-scheme-for-customers-of-tier1-integrated-retailers/): Federal Board of Revenue (FBR)&nbsp;on Monday launched prize scheme for customers of retailers, who integrated their sales through point of sales (POS) with the FBR&#8217;s tax system. The FBR issued SRO 1005(I)/2021 for launching the prize scheme for customers of tier 1 retailers, who have integrated their retail outlets with the FBR computerized system for real-time reporting of sales and mystery shopping in respect of verification of invoices from such retailers. Procedure for prize scheme The customers of integrated tier 1 retailer, whose names and CNICs are notified through random computerized draw shall be entitled to prizes in respect of their [&hellip;]
- [Updated tax provisions for property rental income in budget 2021-22](https://tax.net.pk/2021/08/09/updated-tax-provisions-for-property-rental-income-in-budget-2021-22/): Finance Act, 2013 shifted the property income (Property rental income) from fixed tax regime to normal tax regime for Individuals, AOPs and Companies. Finance Act, 2016 shifted it from normal tax regime to fixed tax regime for Individuals &amp; AOPs. Simultaneously, the deductions in computing income chargeable under the head “Income from Property” for individuals and AOPs were withdrawn. Through Finance Act, 2019 a new sub-section (7) was inserted in Section 15A which provides that Individuals &amp; AOPs deriving property rental income above Rs. 4,000,000 per annum may opt for normal tax regime and the deductions available in section 15A in [&hellip;]
- [World’s highest inheritance tax story of Samsung chairman Lee Kun Hee](https://tax.net.pk/2021/08/08/worlds-highest-inheritance-tax-story-of-samsung-chairman-lee-kun-hee/): Lee Kun-hee&nbsp;(9 January 1942&nbsp;– 25 October 2020) was a South Korean businessman and industrialist who served the chairman of&nbsp;Samsung Group&nbsp;from 1987 to 2008 and from 2010 to 2020. With an estimated net worth of US$21 billion at the time of his death, he was the richest person in South Korea, a position that he had held since 2007. He was convicted twice, once in 1996 and subsequently in 2008, for corruption and tax evasion charges, but was pardoned on both instances. The Seoul Central District Court founded Lee guilty on charges of financial wrongdoing and tax evasion. Prosecutors requested that Lee [&hellip;]
- [SECP asks companies to file beneficial ownership declaration to avoid penalty](https://tax.net.pk/2021/08/07/secp-asks-companies-to-file-beneficial-ownership-declaration-to-avoid-penalty/): The Securities and Exchange Commission of Pakistan (SECP) has asked companies to submit information of their ultimate beneficial owners (UBOs) through the filing of Form 45, required under Section 123A of the Companies Act, 2017. File ultimate beneficial owners before due date to avoid penalty The SECP will not impose any penalty on the filing of overdue UBO Forms 45, if filed before August 13, 2021. The Companies (General Provision &amp; Forms) Regulations, 2018, specify the procedure for companies to obtain, maintain and update information about their ultimate beneficial owners. To ensure standards of transparency in the ownership and control structure [&hellip;]
- [Islamabad High Court reserves decision on track & trace system case](https://tax.net.pk/2021/08/07/islamabad-high-court-reserves-decision-on-track-trace-system-case/): The Islamabad High Court (IHC) has reserved their judgment in the case of selection of the successful company for the implementation of the track and trace system for different industries. These industries include manufacturers of following products: tobacco products, cement, sugar and fertilizer. On Friday, all parties completed their arguments at the Islamabad High Court (IHC). The IHC court reserved the judgement. It should be noted that the Sindh High Court (SHC) has already reserved the judgement in this particular case. ALSO READ: SHC suspends FBR’s Rs25 billion deal for Implementation of Track &amp; Trace system Currently, four aggrieved bidders had [&hellip;]
- [FBR Suspends Sales Tax collection On Sugar from manufacturers](https://tax.net.pk/2021/08/06/fbr-suspends-sales-tax-collection-on-sugar-from-manufacturers/): The Federal Board of Revenue (FBR) has suspended the provision of sales tax collection on sugar from the manufacturers on the basis of the retail price up to November 30, 2021. The FBR on Thursday issued an SRO No 989(I)/2021 for not charging sales tax on sugar under the Third Schedule to the Sales Tax Act, 1990 for a particular time period. According to the SRO, &#8220;in the exercise of the powers conferred by the proviso to clause (a) of sub-section (2) of section 3 of the Sales Tax Act, 1990, the Federal Government is pleased to direct that the provisions [&hellip;]
- [FBR removes tax officials despite resistance from tax machinery](https://tax.net.pk/2021/08/06/fbr-removes-tax-officials-despite-resistance-from-tax-machinery/): The Federal Board of Revenue (FBR) has dismissed 29 officials from civil service on charges of inefficiency and misconduct. These dismissals have been done in the past one year. The officials dismissed includes seven officers. FBR&#8217;s these actions faced a lot resistance from within the tax machinery against this cleansing move. &#8220;Tribune News paper&#8221; revealed the story. Federal Board of Revenue, have faced a lot criticism against it&#8217;s corruption elimination steps from tax machinery from lower staff to high ranked officials. This criticism have been faced a lot from inside the tax authority. This FBR’s move previously limited to only the [&hellip;]
- [Countries with the highest sales tax rate on retailers](https://tax.net.pk/2021/08/05/countries-with-the-highest-sales-tax-rate-on-retailers/): An analysis is provided here of different countries with the highest sales tax rates on their retail sector on the sale of their goods and services. Those countries have a general VAT (sales tax) rate and also charge reduced sales tax rate. They also exempt many of their goods and services from charge of general or / and reduced sales tax rate. Let us see analysis of Countries with the highest sales tax rate on retailers. India Sales tax rates in India range from 0% to 40%. With rates of 5%, 18%, 28% in between, varying for 1,211 different types of [&hellip;]
- [FBR issued list of identified Tier1 nonintegrated retailers](https://tax.net.pk/2021/08/05/fbr-issued-list-of-identified-tier1-nonintegrated-retailers/): The Federal Board of Revenue (FBR) has advised Tier-1 Retailers to integrate their systems with the revenue authority, failing which they would be denied credit for input tax equal to 60 per cent, claimed in the sales tax return for the month of July 2021. As per details, the FBR, in its drive to integrate Tier-1 Retailers across the country, has issued Sales Tax General Order No 1 of 2022 by which a system-based approach is being adopted to integrate non-integrated Tier-1 retailers with effect from August 1, 2021. Due date to get registration / integration with FBR Tax system A [&hellip;]
- [FBR fixes value of steel in respect of locally produced goods](https://tax.net.pk/2021/08/05/fbr-fixes-value-of-steel-in-respect-of-locally-produced-goods/): The Federal Board of Revenue fixes the value of locally produced steel and scrap goods for the purpose of payment of sales tax. As per SRO No. 985 (I)/2021 Dated: 4th August 2021 issued by FBR on Wednesday, that in the exercise of the powers conferred by the second proviso to clause (46) of section 2 of the Sales Tax Act, 1990, the FBR is pleased to fix the values in respect of locally produced goods for the purpose of payment of sales tax on ad valorem basis. Values of locally produced steel and scrap goods FBR has fixed Rs. 140,000 [&hellip;]
- [SBP launches digital cheques clearing and unified QR Code System](https://tax.net.pk/2021/08/04/sbp-launches-digital-cheques-clearing-and-unified-qr-code-system/): Governor State Bank of Pakistan, Dr. Reza Baqir, announced two new initiatives to facilitate the introduction of digital financial products and services by financial institutions which will benefit to the society. These initiatives includes the introduction of digital cheques clearing and a unified QR code for payments. It will replace physical presentation and clearing of cheques, thereby it will reduce the time involved in normal clearing process. The second initiative is the launch of a unified QR code. It will allow payments by users from any digital application, eliminating the need to use separate apps. These initiatives which are announced by [&hellip;]
- [FBR Issues clarification on withholding tax on medicine traders](https://tax.net.pk/2021/08/04/fbr-issues-clarification-on-withholding-tax-on-medicine-traders/): FBR Issues Clarification &#8220;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. FBR has termed the information contained in the news story baseless and misleading.  The news item has given a false impression that prices of medicines have increased due to withholding tax and that scarcity of certain drugs is also a result of withholding tax. FBR has clarified that no new tax has been imposed on medicines.  Major supply chain below manufacturers and distributors is out of [&hellip;]
- [FBR decides to deny tax refund claims to retailers resisting integration with tax system](https://tax.net.pk/2021/08/04/fbr-decides-to-deny-tax-refund-claims-to-retailers-resisting-integration-with-tax-system/): The Federal Board of Revenue (FBR) on Tuesday decided to hold 60% of the refund claims to those top tier retailers who would still deny to link and integrate their sales invoicing systems and counters with the tax systems of FBR to avoid to show their actual sales for Income and sales tax purpose. The decision to deny 60% input to tier-I retailers marks a clear shift in the FBR strategy after the Federal Board of Revenue struggled hard to increase point of sales targets. Through the Finance Act 2019, the government had decided that those tier-I retailers that would not [&hellip;]
- [FBR issues procedure for mandatory registration of brand name of businesses](https://tax.net.pk/2021/08/03/fbr-issues-procedure-for-mandatory-registration-of-brand-name-of-businesses/): The Federal Board of Revenue (FBR) on Tuesday issued a Sales Tax General Order No. 07 of 2021 Dated: 3rd August 2021. The STGO contains procedure for all the manufacturers of specified sectors for the registration of their brand names before selling their products. Through the Finance Act, 2021, the licensing of brand name has been made mandatory for specified sectors under the Sales Tax Act, 1990. According to the given procedure in the sales tax general order, all the existing and new manufacturers of specified sectors are required to get their registration of brand of each product with the FBR before selling [&hellip;]
- [Govt Considers to end 1% Bank Deduction on IT Export Remittance](https://tax.net.pk/2021/08/03/govt-considers-to-end-1-bank-deduction-on-it-export-remittance/): The government is considering over stopping banks from deducting 1% or 2% percent tax on IT foreign remittances to encourage the exporters of the IT sector. “In a recent meeting, the Minister for Finance, Shaukat Tarin assured the representatives of the IT sector of the imminent removal of one to two percent bank deduction that had been imposed by the banks on every receipt of the exports income on the account of IT and IT-enabled services since the onset of the financial year 2021-22,” said Chairman P@SHA, Barkan Saeed. The notification from the tax authority to the banks will clarify the decision [&hellip;]
- [FBR notifies Export Facilitation Scheme 2021](https://tax.net.pk/2021/08/02/fbr-notifies-export-facilitation-scheme-2021/): Federal Board of Revenue has notified Rules for new Export Facilitation Scheme 2021 which will be effective with effect from 14th August, 2021. New Export Facilitation Scheme has been approved by Federal Government and passed by Parliament under Finance Act 2021. This Scheme will run parallel with existing schemes like Manufacturing Bond, DTRE and Export Oriented Schemes for two year. The existing old schemes shall be phased out in next two years and will be fully replaced by Export Facilitation Scheme-2021. EFS 2021 Rules can be accessed at official website of FBR. Users of this Scheme will include Exporters (Manufacturers cum Exporters, [&hellip;]
- [FBR takes new steps for ease of doing business & taxpayers facilitation](https://tax.net.pk/2021/08/02/fbr-takes-new-steps-for-ease-of-doing-business-taxpayers-facilitation/): FBR has launched single identifier number for all domestic taxes. Under this initiative a taxpayer can use all applications under the Income Tax, Sales Tax and Federal Excise duty by mere use of CNIC if a taxpayer is an individual. In case of partnership firms and companies, National Tax Number (NTN) shall be the common tax identifier number. In this manner the Sales Tax, Income Tax and Federal Excise law have been harmonized. This is an important step toward ease of doing business and will substantially improve Pakistan’s rating on this count. READ ALSO: FBR issues clarification on Single Window Program [&hellip;]
- [Overseas Pakistanis developed made in Pakistan electric car to be launched soon](https://tax.net.pk/2021/08/02/overseas-pakistanis-developed-made-in-pakistan-electric-car-to-be-launched-soon/): Overseas Pakistanis have developed a &#8216;Made in Pakistan&#8217; electric car that will be launched soon in the next three to four months in Pakistan. It is an initiative of DICE Foundation, a group of Pakistanis based in United States, Canada and the United Kingdom. They used expertise of overseas Pakistanis in the field of auto technology. DICE Foundation Founder and Chairman Dr Khursheed Qureshi told the media that Pakistan soon introducing a &#8216;Made-in-Pakistan&#8217; electric car to the world by utilizing expertise of overseas Pakistanis. This electric car was designed by Pakistani experts who are working abroad in different auto companies. They [&hellip;]
- [Why Pakistan ranked as the cheapest country in the world to live in ?](https://tax.net.pk/2021/08/02/why-pakistan-ranked-as-the-cheapest-country-in-the-world-to-live-in/): Recently, Pakistan has been ranked as &#8216;the cheapest country in the world to live in&#8217; with a cost of living index (CLI). As per the report on the cost of living index compiled by GoBankingRates Company, Pakistan is termed the cheapest country to live in. Reason behind the Pakistan ranked as cheapest country ? Pakistan ranked as cheapest country on the basis of &#8220;cost of living&#8221; index. Which is 18.58 for Pakistan, followed by Afghanistan 24.51, India 25.14 and Syria 25.31. This index based on cost of living index provided by International company &#8220;GoBankingRatesCompany&#8221;. Company uses four metrics to calculate which [&hellip;]
- [Omission and merger of withholding tax provisions in finance act 2021](https://tax.net.pk/2021/07/31/omission-and-merger-of-withholding-tax-provisions-in-finance-act-2021/): Omission of withholding tax provisions 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 impacts country&#8217;s rating on the ease of doing business index. In an effort to augment ease of business and simplify the tax laws following withholding taxes have been omitted. Provision Description Sector 153B Collection of tax on payment of royalty to residents Royalty 231A Collection of tax on cash withdrawal Banking Sector 231AA Collection of tax on banking instruments Banking Sector 236P Collection of [&hellip;]
- [KTBA urges FBR to issue directions to banks to stop withholding tax deduction on IT exports](https://tax.net.pk/2021/07/31/ktba-urges-fbr-to-issue-directions-to-banks-to-stop-withholding-tax-deduction-on-it-exports/): 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 exporters of software, IT and IT enabled services. KTBA sent a letter to the FBR, where the KTBA said that due to misunderstanding of the &#8220;Section 154A &#8211; Export of Services&#8221; (inserted in the Income Tax Ordinance 2001 via Finance Act, 2021) by financial institutions with regard to withholding tax collection of export proceeds from computer software and IT enabled Services. KTBA explained that tax exemption available to export [&hellip;]
- [Azad Jammu and Kashmir tax system connects with national tax system](https://tax.net.pk/2021/07/31/azad-jammu-and-kashmir-tax-system-connects-with-national-tax-system/): The Azad Jammu and Kashmir (AJK) tax system was on Thursday connected with the national tax system of Pakistan. It will provide online services and increase tax collection. Chief Secretary of AJK Shakeel Qadir Khan inaugurated this digital system of income tax at a program held at the Jammu and Kashmir House here. “The linkage of the digital tax system is a historical step forward not only towards national unity and cohesion but it would also help increase the tax collection in AJK,” he said. The AJK tax collection was very encouraging last year, he said that there is a hope [&hellip;]
- [Taxation and changes for IT and IT enabled services, startups and freelancers](https://tax.net.pk/2021/07/30/taxation-and-changes-for-it-and-it-enabled-services-startups-and-freelancers/): Let us see the taxation of IT and IT enabled services, freelancer and startups. Both income tax and sales tax provisions are here hereby explained. Further, the recent changes in taxation of IT and IT enabled services will also be explained here. Income Tax Ordinance, 2001 Tax Credit Regime for export of IT &amp; IT enabled services Business 1- Section 65F was inserted by Tax Laws (Second Amendment) Ordinance 2021 whereby exemption available to IT industry under clause 133; Part IV, Second Schedule was replaced by tax credit regime. 2- Exemption Regime provided that income of IT &amp; IT enabled services [&hellip;]
- [Govt reviews Auto Policy draft for the period from 2021 to 2026](https://tax.net.pk/2021/07/30/govt-reviews-auto-policy-draft-for-the-period-from-2021-to-2026/): The proposed Auto Industry Development and Export Policy (AIDEP) aims to increase the auto industry sector in Pakistan by increasing production of cars, motorcycles, tractors etc, Finance Minister Shaukat Tarin revealed. Auto Industry Development and Export Policy AIDEP for the period from 2021 to 2026 He was attending a meeting to review the draft Auto Industry Development and Export Policy AIDEP for the period from 2021 to 2026. Shaukat Tarin said that the we intend to ensure consumer interest through provision of cars at economic rates especially for the middle and lower income class of the country. Tax Relief in Budget [&hellip;]
- [Amazon denies news of accepting Bitcoin as payment](https://tax.net.pk/2021/07/30/amazon-denies-news-of-accepting-bitcoin-as-payment/): Amazon.com Inc on Monday denied about the news that the e-commerce giant was going to accept bitcoin payments by the end of this year. The report from London&#8217;s City A.M. newspaper, citing an unnamed &#8220;insider&#8221;, sent the world&#8217;s biggest cryptocurrency up as much as 14.5% before it trimmed gains to last trade 6% higher at $37,684.04. &#8220;Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,&#8221; a&nbsp;spokesperson from Amazon clarified. READ ALSO: Amazon in Pakistan &#8220;We remain focused on exploring what this could look like for customers shopping on Amazon.&#8221; further [&hellip;]
- [Govt to share tax record with NADRA through presidential ordinance](https://tax.net.pk/2021/07/29/govt-to-share-tax-record-with-nadra-through-presidential-ordinance/): The federal government may introduce a presidential ordinance to provide record of existing three million taxpayers to the National Database and Registration Authority (NADRA) for the purpose to increase tax collection, but it may compromise privacy of the people. NADRA role in increasing tax collection ? The NADRA – the body set up to only maintain citizens’ database – does not allow the authority to involve into the process of increasing tax collection, which should be the sole right of the Federal Board of Revenue (FBR). Sources in NADRA told the newspaper &#8220;The Express Tribune&#8221; on Wednesday that the FBR and [&hellip;]
- [Saudi Arabia imposing 3-year travel ban for citizens visiting ‘red list’ countries](https://tax.net.pk/2021/07/29/saudi-arabia-imposing-3-year-travel-ban-for-citizens-visiting-red-list-countries/): Saudi Arabia imposing a three-year travel ban on citizens travelling to those countries which are on the kingdom&#8217;s &#8216;red list&#8217;. according to their state news agency SPA said on Tuesday. Peoples who in May were allowed to travel abroad without prior permission from authorities for the first time since March 2020, had violated travel regulations. &#8220;Anyone who is proven to be involved will be subject to legal accountability and heavy penalties upon their return, and will be banned from travel for three years,&#8221; the official said. Saudi Arabia has banned travel to or transit at a number of countries. These include Afghanistan, Argentina, [&hellip;]
- [FBR issued SRO to Relax Conditions for Customs WEBOC Registration](https://tax.net.pk/2021/07/28/fbr-issued-sro-to-relax-conditions-for-customs-weboc-registration/): The Federal Board of Revenue (FBR) has decided to relax conditions for the importers for obtaining &#8220;unique user identifiers&#8221; (UUIs) for WEBOC Registration under the Customs Computerized System. FBR Issued SRO for Draft of Proposed Amendments The FBR has recently issued SRO936(I)/2021 to amend Customs Rules, 2001, here on Monday. Under the proposed customs rules, the FBR will not ask for personal appearance and submission of original NTN and / or CNIC of the importers for obtaining &#8220;unique user identifier&#8221; for WeBOC Registration under the Customs Computerized System. Subject to where biometric information of the applicant is already available in sales [&hellip;]
- [FBR gets stay order against FTO's move to investigate low tax recovery](https://tax.net.pk/2021/07/28/fbr-gets-stay-order-against-ftos-move-to-investigate-low-tax-recovery/): The Federal Board of Revenue (FBR) has taken stay orders against the Federal Tax Ombudsman’s (FTO) decision to investigate the offices dealing with offshore tax haven cases, stopping a move that could have pull out reasons behind slow recovery of $22 million as compare to $1.3 billion worth cases. Due to complaints of “malpractices with corrupt motives”, the FTO office had taken a suo motu action by issuing notice and launched investigation to determine as to why FBR’s three field offices were failing in speed recovery of presumably $200 billion concealed abroad. The FTO, in April this year, had served notice [&hellip;]
- [Withdrawals of Tax Exemptions and Tax Credits in Finance Act 2021](https://tax.net.pk/2021/07/28/withdrawals-of-tax-exemptions-and-tax-credits-in-finance-act-2021/): Important tax exemptions and tax credits withdrawn in Finance Act 2021 are given below: Tax credit for person employing fresh graduates. First year depreciation allowance on specified assets @ 90% of cost of assets. Tax credit for enlistment on registered stock exchange. Certain tax credits for newly established industrial undertaking – refer section 65D &amp; 65E of Income Tax Ordinance 2001. Exemption available on profit &amp; gains derived from the refining and concentrating business (subject to certain conditions) to an undertaking in business of exploration and extraction of mineral deposits. Certain concessions available to Oil &amp; Gas exploration companies’ including deduction [&hellip;]
- [Updated Tax Exemptions and Tax Credits for the Financial Year 2021-2022](https://tax.net.pk/2021/07/27/updated-tax-exemptions-and-tax-credits-for-the-financial-year-2021-2022/): Income Tax Ordinance, 2001 provides for tax exemptions, tax credits, reduced tax rates, and reduction in tax liability. These tax exemptions are either based on specific type of taxpayers or for a particular time period. Significant tax credits and tax exemptions for the financial year 2021-2022 are given below:&nbsp; Profits from an electric power generation project Profits from an electric power generation project set up in Pakistan are exempt from tax. This exemption is available for taxpayers entering into agreement or to whom letter of intent is issued by Federal or Provincial Government, for setting up an electric power generation project in [&hellip;]
- [President Alvi ordered on the issue of failure to upload declarations under tax amnesty scheme](https://tax.net.pk/2021/07/26/president-alvi-ordered-on-the-issue-of-failure-to-upload-declarations-under-tax-amnesty-scheme/): The President of Pakistan, Dr. Arif Alvi, issues an order in favor of the declarants of the Tax Amnesty Scheme 2019 (assets declaration scheme). Who already deposited their taxes under the Tax Amnesty Scheme 2019 (assets declaration scheme). But they became unable to upload their declarations on the deadline of 3rd July 2019 because of the failure of the Federal Board of Revenue’s (FBR) IRIS system. Facts of the Case Previously, Federal Tax Ombudsman (FTO) has issued a judgment to give relief to 12,000 taxpayers who had deposited Rs2.6 billion tax under the Tax Amnesty Scheme (Assets Declaration Ordinance 2019) but [&hellip;]
- [Update Business Bank Accounts to avoid Penalty after due date](https://tax.net.pk/2021/07/25/update-business-bank-accounts-to-avoid-penalty-after-due-date/): 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. The obligation to declare business bank account has been placed on taxpayers through substituted section 114A. Failure to notify such account may attract penal provisions of section 182 and it has also been included in definition of offences under the Ordinance. Definition of &#8220;Business Bank Account&#8221; Under Section 2 Subsection (10A) of Income Tax Ordinance: “business bank account” means a bank account utilized by the taxpayer for business transaction [&hellip;]
- [Pakistan’s current account ends FY21 in deficit](https://tax.net.pk/2021/07/23/pakistans-current-account-ends-fy21-in-deficit/): Pakistan’s current account balance reached at a deficit of $1.85 billion in fiscal year 2020-21. Due to jump in imports on account of rise in crude oil prices and vaccine arrivals. Current Account deficit Despite the fact that it remained in surplus in first 11 months of fiscal year ended The deficit came despite the fact that the current account remained in surplus in the first 11 months (July 2020 to May 2021) of the fiscal year ended. According to data of the State Bank of Pakistan (SBP), the current account deficit gap between foreign payments and foreign income had reached [&hellip;]
- [European Central Bank inches closer to 'digital euro'](https://tax.net.pk/2021/07/23/european-central-bank-inches-closer-to-digital-euro/): The European Central Bank (ECB) moved closer to a “digital euro” with the launch of a pilot project. But questions remain about possible problems and advantages for eurozone citizens. This fact comes as the coronavirus epidemic has accelerated a shift away from cash. The move comes as the coronavirus pandemic has speed up a shift away from cash. As the central bankers around the world shyly track the rise of private cryptocurrencies like bitcoin. The digital euro, sometimes dubbed “e-euro”, would be an electronic kind of euro notes and coins. It would be for the first time allow individuals and companies [&hellip;]
- [FBR and NADRA Drafted Plans to start national level exercise to Broaden the Tax Base](https://tax.net.pk/2021/07/23/fbr-and-nadra-drafted-plans-to-start-national-level-exercise-to-broaden-the-tax-base/): The Federal Board of Revenue (FBR) on Monday informed to Finance Minister Shaukat Tarin that the tax authority is drafting new plans to widen the tax base with the help of National Database and Registration Authority (NADRA). According to media reports, Federal Minister for Finance Shaukat Tarin on Monday visited the FBR&#8217;s headquarters in Islamabad and attended meeting to discuss ways for widening the tax base of Pakistan. The role of NADRA in broadening the tax net was also matter of discussion. The meeting was briefed that the number of annual return filers have reached about 3 million against FBR&#8217;s expectation [&hellip;]
- [Value of Diyat in Pakistan for Financial Year 2021-2022](https://tax.net.pk/2021/07/19/value-of-diyat-in-pakistan-for-financial-year-2021-2022/): The federal government declared an amount of Rs. 4.261 million as compensation (diyat) for the current financial year 2021-22. The declaration is part of “Qisas and Diyat” Ordinance 1990. Diyat in Islamic law is the financial compensation paid to the victim or legal heirs of the victim in the case of murder or bodily harm or property damage. It is an alternative punishment for Qisas (retribution). The Ministry of Finance has communicated with the State Bank of Pakistan and the Secretary Law and Justice division about the declaration of the&nbsp;diyat&nbsp;amount for the fiscal year 2021-22. The government has declared Rs. 4.261 million, to [&hellip;]
- [How to Check Active Taxpayer Status of Income Tax with FBR ?](https://tax.net.pk/2021/07/17/how-to-check-active-taxpayer-status-of-income-tax-with-fbr/): Active Taxpayer status (ATL status ) with FBR can be checked in any of the following three (3) ways: VERIFICATION THROUGH ONLINE PORTAL Online ATL status check allows you to confirm your Active Taxpayer status with FBR in real time. You can check it by using this portal of FBR: www.e.fbr.gov.pk . CHECK ACTIVE TAXPAYER STATUS BY SMS Check Individual’s Active Taxpayer status by SMS through the following procedure: Type &#8220;ATL (space) 13 digits Computerized National Identity Card (CNIC)&#8221; and send to 9966.Check Active Taxpayer status of AOP and Company by SMS through the following procedure:Type &#8220;ATL (space) 7 digits National Tax Number [&hellip;]
- [Who is required to Get Register with Point of Sales Software of FBR ?](https://tax.net.pk/2021/07/17/who-is-required-to-get-register-with-point-of-sales-software-of-fbr/): All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system. All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system. ‘Tier-1 retailer’ is defined in section 2(43A) of the Sales Tax Act, 1990, to be a person who falls in any of the following categories:(a) a retailer operating as a unit of a national or international chain of stores;(b) a retailer operating in an air-conditioned shopping mall, plaza or centre, excluding kiosks;(c) a retailer whose cumulative electricity bill during the immediately preceding twelve consecutive months exceeds Rupees twelve hundred thousand;(d) a wholesaler-cum-retailer, engaged [&hellip;]
- [Govt launching Kamyab Pakistan program for small business loans](https://tax.net.pk/2021/07/14/govt-launching-kamyab-pakistan-program-for-small-business-loans/): The government has decided to launch the &#8220;Kamyab Pakistan&#8221; program on July 29. It is an initiative that offers a multiple opportunities which includes loans for small businesses, farmers, households, health cards, and technical training under the program. The government expecting to dig out four million families out of poverty through the launching of this program. Above decision was taken at a official meeting between Finance Minister Shaukat Tarin and Special Assistant on Youth Affairs Usman Dar in Islamabad on Wednesday, stated Radio Pakistan. Shaukat Tarin said the program will include housing projects, skill development, soft loans, health cards and agricultural services. [&hellip;]
- [FBR Directs taxmen to Declare Assets](https://tax.net.pk/2021/07/14/fbr-directs-taxmen-to-declare-assets/): The Federal Board of Revenue (FBR) directed all tax officers and officials to declare their Assets and Performance Evaluation reports which is due for the year 2020-2021 by due date of July 31, 2021. According to the FBR&#8217;s instructions to the taxmen here on Monday. The FBR requires to submit assets declarations and performance reports under the Civil Servants (E&amp;D) Rules, 2020. Otherwise, action will be taken on account of this misconduct in cases of non-compliance. The FBR also decided to discontinue the payment of performance allowance in case taxmen fails to submit the Assets Declarations and Performance Evaluation reports by [&hellip;]
- [FBR Reveals Draft Rules for New Export Scheme](https://tax.net.pk/2021/07/12/fbr-reveals-draft-rules-for-new-export-scheme/): The Federal Board of Revenue (FBR) released draft rules for new Export Facilitation Scheme 2021. FBR also called for comments on this new export scheme from industry, exporters and other stakeholders. The new Export Facilitation Scheme has already been approved by the federal government and passed by parliament under Finance Act 2021. The export scheme will be executed from August 14, 2021. At start this scheme will run parallel with existing schemes like manufacturing bond, DTRE and export-oriented schemes for two years. Then the current old schemes shall phase out in the next two years. Further, it will fully replace by [&hellip;]
- [FBR Not providing tax concessions to Foreign Exchange Remittance Card holders](https://tax.net.pk/2021/07/10/fbr-not-providing-tax-concessions-to-foreign-exchange-remittance-card-holders/): It has been disclosed that the Federal Board of Revenue (FBR) is not offering the facility of duty and tax credit and concessions on import of mobile phones and other imported items to the overseas Pakistanis who are holding Foreign Exchange Remittance Card. Following numerous complaints on the Pakistan Citizen’s Portal. The Prime Minister’s Office took the notice of this practice of FBR&#8217;s Department. PM office directed to facilitate overseas Pakistanis in provision of this concession of customs duty and tax credit by the Customs Department of the FBR on the use of Foreign Exchange Remittance Card for the payment of [&hellip;]
- [Cabinet exempts state owned enterprises from transparency rules](https://tax.net.pk/2021/07/09/cabinet-exempts-state-owned-enterprises-from-transparency-rules/): The federal cabinet&nbsp;has amended&nbsp;the procurement rules to allow the government to award contracts to the state-owned enterprises without floating public tenders, which may compromise transparency in public sector deals. The federal government notified the amended Public Procurement Regulatory Authority (PPRA) rules on June 29 after approval from the cabinet, according to the notification. According to the amended rule 42 (f), “A procuring agency may engage in direct contracting with state-owned entities. Such as professional, autonomous or semi-autonomous organizations or bodies of the federal or provincial governments. For the procurement of such works and services, including consultancy services, which are time-sensitive and [&hellip;]
- [Profit Rates of National Savings Certificates Revised](https://tax.net.pk/2021/07/08/profit-rates-of-national-savings-certificates-revised/): The Finance Ministry has revised the profit rates on National Savings Schemes certificates. A notification issued in this regard on 17th June 2021. The profit rate for the Defense Savings Certificates increased from 9.29% to 9.35%. While the return on Regular Income Certificates increased from 8.64% to 8.76%. Likewise, the return on Short Term Savings Certificates, for a period of six months. Increased from 7.14% to 7.20%, the notification said. Meanwhile, the returns on Special Savings Certificates, Special Savings Account, Bahbood Savings Certificates, Pensioners Benefit Account, Shuhada Family Welfare Account, Savings Account, Short Term Savings Certificates (three months), and Short Term [&hellip;]
- [Rupee Weakens Further Against Dollar](https://tax.net.pk/2021/07/07/rupee-weakens-further-against-dollar/): The Pak-rupee extended losses against the US-dollar on Wednesday, owing to the higher demand for import payments. According to media reports, the exchange rate closed at Rs158.92. Against the greenback, compared with the previous day’s closing rate of Rs158.37 in the interbank foreign exchange market. The currency dealers said improved economic indicators had escalated the demand for the import of finished goods and raw materials. They said the market had seen inflows of export receipts and workers’ remittances. But those were not sufficient to meet the demand for the import payments. The rupee lost Rs1.38 against the dollar during the last [&hellip;]
- [FBR Issues Circular for Tax Recovery Procedures From Cooperative Housing Societies](https://tax.net.pk/2021/07/07/fbr-issues-circular-for-tax-recovery-procedures-from-cooperative-housing-societies/): Federal Board of Revenue (FBR) issued Circular No. 3 of 2022 Dated: July 5th, 2021 regarding recovery of tax and methods of taxation of Cooperative Housing Societies Registered under Cooperative Housing Societies Act, 1925. Federal Board of Revenue (FBR) on Monday issued a Income Tax Circular regarding taxation procedure for the transactions made by cooperative housing societies and directed the tax offices to make compliance over recovery of the past years taxes against the sales and purchases made by them. “All Formations are expected to look into and finalize CHS [cooperative housing societies] cases for all pending and reopened tax years [&hellip;]
- [FBR Explains Changes in Minimum Turnover Tax](https://tax.net.pk/2021/07/07/fbr-explains-changes-in-minimum-turnover-tax/): The minimum turnover tax of 0.75 percent would be applicable on the oil marketing companies, Sui Southern Gas Company Limited and Sui Northern Gas Pipelines Limited, Pakistan International Airlines Corporation and poultry industry from July 1, 2021. 0.5% Minimum Tax According to the explanation of the Finance Act 2021 issued by the Federal Board of Revenue (FBR) on the issue of minimum tax on turnover, 0.5 percent minimum tax as percentage of the person&#8217;s turnover would be applicable on the oil refineries and motorcycle dealers registered under the Sales Tax Act, 1990. 0.25% Minimum Tax Under the Finance Act 2021, the [&hellip;]
- [FBR issues SRO for procedure of electronic audit of income tax cases](https://tax.net.pk/2021/07/05/fbr-issues-sro-for-procedure-of-electronic-audit-of-income-tax-cases/): The Federal Board of Revenue (FBR) on Tuesday issued a procedure for selection and conducting electronic audit of income tax cases. In this regard, the FBR has issued SRO 835(I)/2021, dated June 29, 2021, to make amendments in the Income Tax Rules, 2002. A new rule 231FA has been inserted into the Income Tax Rules, 2002 to make the e-audit part of the tax laws. In the aforesaid Rules, after rule 231F of Income Tax Rule, 2002. Following new rule shell be added namely. The complete Section is reproduced here as under: &#8220;231FA, Procedure for E-Audit. – (1) the provisions of [&hellip;]
- [FBR uploads Income Tax Return Forms for Tax Year 2021](https://tax.net.pk/2021/07/05/fbr-uploads-income-tax-return-forms-for-tax-year-2021/): Federal Board of Revenue (FBR) has uploaded the Income Tax Return Forms for Tax Year-2021. Separate Return Forms for Salaried, Association of Persons and Business Individuals have been uploaded. Submit the Income Tax Returns through web portal and Tax Asaan application. In a press release issued here on Thursday, FBR has stated that taxpayers are provided guidance on filling all the required particulars in the form. File Income Tax Returns online through smart phones by installing the Tax Aasaan application from Google play store. The taxpayers can file their Income Tax Returns till 30th September, 2021. Income Tax Returns Forms | Tax [&hellip;]
- [FBR's action against massive tax evasion](https://tax.net.pk/2021/07/05/fbrs-action-against-massive-tax-evasion/): Federal Board of Revenue&#8217;s (FBR) Directorate of I&amp;I-Inland Revenue (IR), Lahore’s in an action against steel melters and re-rollers captured massive tax evasion. Steel melters and re-rollers units involved in large scale evasion of Federal Excise Duty. By way of escaping of actual production and supplies and suppression of actual value of supplies. This is in violation of sub-section 5A of section 3 of Federal Excise Act, 2005. The Directorate of Intelligence and Investigation-Inland Revenue, Lahore carried out proceedings. Such proceedings initiated under Section 25 and Section 45 of Federal Excise Act, 2005. Proceedings initiated against two industrial units manufacturing iron [&hellip;]
- [Auto Financing by banks hit an all-time high](https://tax.net.pk/2021/07/03/auto-financing-by-banks-hit-an-all-time-high/): Auto financing by banks hit an all-time high of Rs297.5 billion in Pakistan. As consumers’ hunger for owning a vehicle increased apparently due to availability of the financing. Auto financing in Pakistan is available at low interest rate in spite of the Covid-19 pandemic related financial risks. Car financing by banks rise up by Rs86.5 billion or 41% over the first 11 months (Jul-May) of fiscal year 2021 to Rs279.5 billion in May 2021 compared to Rs211.11 billion at the end of June 2020, Pakistan’s central bank reported the other day. The significant cut in the benchmark interest rate created such [&hellip;]
- [Taxpayers to update profile to remain in ATL and skip fine](https://tax.net.pk/2021/06/30/taxpayers-to-update-profile-to-remain-in-atl-and-skip-fine/): 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 for updating the profile was March 31, 2021, which was extended by the Federal Board of Revenue (FBR) up to June 30, 2021, keeping in view the problems faced by the taxpayers. Who are Required to Submit taxpayers Profile Through the Finance Act, 2020, a Section 114A was inserted to Income Tax Ordinance, 2001, regarding taxpayer’s profile. As per the above provision of Income Tax Ordinance 2001, following persons [&hellip;]
- [National Assembly Approved Finance Bill 2021-2022](https://tax.net.pk/2021/06/30/national-assembly-approved-finance-bill-2021-2022/): The National Assembly of Pakistan on Tuesday approved the Finance Bill 2021-2022 with majority of votes. 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 while 138 members of National Assembly opposed it. During budget speech, Finance Minister Shaukat Tarin said the targets set in the budget 2021-2022 are achievable. According to Finance Minister, the core inflation is at seven percent. He admitted that the prices of grocery items increased because the agriculture sector disregarded in the past. [&hellip;]
- [FBR field offices to remain open till midnight on 30th June](https://tax.net.pk/2021/06/29/fbr-field-offices-to-remain-open-till-midnight-on-30th-june/): All the field offices of the Federal Board of Revenue will remain open till 12:00 midnight on 30th June, 2021. To facilitate the taxpayers&#8217; in payment of duties and taxes. FBR has issued instructions in this regard to all the field offices to remain open and observe extended working hours. The FBR further instructed to the Chief Commissioners (IR) and Chief Collector Customs to cooperate with the State Bank of Pakistan (SBP), and authorized branches of the National Bank of Pakistan to make sure transfer of tax collection by these branches on 30th June, 2021 to the respective branches of the [&hellip;]
- [Tax benefit extended to cars up to 1,000cc](https://tax.net.pk/2021/06/25/tax-benefit-extended-to-cars-up-to-1000cc/): Finance Minister Shaukat Tarin has said the government will now extend the tax relief earlier to cars up to 850cc will now be expanded to vehicles up to 1,000cc as well. READ ALSO: Auto Sector wins Tax Relief in Budget 2021-2022 Tax on Salary Income &amp; Provident Fund of Government Employees On Friday, Shaukat Tarin added while talking at the session of the National Assembly, that income tax exemption on medical expenses will be brought back to the salaried class while the tax on the provident fund income of government employees has been withdrawn. Tax on milk and other dairy products [&hellip;]
- [FATF retains Pakistan on grey list](https://tax.net.pk/2021/06/25/fatf-retains-pakistan-on-grey-list/): Anti-money laundering watchdog also gives another six-point action plan to Islamabad. The Financial Action Task Force (FATF) has retained to Pakistan on its grey list while admitting that the Pakistan has fully implemented 26 out of 27 points of its Financial action plan. The anti-money laundering supervisor has also given another six-point action plan relating to the Mutual Evaluation Report (MER) Process to Pakistan. “Pakistan remains under increased monitoring, the Pakistani government has made substantial progress, making its counter terrorism financing system stronger and more effective,” FATF President Dr Marcus Pleyer said while attending a press conference after a five-day online [&hellip;]
- [Intelligence & Investigation Inland Revenue Operation against three unregistered units](https://tax.net.pk/2021/06/24/intelligence-investigation-inland-revenue-operation-against-three-unregistered-units/): FBR action against unregistered persons who are liable to be registered and are required to pay due sales tax on their taxable supplies under the Sales Tax Act, 1990, Federal Board of Revenue’s. Directorate of Intelligence and Investigation-Inland Revenue, Lahore has conducted proceedings under Section 38 and 40 of the Sales Tax Act, 1990 against three unregistered units manufacturing Plastic Footwear. The units were engaged in manufacturing and making taxable supplies of Plastic Footwear involving huge consumption of electricity but were not paying sales tax and had also not obtained sales tax registration. During the search, relevant record was impounded which [&hellip;]
- [List of Budget suggestions finalized by senate body](https://tax.net.pk/2021/06/24/list-of-budget-suggestions-finalized-by-senate-body/): The Senate Standing Committee on Finance finalised its suggestions regarding Finance Bill, 2021-22, during a session of the meeting on Wednesday. The meeting of the finance committee which was presided over by Senator Talha Mahmood would submit the suggestions to the Upper House, from where these would be passed on to the National Assembly to make them part of the Finance Bill 2021-22. Removal of Section 233A Firstly, advise for removal of section 233A of the Income Tax Ordinance, 2001 that allows to the Inland Revenue officers of the Federal Board of Revenue (FBR) the powers to arrest the taxpayers on [&hellip;]
- [Tax Experts disclosed FBR’s three budgetary proposals impracticable](https://tax.net.pk/2021/06/23/tax-experts-disclosed-fbrs-three-budgetary-proposals-impracticable/): 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 printed retail price basis and 3- additional revenue of Rs 38 billion from crude oil. Withholding tax on domestic electricity bills Tax experts told to media here on Sunday that Finance Bill 2021 has proposed 7.5 percent withholding tax on domestic electricity bills exceeding Rs 25,000 per month. This tax collection will from electricity consumers whose names do not appear on the Active Taxpayers List of FBR or in [&hellip;]
- [FBR clarifies news about payment of total assessed tax demand for filing of appeal](https://tax.net.pk/2021/06/23/fbr-clarifies-news-about-payment-of-total-assessed-tax-demand-for-filing-of-appeal/): Federal Board of Revenue has issued a clarification on a news story appearing in Daily Times wrongly portraying that &#8220;a proposed amendment in the Finance Bill, 2021 makes it mandatory to make payment of total assessed demand for filing of first appeal.&#8221; FBR has explained the relevant section of the enforced law to remove the existing confusion in this regard. The fact remains that the law relating to clearing of admitted tax liability that the taxpayer himself worked out, on the basis of returned income. As a sine qua non condition for filing of appeal, has always been on the statute [&hellip;]
- [FBR issues clarification on FMCG](https://tax.net.pk/2021/06/22/fbr-issues-clarification-on-fmcg/): 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 Fast Moving Consumer Goods (FMCG) including flour mills and refineries. The words, “flour mills” could not be mentioned inadvertently in the table which was an error and had been noted and would be rectified in the amended bill. Budget | Clarification | Tax Rates | Minimum Tax | Flour Mills | Fast Moving Consumer Goods | FMCG | FBR | Federal Board of Revenue | IRS | Income Tax [&hellip;]
- [Senate Panel criticized FBR for sending tax notices](https://tax.net.pk/2021/06/22/senate-panel-criticized-fbr-for-sending-tax-notices/): Senate Standing Committee on Finance on Monday criticized the Federal Board of Revenue&#8217;s (FBR) absolute action against taxpayers, who facing tax notices having tax demands that is many times more than their annual turnovers. During the rapid increase in tax demand, it reached Rs2.4 trillion. “I fell shocked to see that the FBR issued a tax recovery notice of Rs65 million in a case. Where the total turnover of the person only Rs5 million per annum. Which actually far less than the total demand notice of tax” said Senator Talha Mehmood, Chairman of the Standing Committee. Mahmood said &#8220;that the officers [&hellip;]
- [Govt decides to withdraw arrestment powers on concealment of Income](https://tax.net.pk/2021/06/19/govt-decides-to-withdraw-arrestment-powers-on-concealment-of-income/): 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 proposed Section 203A (power to arrest and prosecute) of the Income Tax Ordinance, 2001. Following section may withdraw from the Finance Bill 2021: 1- Section 203A (power to arrest and prosecute); 2- Section 203B (procedure on arrest of a person); 3- Section 203C (special judges); 4- Section 203D (cognizance of offences by special judges), and 5- Section 203E (special judge, etc to have exclusive jurisdiction). According to media [&hellip;]
- [Government Seeks to Impose tax on Suspicious Gifts transactions among Relatives](https://tax.net.pk/2021/06/18/government-seeks-to-impose-tax-on-suspicious-gifts-transactions-among-relatives/): The standing committee informed and proposed that an amendment is under way to streamline legality that deals with the tax structure of the gifts given to the relatives. “Provided that, if the capital asset acquired through gift then disposed of within two years of acquisition and the Commissioner satisfied that such gift arrangement seems a part of tax avoidance scheme. Then the provisions of sub-section (3) of section 79 of Income Tax Ordinance, 20021 shall apply for the purpose of determining the cost of asset in the hands of recipient of the gift,” according to the proposal. “The gift has become [&hellip;]
- [Banks Allowed to charge fees for Inter Bank digital transfers](https://tax.net.pk/2021/06/17/banks-allowed-to-charge-fees-for-digital-transfers-of-more-than-rs25000/): The State Bank of Pakistan has allowed banks to charge fees for digital transfers of more than Rs 25,000. It will no longer be possible to send money from one bank to another without paying a fee. According to the details, the SBP had instructed banks and other service providers in March 2020 to ensure that all its customers, regardless of the volume of transactions, are not affected by the unusual situation of lockdown during the Code 19 epidemic in 2020. Provided free bank transfer (IBFT) facility (https://www.sbp.org.pk/press/2020/Pr-18-Mar-20.pdf). According to the SBP, the step well received by consumers and in the [&hellip;]
- [Political parties exempted in Budget from filing income tax returns and paying taxes](https://tax.net.pk/2021/06/17/political-parties-exempted-in-budget-from-filing-income-tax-returns-and-paying-taxes/): 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 on last Friday. Proposed Amendment The Pakistan Tehreek-i-Insaf (PTI) government included the “Political Parties registered with Election Commission of Pakistan” in Table 1 of clause 66 of the second schedule of Income Tax Ordinances. The government presented the Finance Bill before the National Assembly. The part one of the second schedule exempts incomes of entities and individuals from tax. While Clause 66 says that, “Any income derived by the [&hellip;]
- [FBR Officers Authorized to Arrest Anyone on Concealment of Income](https://tax.net.pk/2021/06/15/fbr-officers-authorized-to-arrest-anyone-on-concealment-of-income/): The Inland Revenue officers of the Federal Board of Revenue (FBR) have been given unlimited powers to arrest any person against the charges of the concealment of income in the recent budget 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 income) of the Income Tax Ordinance, 2001 abolished through the Finance Act, 2010. Tax experts says &#8220;FBR cannot arrest or prosecute the taxpayers who have availed the tax amnesty schemes in the past. If the provision [&hellip;]
- [Taxes on Salaries and Pensions: FBR Issues Clarification](https://tax.net.pk/2021/06/15/taxes-on-salaries-and-pensions-fbr-issues-clarification/): 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. FBR explained that the news contains some incorrect or misleading content; therefore FBR likes to issue a clarification in this regard. Withdrawal of exemption over Reimbursement of Expenditures by Employer FBR clarified that withdrawal of exemption &amp; reduced rates should not be mixed with imposition of new taxes. It is very clearly that the recent budget proposals do not contain any new taxation of pensions or major item of salary. [&hellip;]
- [Auto Sector wins Tax Relief in Budget 2021-2022](https://tax.net.pk/2021/06/13/auto-sector-wins-tax-relief-in-budget-2021-2022/): The financial year 2021-2022 budget represented by the government on Friday, where several upcoming policy changes have been brought. Rumors&#8217; are being made about the changes that are expected in the new auto policy after the budget. As it has often been expected that the local prices of the vehicles may finally reach stability. Federal Excise Duty on Vehicles It revealed that the government in recent budget ended the Federal Excise Duty (FED) on locally assembled vehicles with an engine capacity of 850cc or less. The said Federal Excise Duty rate was 2.5% prior to the development. Reduction of Sales Tax [&hellip;]
- [Highlights, New Taxes, Relief and Incentive Measures in Budget 2021-2022](https://tax.net.pk/2021/06/11/highlights-new-taxes-relief-and-incentive-measures-in-budget-2021-2022/): The government presented the next fiscal year’s (2021-2022) budget with a total volume of over Rs. 8 trillion. 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 (PTI) government had received when it came into power. Shaukat Tarin said the total size of the budget or the total expenditure budget for the next year stood at Rs. 8.487 trillion — almost 19 percent higher than last year’s budgeted expenditure of Rs. 7.136 trillion. The finance minister announced that [&hellip;]
- [National Assembly Issued Orders of the Day for Budget Date & Time](https://tax.net.pk/2021/06/11/national-assembly-issued-orders-of-the-day-for-budget-date-time/): The federal government has decided to present the next budget for Financial Year 2021-2022 on June 11, 2021, Time at 4:00 PM today, as per National Assembly Notification. 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 present today. National Assembly secretariat issued &#8220;orders of the Day&#8221; for budget speech. Budget Speech will commence at dated 11th June 2021 time at 4:00 PM. According to the budget document prepared, the size of the economy will Rs 52,057 billion. [&hellip;]
- [Proposed Federal Development Budget](https://tax.net.pk/2021/06/10/proposed-federal-development-budget/): The federal development budget for the next financial year has been allocated Rs 900 billion, the federal ministries will get Rs 672 billion. 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 Rs 37 billion for HEC. In the next financial year, the Cabinet Division will get Rs 56.2 billion, Climate Change Rs 14 billion, Finance Ministry Rs 94 billion and Planning Commission Rs 90 billion. 14.94 billion allocated for housing and construction, 1.84 billion for information ministry [&hellip;]
- [Proposals for development budget of Punjab for next financial year](https://tax.net.pk/2021/06/10/proposals-for-development-budget-of-punjab-for-next-financial-year/): Preliminary proposals have been prepared for the development budget of Punjab for the next financial year. Apart from the recommendations for allocating a development package of Rs. 475 billion for the province and Rs. 60 billion for Lahore, projects worth Rs. 35 billion for Mianwali district have also been proposed. Preparations for Punjab&#8217;s budget for the next financial year 2021 are underway. The P&amp;D Board has prepared the first proposed draft of the development budget for the next financial year. It proposed to allocate Rs. 265 billion for ongoing development schemes in the next financial year. New development projects launched in [&hellip;]
- [Bad News for Salaried & Retired Employees in Upcoming Budget](https://tax.net.pk/2021/06/10/bad-news-for-salaried-retired-employees-in-upcoming-budget/): The government has accepted to the condition put by the International Monetary Fund (IMF) to charge income tax on monthly pensions in the upcoming budget, Finance Act 2021 , according to media reports. According to media, the IMF proposed to charge a tax of 7.5% on all pension holders because the government’s discussion with the IMF and the World Bank on the federal budget for the coming financial year is on the final stage. It is pertinent to mention here that the federal government pays about Rs250 billion annually to pension holders. The proposal also includes taxing the profits of the [&hellip;]
- [FTO ordered an investigation against officials of CTO Lahore against recovery of tax without notice](https://tax.net.pk/2021/06/09/fto-ordered-an-investigation-against-officials-of-cto-lahore-against-recovery-of-tax-without-notice/): The Federal Tax Ombudsman (FTO) has passed an order against the corporate tax office, Lahore (CTO) tax employees, against the cases involved in collecting taxes from government departments without communicating any enforceable order of tax demand. It is learned that a taxpayer, approached to Federal Tax Ombudsman through Waheed Shehzad Butt, Advocate. Against CTO Tax Employees CIR, Enforcement and Additional Commissioner. Where they has demanded non-existence tax demand from any government institution to reach the budget targets. According to media reports, appropriate disciplinary and criminal action could be initiated against the FBR, those holding public office, including FBR officials involved in [&hellip;]
- [Today Currency Rates in Pakistan](https://tax.net.pk/2021/06/09/today-currency-rates-in-pakistan/): Currency Rate&nbsp;as per Open Market&nbsp;as on Wed, Jun 09 2021, 12:30 PST (GMT+5) Currency Symbol Buying Selling &nbsp;&nbsp; Australian Dollar AUD 119 121    US Dollar DD USD-DD 155.3 156.65 &nbsp;&nbsp; Bahrain Dinar BHD 386.5 388.5 &nbsp;&nbsp; Canadian Dollar CAD 126.5 128.5 &nbsp;&nbsp; China Yuan CNY 23.5 23.65 &nbsp;&nbsp; Danish Krone DKK 23.2 23.5 &nbsp;&nbsp; Euro EUR 188.5 190.5 &nbsp;&nbsp; Hong Kong Dollar HKD 16.65 16.9 Today Currency Rates in Pakistan Source Currency Rates In Pakistan | Today Currency Rates | Currency | Dollar | Rupees |
- [Gold Rate in Pakistan (Wed, Jun 09 2021)](https://tax.net.pk/2021/06/09/gold-rate-in-pakistan-wed-jun-09-2021/): As on Wed, Jun 09 2021, 07:08 GMT Gold Rate 24K Gold 22K Gold 21K Gold 18K Gold per Tola Gold Rs. 110300 Rs. 101108 Rs. 96513 Rs. 82725 per 10 Gram Rs. 94600 Rs. 86716 Rs. 82775 Rs. 70950 per Gram Gold Rs. 9460 Rs. 8672 Rs. 8278 Rs. 7095 per Ounce Rs. 268200 Rs. 245848 Rs. 234675 Rs. 201150 Gold Price in Pakistan Source: forex.pk Gold Rates in Pakistan | Per Tola | Gram | Today Gold Rate |
- [Rupee Continues to weaken against dollar](https://tax.net.pk/2021/06/09/rupee-continues-to-weaken-against-dollar/): The rupee continued to weaken against the US dollar at Rs155.78 in the inter-bank market on Tuesday compared with closing at Monday&#8217;s at Rs155.3, revealed by the State Bank of Pakistan (SBP). Earlier, the SBP allowed the rupee to fall sharply in the interbank market. After finalizing an agreement with the International Monetary Fund (IMF) for a loan program on May 12, 2019. The IMF has already asked from Pakistan to end state control of the rupee. IMF said let the currency move freely in the market. It will then find its equilibrium against the US dollar and other major world [&hellip;]
- [State Bank Ready to launch collateral Free Loan Scheme for Cottage Industry](https://tax.net.pk/2021/06/09/state-bank-ready-to-launch-collateral-free-loan-scheme-for-cottage-industry/): State Bank of Pakistan is ready to start a collateral free loan scheme for financing of up to Rs10 million for the cottage industry, released by State Bank of Pakistan (SBP) Governor Dr Reza Baqir. While talking at the Lahore Chamber of Commerce and Industry (LCCI), Raza Baqir said that the government would give guarantee to banks against losses of business units and would invite to banks to participate in the scheme. According to him, the end-user rate for small businesses and cottage industry would be 9% under the this scheme, which normally get loan at 24% markup. “To facilitate the [&hellip;]
- [Real Estate Sector Demands Extension In Construction Package & Amnesty Scheme](https://tax.net.pk/2021/06/08/real-estate-sector-demands-extension-in-construction-package-amnesty-scheme/): The real estate sector has demanded in the next budget that the construction package of the Prime Minister and the related amnesty scheme be extended till June 30, 2022. 50% reduction in all fees on property transfer. While 75% reduction in advance income tax rate, extension of construction package by one year. No new taxes should be levied, the Real Estate Consultants Association said in a budget proposal. Addressing a press conference in Islamabad, the officials of the association said. That the duration of the construction sector scheme should extend till June 30, 2022. Maintain DC rates at current levels due [&hellip;]
- [Rich countries Under Criticism Over G7 Tax Deal](https://tax.net.pk/2021/06/08/rich-countries-under-criticism-over-g7-tax-deal/): Anti-poverty activists on Monday criticized the agreement reached by seven rich countries (G7) to impose a minimum tax on multinational companies, saying it would benefit rich countries at the expense of the poor. The finance ministers of the Group of Seven&#8217;s (G7) developed economies on Saturday agreed to raise the global minimum corporate tax rate to at least 15 percent, aimed at raising more money from multinationals such as Amazon and Google. Their motivation is to stop them to shift profits to low tax offshore shelters. Oxfam and Eurodad, a network of development agencies, said the new era would make a [&hellip;]
- [NADRA biometric system for Dollar buyers is live now](https://tax.net.pk/2021/10/24/nadra-biometric-system-for-dollar-buyers-is-live-now/): The National Database and Registration Authority has activated the mandatory biometric verification of dollar buyers. It has deployed this filter immediately despite a request by the exchange companies for an extension of the deadline for its application due to certain issues. The State Bank of Pakistan had made biometric verification mandatory for the buying of $500 or more from the open market on 7 October in a bid to prevent dollar outflow to Afghanistan after a heavy increase in demand that destabilized the exchange rate in the open market. Media reports claimed that millions of dollars were being smuggled to Afghanistan [&hellip;]
- [State Bank releases Annual Payment Systems Review for Financial Year 20-21](https://tax.net.pk/2021/10/22/state-bank-releases-annual-payment-systems-review-for-financial-year-20-21/): State Bank of Pakistan (SBP) releases Annual Payment Systems Review for Financial Year 2020-2021 showing significant growth in the space of digital financial transactions in the country. Mobile banking volume up by 134% &amp; value up by 179% while internet banking volume up by 65% and value up by 92%. Overall e-Banking transactions register strong growth of 31% by volume and value which indicates an increase in the adaption of digital means for payments. Point of Sales (POS) transactions show YoY growth of 26% by volume and 24% by value. The e-commerce transactions show growth of more than 115% in terms [&hellip;]
- [FBR completed FATF actions on Anti Money Laundering and DNFBPs before deadline](https://tax.net.pk/2021/10/22/fbr-completed-fatf-actions-on-anti-money-laundering-and-dnfbps-before-deadline/): FBR has completed actions on DNFBPs in the FATF action plan in just one reporting cycle and one year ahead of the deadlines in September 2022. The FATF plenary in its public statement has noted that Pakistan has now satisfied the requirements of most of its action items under the 2021 action plan, ahead of deadlines and in its first reporting cycle. In June 2021, the FATF plenary had approved a seven actions new action plan for Pakistan, focusing on combating money laundering. This action plan contained two actions specific to DNFBPs, in particular the real estate agents and Dealers in [&hellip;]
- [State Bank is all set to introduce full fledged digital banking](https://tax.net.pk/2021/10/22/state-bank-is-all-set-to-introduce-full-fledged-digital-banking/): The State Bank of Pakistan (SBP) is all set to introduce full-fledged digital banking in a month to allow people performing financial transactions without physically visiting banks and to accelerate the financial inclusion drive, said SBP Deputy Governor Sima Kamil. Addressing the 19th annual conference on Future Banking 2021 Summit on Thursday, she revealed that an intensive consultative phase for digital banking had been concluded. “I am happy to say there are players who have shown great deal of interest in digital banking and also fintechs,” she said. She highlighted that the central bank had recently allowed “digital onboarding”, allowing resident [&hellip;]
- [FATF declares Its Decision on Pakistan’s Grey List Status](https://tax.net.pk/2021/10/22/fatf-declares-its-decision-on-pakistans-grey-list-status/): In its recently held hybrid Plenary meeting, the Financial Action Task Force (FATF) has decided to keep Pakistan on the grey list. Pakistan will remain on the grey list till it addresses both items on the original action plan. The Financial Action Task Force has reviewed Pakistan’s progress on FATF Action Plans in its plenary meeting held on 21st October 2021. The FATF has recognized considerable progress made by Pakistan on both the Action Plans. With regard to the 2021 Action Plan, Pakistan has completed four of the seven Action Plan Items. Pakistan has completed these four Action Plan items much [&hellip;]
- [SHC abolished federal duty on Phone calls](https://tax.net.pk/2021/10/21/shc-abolished-federal-duty-on-phone-calls/): The Sindh High Court has abolished the federal excise duty of 75 paisas on every phone call of over five minutes’ duration and declared the levy against the Constitution. The court’s verdict has settled the federal and provincial governments’ domains in taxing the telecommunication services. The provincial court knocked down the tax on the grounds that the federal government did not have the authority to tax telecommunication services that under the Constitution fell under the provincial domain. “We are of the view that impugned legislation, Entry 6A to Table-II of First Schedule ultra vires to the Constitution and as a consequence [&hellip;]
- [FBR will notify revised rates of immovable property by November](https://tax.net.pk/2021/10/21/fbr-will-notify-revised-rates-of-immovable-property-by-november/): The Federal Board of Revenue (FBR) will notify revised valuation of immovable property by November 1. According to report published in Business Recorder, the Board had extended the last date of October 13 for another week after finding discrepancies in the revised valuation of immovable properties, forwarded by the field formations from the country. They said the field formations have submitted again the revised valuation of immovable properties after doing away with the discrepancies pointed out by the Board. One of the major discrepancies was a mismatch in the revised valuation with the prices of immovable properties on ground, they said. [&hellip;]
- [Inflation Rate](https://tax.net.pk/2021/10/20/inflation-rate/): What is Inflation? Inflation is an increase in the general price level of goods and services. When there is inflation in an economy, the value of money decreases because a given amount will buy fewer goods and services than before. Inflation in an economy is often calculated by examining a basket of goods and services and comparing the changes in the prices of that basket over time. The inflation rate is the percentage change in the price index for a given period compared to that recorded in a previous period. It is usually calculated on a year-on-year or annual basis. How to calculate Inflation [&hellip;]
- [How to Pay PTA Mobile Registration Tax](https://tax.net.pk/2021/10/19/how-to-pay-pta-mobile-registration-tax/): Are you looking to register your mobile device with PTA and pay the due taxes? If yes, then you have come to the right place. In this article, you’ll learn how to pay your PTA mobile registration tax. So, just stick with us for a few minutes. In 2018, PTA launched the DIRBS (Device Identification, Registration and Blocking System) to curb all the risks associated with the illegal use of mobile devices in the country. In order to do so, PTA started blocking the unregistered devices. With that said, if you have a mobile device that is non-compliant with PTA and want to [&hellip;]
- [Apple IPhone 12 Pro Max Import and PTA TAX in Pakistan](https://tax.net.pk/2021/10/19/apple-iphone-12-pro-max-import-and-pta-tax-in-pakistan/): Apple IPhone 12 Pro Max is a device launched in Pakistan. The official price of this phone is 235599 Rupees. The Apple IPhone 12 Pro Max price in the country is more then $130/- which includes 20% custom duty tax levied by PTA as part the new system of registering your devices in order to be able to operate them in Pakistan. How IPhone 12 Pro Max Tax is Calculated? There is a PKR 250/- fixed custom duty on IPhone 12 Pro Max with an additional 20% Regulatory Duty tax which is based on the price of the mobile in US [&hellip;]
- [Ineligible taxpayers manage to avail Traders' Voluntary Tax Compliance Scheme](https://tax.net.pk/2021/10/18/ineligible-taxpayers-manage-to-avail-traders-voluntary-tax-compliance-scheme/): The Federal Board of Revenue (FBR) Intelligence and Investigation (I&amp;I) Inland Revenue (IR) has revealed that 13,401 taxpayers filed 37,469 Voluntary Tax Compliance Scheme (VTCS) returns whereas most of them were ineligible for the scheme. Discrepancies The Intelligence and Investigation Inland Revenue (I&amp;I-IR) has highlighted a number of discrepancies such as the majority of taxpayers not obtaining sales tax return numbers. Sources said that these taxpayers have inflicted a whopping Rs4 billion loss to the FBR by availing VTCS. The Ministry of Finance had introduced VTCS scheme through Income Tax (Amendment) Act, 2016, in which two types of assessment had been [&hellip;]
- [FBR Maloomat](https://tax.net.pk/2021/10/17/fbr-maloomat/): Federal Board of Revenue (FBR) has launched the Maloomat TaxRayApp to facilitate the taxpayers’ and general public. This Application has been uploaded on the website of FBR. Taxpayers’ and general public can get the information about their assets and withholding tax deductions through Maloomat TaxRayApp. The information provided by this Application will help the taxpayers’ in filing their annual tax returns correctly. ایف بی آر نے معلومات ٹیکس رے ا یپلیکیشن متعارف کر دی فیڈرل بورڈ آف ریوینیو نے ٹیکس گزاروں اور جنرل پبلک کی سہولت کے لئے معلومات ٹیکس رے ایپلیکیشن متعارف کر دی ہے۔ یہ ایپلیکیشن ایف بی آر [&hellip;]
- [Penalty for Non Filing of Annual Income Tax Returns 2021](https://tax.net.pk/2021/10/17/penalty-for-non-filing-of-annual-income-tax-returns-2021/): 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 Income Tax Ordinance, 2001 through Tax Laws (Third Amendment) Ordinance, 2021. The Federal Board of Revenue (FBR) issued Circular No 7 of 2021-2022 to explain the amendment. The last date for filing the income tax return for tax year 2021 was September 30, 2021. However, the FBR through a circular extended the date by 15 days up to October 15, 2021. Amendment in Section 182 of the Income Tax Ordinance, [&hellip;]
- [Jazz Gets Best Taxpaying Company Award](https://tax.net.pk/2021/10/17/jazz-gets-best-taxpaying-company-award/): Jazz Telecommunication Company has been awarded the ‘Best Taxpaying Company’ award under the large taxpayers’ category (largest withholding agent nationwide) at the inaugural Taxpayer Recognition Awards organized by the Rawalpindi Chambers of Commerce and Industry (RCCI) in collaboration with the Federal Board of Revenue (FBR). The ceremony took place at the President House, where the president of Pakistan Dr. Arif Alvi handed over the award to Jazz’s Chief Regulatory and Corporate Affairs Officer Syed Fakhar Ahmed. In 2020, Jazz contributed a total of PKR 65 billion in taxes to the national exchequer in the form of corporate tax, advance tax, withholding [&hellip;]
- [No of tax filers for tax year 2021 at deadline](https://tax.net.pk/2021/10/17/no-of-tax-filers-for-tax-year-2021-at-deadline/): Against 7.2 million taxpayers registered with the Federal Board of Revenue (FBR), just 2.5 million, or 35%, filed annual income tax returns till the extended deadline that expired on Friday. The FBR now faces the choice of either going after the remaining 4.7 million people who have valid National Tax Numbers (NTNs) but chose not to file returns or cancelling their registration to force them to enter the tax net. Under Section 114 (1) b (vii), every NTN holder is required to file the tax return. About 2.475 million people have filed their annual income tax returns and paid Rs47.4 billion [&hellip;]
- [Petrol Prices hits record level of Rs137 per litre](https://tax.net.pk/2021/10/17/petrol-prices-hits-record-level-of-rs137-per-litre/): The government on Saturday increased the price of petrol by Rs10.49 per litre taking it to a record level of Rs137.79 per litre. Prices of high-speed diesel (HSD), was increased by Rs12.44 and will now sell at Rs134.48. The price of light-speed diesel was also increased by Rs8.84 and will now sell for Rs108.35 per litre, according to a notification by the Finance Division. Kerosene oil price has touched Rs110.26 after an increase of Rs10.95. ALSO READ: Petrol Prices Worldwide Comparison in Pak Rupees It may be recalled that OGRA had proposed an increase in the price of petrol by Rs [&hellip;]
- [Petrol Prices Worldwide Comparison in Pak Rupees](https://tax.net.pk/2021/10/16/petrol-prices-worldwide-comparison-in-pak-rupees/): The average price of petrol worldwide is 206.27 Pakistan Rupee per liter. However, there is substantial difference in these prices among countries. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. One Exception is the United States which is an economically advanced country but has low gas prices. The differences in prices worldwide are due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the [&hellip;]
- [Last date to file income tax returns and extended timings of FBR and Banks](https://tax.net.pk/2021/10/15/last-date-to-file-income-tax-returns-and-extended-timings-of-fbr-and-banks/): Notification of FBR for Collection of Duty &amp; Taxes on 15th October, 2021, C.No. 1(137) STM/2017/16485/R &#8220;I am directed to refer to the subject and to state that all LT0s/MT0/CTOs/RTOs shall remain open and observe extended working hours till 12:00midnight on Friday, 15thOctober, 2021, to facilitate the taxpayers in payment ofduties &amp; taxes and filing of Income Tax Returns for the TV 2021. The Chief Commissioners-IR are requested to establish liaison with StateBath of Pakistan and authorized branches of National Bank of Pakistan to ensuretransfer of tax collection by these branches to the respective branches of StateBank of Pakistan on the [&hellip;]
- [Govt considering withdrawal of sales tax exemptions](https://tax.net.pk/2021/10/15/govt-considering-withdrawal-of-sales-tax-exemptions/): 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, according to a report by Business Recorder. The possible ordinance if promulgated in the next 10-15 days, would be called Tax Laws (4th Amendment) Ordinance, 2021. The exemptions are expected to increase the FBR’s revenue collection target for the current fiscal year (FY22). However, the report said that sales tax exemptions, sales tax zero-rating and all kinds of reduced sales tax rates may be subjected to standard rate of [&hellip;]
- [No Warning from FBR before freezing taxpayers bank accounts](https://tax.net.pk/2021/10/15/no-warning-from-fbr-before-freezing-taxpayers-bank-accounts/): Previously, FBR had to inform taxpayers 24 hours prior to freezing their bank account.  Business community and tax bars are disappointed over FBR&#8217;s decision. Business community says FBR&#8217;s decision will be a hurdle for ease of doing business.  The Federal Board of Revenue (FBR) has withdrawn its clause that directed the Board to warn taxpayers 24 hours prior to freezing their bank accounts. The business community is not happy over the development and has termed it as a &#8220;harassment&#8221; of tax filers, as per media reports.  Previously, Former FBR chairman Shabbar Zaidi had made it mandatory for the tax collectors to [&hellip;]
- [Will FBR extend last date in filing income tax returns 2021?](https://tax.net.pk/2021/10/13/will-fbr-extend-date-in-filing-income-tax-returns-2021/): The Federal Board of Revenue (FBR) on Wednesday cleared that it is not considering an extension in the date for filing annual income tax returns after deadline of October 15 2021. According to a statement by the FBR spokesperson, taxpayers should submit annual tax returns before October 15. &#8220;No extension beyond the extended deadline&#8220;, FBR says. It is important to mention here that the Federal Board of Revenue (FBR) had mentioned earlier that it would not extend the deadline after September 30. Extraordinary interest in existing and new taxpayers had put huge pressure on FBR&#8217;s IRIS online portal which caused occasional [&hellip;]
- [FBR decides to revise valuation of immovable properties](https://tax.net.pk/2021/10/13/fbr-decides-to-revise-valuation-of-immovable-properties/): The Federal Board of Revenue (FBR) has decided to revise and increase the value of the immovable properties to bring them at par with the prevailing market rates. According to the FBR’s instructions to the field formations, the exercise will be completed by the end of October. The field officers on the valuation of properties have been assigned to update the values after examination of the existing SROs. The updated valuation tables may be shared by the field formations for an upward revision in the relevant SROs of different cities. The FBR has also asked the field formations to specify the [&hellip;]
- [FBR unearths massive tax evasion](https://tax.net.pk/2021/10/13/fbr-unearths-massive-tax-evasion/): Collectorate of Customs Export, Port Muhammad Bin Qasim (PMBQ) has identified a massive tax evasion in the import of &#8220;rejected plastic rolls waste&#8220;. According to media reports, a packing company has taken a NOC from the Karachi Export Processing Zone (KEPZ) authority for the import of a consignment, of &#8220;Rejected Plastic Rolls Waste Assorted sizes and Microns&#8221; for further processing. As per the facts of the case, the clearing agent of the company has filed a Goods Declaration (GD) declaring thereby the description of goods as &#8220;Rejected Plastic Rolls Waste Assorted sizes and Microns&#8221; valued at US$ 3366.6. When container landed [&hellip;]
- [FBR issues directive to freeze taxpayers' bank accounts without notice](https://tax.net.pk/2021/10/12/fbr-issues-directive-to-freeze-taxpayers-bank-accounts-without-notice/): The Federal Board of Revenue (FBR) has issued office directive to allow the field formations to freeze the bank accounts of taxpayers without any prior approval of the Chairman FBR and without 24 hours prior intimation to the CEOs / principal officers or owners of businesses. FBR on Monday directed the field formations with regard to the withdrawal of directives pertaining to informing the taxpayer before attaching the bank accounts under Section 140 of the Income Tax Ordinance, 2001 and Section 48 of the Sales Tax Act, 1990. The FBR had issued the directions pertaining to informing the taxpayer CEOs / [&hellip;]
- [Current figures of income tax returns filing for tax year 2021](https://tax.net.pk/2021/10/12/current-figures-of-income-tax-returns-filing-for-tax-year-2021/): The Federal Board of Revenue (FBR) has received record number of 2.163 million income tax returns for the tax year 2021 up to October 11, 2021. According to media reports here on Monday that the response of the taxpayers is very encouraging in filing of annual income tax returns for the tax year 2021. Tax Collections for Income Tax Returns for Tax Year 2021 Tax collections with 2.163 million income tax returns for tax year 2021 has also increased. The FBR had collected Rs 39 billion tax along with 1.86 million income tax returns filed till September 30, 2021. The FBR&#8217;s [&hellip;]
- [FBR urges taxpayers to file Income Tax Returns without delay](https://tax.net.pk/2021/10/09/fbr-urges-taxpayers-to-file-income-tax-returns-without-delay/): Federal Board of Revenue (FBR) has once again urged all the taxpayers, both old and new, to make the most of one-time extension of 15 days granted for filing of Income Tax Returns till 15th October, 2021.  Therefore, they are advised to file their returns without delay as the given deadline is already fast approaching. It is further reiterated that the timely Filing of Income Tax Returns would also save them from the hassles of system issues which may occur due to extraordinary traffic at the portal on the last day. However, FBR has enhanced the capacity of its IT System to [&hellip;]
- [FBR develops Single Sales Tax Portal](https://tax.net.pk/2021/10/08/fbr-develops-single-sales-tax-portal/): Building further on its ongoing drive for digitization and automation of various processes involved in revenue collection, Federal Board of Revenue (FBR) has developed “Single Sales Tax Portal” to facilitate the taxpayers and ensure the ease of doing business. This watershed development of the Single Tax Portal developed by FBR is the outcome of various rounds of negotiations between FBR and the provincial revenue authorities. FBR has already offered this portal to the provincial revenue authorities in order to facilitate the taxpayers through one-link facility. The portal is in the final stages of testing and is likely to be launched by [&hellip;]
- [32A Challan form Download Online in Word format and PDF | Get Challan form No 32 A](https://tax.net.pk/2021/10/08/32a-challan-form-download-online-in-word-format-and-pdf-get-challan-form-no-32-a/): 32A Challan Form is used to deposit the Govt of Pakistan fee, taxes and duties. The challan form 32a and 32-A challan form has 2 copies filled by deposit persons. 1 copy is for bank and 2nd copy is for the customer. 32-A challan amount is deposited in State Bank of Pakistan &amp; National Bank of Pakistan only. The amount of depositing through 32-A challan form goes to Govt of Pakistan treasury. How to fill up challan Form 32A The challan form 32a is so easy to fill up. Here you will find some tips which help you to fill up [&hellip;]
- [Major changes in NAB Ordinance](https://tax.net.pk/2021/10/07/major-changes-in-nab-ordinance/): Major changes in NAB Ordinance under the National Accountability Bureau Amendment Ordinance (NAO) 2021 The power to appoint NAB Chairman will be exercised by none other than the president himself under the National Accountability Bureau Amendment Ordinance (NAO) 2021, which he promulgated on Wednesday. It says the current NAB chairman will have all the powers till the appointment of a new one, adding that Iqbal can also be chosen as a candidate for the new NAB Chairman. The ordinance has stated that the president will appoint the NAB chairman in consultation with the prime minister and the leader of the opposition. [&hellip;]
- [List of Tier-1 Retailers identified by FBR to integrate with POS system to claim input tax](https://tax.net.pk/2021/10/06/list-of-tier-1-retailers-identified-by-fbr-to-integrate-with-pos-system-to-claim-input-tax/): The Federal Board of Revenue (FBR) has issued a list of 1,136 big retailers (Tier-1) who are required to be integrated with the FBR’s Point of Sale (POS) system, announcing that they would be denied 60 percent input tax credit in case of non-integration by October 10, 2021. The FBR issued sales tax general order (STGO) 3 of 2021 on Tuesday, as it decided to raise the sales tax demand against the big retailers placed in Tier-1 if they stay non-integrated with the POS system by the deadline. The FBR said that vide the instant STGO, a list of 1,136 identified, [&hellip;]
- [State Bank Imposes 100% Cash Margin on Import of More Items](https://tax.net.pk/2021/10/04/state-bank-imposes-100-cash-margin-on-import-of-more-items/): The State Bank of Pakistan (SBP) has decided to impose 100% Cash Margin Requirement (CMR) on the import of 114 items, taking the total number of items subject to Cash Margin to 525. Cash margin imposition in Pakistan in Past ! The banking regulator previously imposed such conditions a couple of years back at a time when the balance of payments stood out of control due to high imports bills. Nonetheless, the restriction of Cash Margins was relaxed a few months back after the current account remained in surplus. It is pertinent to mention here that this is the second step [&hellip;]
- [Kamyab Pakistan Program officially launched by government](https://tax.net.pk/2021/10/04/kamyab-pakistan-program-officially-launched-by-government/): Prime Minister Imran Khan has launched the Kamyab Pakistan Program in a ceremony in Islamabad today. The program worth Rs. 1400 billion is aimed at uplifting 3.7 million poor households and is expected to improve the living standards of the financially challenged segments of the population. The PM addressed the upsurge in the prices of petroleum and said, “We have also tried to absorb the maximum pressure of the international increase in the prices of commodities”. He explained that there has been a 100 percent increase in the prices of petroleum products over the last few months, but that his government [&hellip;]
- [Levy of service charges of Rupee one per invoice issued through Tier-1 Retailers](https://tax.net.pk/2021/10/04/levy-of-service-charges-of-rupee-one-per-invoice-issued-through-tier-1-retailers/): SR0 No 127900/2021.- In exercise of the powers conferred by sub-section (1) of section 76 of the Sales Tax Act, 1990, the Federal Board of Revenue with the approval of the Federal Minister-in-charge is pleased to levy service charges at a rate of Rupee one per invoice issued through all points of sale (PUS) integrated with the Board&#8217;s computerized system for the real time reporting of sales, which shall be collected by Tier1 retailers integrated with the Board&#8217;s computerized system and deposited in a designated account along with monthly payment of sales tax and filing of the sales tax return.
- [Pandora Papers Leaks Financial Secrets of Pakistan's Rich and Powerful exposed](https://tax.net.pk/2021/10/04/pandora-papers-leaks-a-financial-secrets-of-pakistans-rich-and-powerful-exposed/): A leaked data on offshore companies that is larger in size than the Panama Papers, exposed the financial secrets of the global rich and powerful, including politicians, financiers, retired generals, media owners and businessmen. Who were Exposed in Pandora Papers ? More than 700 Pakistanis have been discovered in the data and the majority of them are tax residents in this country. This information has been named Pandora Papers and it adds significantly to what was discovered in the Panama Papers and Paradise Papers. The Pandora Papers have exposed of more than 330 public officials in 90 countries. Included among them [&hellip;]
- [How to Download PTCL Tax Certificate 2026 Online – Complete Guide](https://tax.net.pk/2021/10/03/ptcl-tax-certificate-2026/): How to Download PTCL&#8217;s Tax Certificate 2026 Online – Complete Guide INTRODUCTION When a PTCL&#8217;s landline connection user pays his monthly bill then it includes cost, income tax, sales tax and other taxes. Income tax paid by the connection holder is advance tax under section 236 of Income Tax Ordinance 2001. He / she can adjust it&#8217;s figure from his / her annual tax liability payable with annual income tax return. So, Pakistan Telecommunication Authority provides to his users tax certificate which they can use it as evidence for tax adjustment while filing tax return. Filing annual income tax return is [&hellip;]
- [Photo shopped fake version of FBR Website](https://tax.net.pk/2021/10/03/photo-shopped-fake-version-of-fbr-website/): The Federal Board of Revenue (FBR) on Saturday clarified that no extension will be given for the filing of income tax returns after October 15, 2021. The tax authority&#8217;s reaction comes after a video went viral on social media where a clip from the website of the revenue board can be seen showing an extension has been granted till 2050. A 26-second video shows a ticker with the extended rate running on the website of the FBR. The ticker read: &#8220;Due to system failure, the last date to file income tax returns is 30th September 2050.&#8221; However, the tax collection body [&hellip;]
- [Deadline extended for prize bond encashment of Rs15000, Rs25000, and Rs40000](https://tax.net.pk/2021/10/02/deadline-extended-for-prize-bond-encashment-of-rs15000-rs25000-and-rs40000/): The State Bank of Pakistan (SBP) announced on Thursday an extension in the deadline for encashment, conversion, and redemption of prize bonds of denominations of Rs15,000, Rs25,000, and Rs40,000. &#8220;In this connection, it is informed that Finance Division, Government of Pakistan has extended the last date for encashment/replacement/conversion of Rs. 40,000/-, Rs. 25,000/- &amp; Rs. 15,000/- denomination National Prize Bonds (bearer) up to December 31, 2021,&#8221; read the SBP circular. Back in May, the Finance Division, Government of Pakistan extended the deadline to September 30, 2021. “Accordingly, all banks are advised to accept requests for encashment/conversion/redemption of cited denominations of NPBs [&hellip;]
- [How To Pay Pakistan Single Window Rs.500 Subscription Fee Online](https://tax.net.pk/2021/10/02/how-to-pay-pakistan-single-window-rs-500-subscription-fee-online/): How to Pay &#8216;Pakistan Single Window&#8217; Rs.500 Subscription Fee How to Pay PSW&#8217;s (Pakistan Single Window) Rs.500 Subscription Fee Online. Pakistan Single Window (PSW) is a new and recently launched trade facility system in Pakistan. In this system, each and every trader, clearing agent, government department, and other trader partners will register themselves. Here we will explain to you, how can you pay PSW’s (Pakistan Single window) Rs.500 Voucher Fee using internet banking &amp; Using ATM Machines with the help of Payment Slip ID (PSID). If you already initiate the PSW (Pakistan Single Window) subscription process so must receive an email [&hellip;]
- [FBR extended Tax Return Filing Date 2021](https://tax.net.pk/2021/09/30/fbr-extended-tax-return-filing-date-2021/): Minister Shaukat Tarin decided to extend the date considering the constant demands from the business community. The tax collection body had received applications for the extension of the deadline of filing income tax returns for 2021. Earlier, the FBR had said it would not extend the deadline for people seeking to file their income tax returns Pakistani citizens still have the opportunity to file their income tax returns as the last date for tax returns for 2021 has been extended by by the Federal Board of Revenue (FBR). The Federal Board of Revenue (FBR) on Thursday extended the date for filing [&hellip;]
- [Procedure to get extension in Date for filing annual Income Tax Returns](https://tax.net.pk/2021/09/30/procedure-to-get-extension-in-date-for-filing-annual-income-tax-returns/): 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 various grounds by furnishing an application to Commissioner Inland Revenue of Federal Board of Revenue (FBR). Section 119 of the Income Tax Ordinance, 2001 provided the procedure to get date extension in filing annual return and wealth statement. Section 119: Extension of time for furnishing returns and other documents (1) A person required to furnish — (a) a return of income under section 114 or 117; (d) a wealth [&hellip;]
- [FBR's Updates regarding extension in date of filing Income Tax Returns 2021](https://tax.net.pk/2021/09/29/fbrs-updates-regarding-extension-in-date-of-filing-income-tax-returns-2021/): The Federal Board of Revenue has re-iterated its position that there shall not be any extension in the statutory date of filing of income tax returns for Tax Year 2021. The last date of filing of income tax returns for Individuals, AOPs and companies having special tax year is 30th September, 2021. FBR has stated in a press release that the system is working seamlessly and around 150,000 returns were filed on 28th September which was highest ever number filed in a single day. In the meantime, FBR, like last year has enhanced its system capacity to provide seamless services to the taxpayers. [&hellip;]
- [Updated Penalty Provisions on failure to file the return within the due date 2021](https://tax.net.pk/2021/09/27/updated-penalty-provisions-on-failure-to-file-the-return-within-the-due-date-2021/): The Federal Board of Revenue (FBR) has clarified that a person who fails to file the return within the due date will have to pay a penalty of higher of Rs1,000 or 0.1 percent of tax payable for each day of default under the Tax Laws (Third Amendment) Ordinance, 2021. The FBR has issued an income tax circular 7 of 2021 here on Thursday to explain the Tax Laws (Third Amendment) Ordinance, 2021. As per the FBR, a new penal regime for non-filing of income tax return has been introduced through amendment to Section 182 of the Ordinance. A person who [&hellip;]
- [If Bank fails, depositor will get Rupees 500,000](https://tax.net.pk/2021/09/26/if-bank-fails-depositor-will-get-rupees-500000/): The Deposit Protection Corporation has increased the guarantee amount for all the eligible depositors of banks from Rs. 250,000 to Rs. 500,000. The decision was made by the members of its board in their meeting on 6 September. This increased guarantee amount now provides full protection to 95 percent of the eligible depositors. The main objective of the deposit protection scheme is to safeguard the depositors’ interests and enhance their trust in Pakistan’s banking sector. The deposit protection facility is applicable to all eligible depositors and does not require further subscriptions or the registration of the depositors. The guarantee amount or [&hellip;]
- [Current figures of tax filings for tax year 2021](https://tax.net.pk/2021/09/26/current-figures-of-tax-filings-for-tax-year-2021/): Federal Board of Revenue (FBR) has currently received just one million income tax returns with only five days left in the returns’ deadline, underscoring that the tax broadening campaign is not yielding results. As compared to around 3.1 million income tax returns filed for the last tax year, so far the Federal Board of Revenue (FBR) has received around one million returns, according to sources in the FBR. FBR Chairman Dr Mohammad Ashfaq Ahmad has shown resolve that he would not give an extension in the deadline -which is September 30. Unlike last fiscal year when the FBR had not timely [&hellip;]
- [FBR rejected claims of Currency smuggling from Pakistan](https://tax.net.pk/2021/09/25/fbr-rejected-claims-of-currency-smuggling-from-pakistan/): The Federal Board of Revenue (FBR) has categorically rejected that dollars are being smuggled from Pakistan across the Pakistan-Afghanistan border. A press release issued by FBR on Friday states: “FBR has categorically rebutted the unfounded, malicious intent and misleading in content, a propaganda being advanced by some irresponsible elements that there was a huge flight of dollars from Pakistan.” The FBR has further clarified that previously the bilateral trade between Pakistan and Afghanistan was carried out in US Dollars, but now the same is being conducted in Pakistani Rupees. The FBR, the news release further says, has taken very stringent enforcement [&hellip;]
- [State Bank of Pakistan tightened the rules and regulations of auto financing](https://tax.net.pk/2021/09/25/state-bank-of-pakistan-tightened-the-rules-and-regulations-of-auto-financing/): The State Bank of Pakistan has tightened the rules and regulations of auto financing for consumers to get cars of up to 1000cc. It has revised the Prudential Regulations for Consumer Financing. This targeted step will help to moderate the demand growth in the economy and will lead to slower import growth that will support the balance of payments. According to the State Bank of Pakistan (SBP), the maximum tenure of auto finance has been reduced from seven years to five years, and the minimum down payment for auto financing has been increased from 15 percent to 30 percent. Also, the [&hellip;]
- [Tax Incentives granted under tax laws third amendment ordinance 2021](https://tax.net.pk/2021/09/24/tax-incentives-granted-under-tax-laws-third-amendment-ordinance-2021/): 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 providing concessions to certain sectors. Tax Incentives / exemptions / reduced rate of sales tax have been provided for the following sectors: Zero rating of sales tax for fat filled milk sold in retail packing under a brand name or trademark. Sales tax exemption on import of credit / debit cards terminals and retailer cash register. Import of electric vehicle in CBU condition will be subject to 5% sales [&hellip;]
- [Computational Errors in FBR Iris Portal identified by KTBA](https://tax.net.pk/2021/09/23/computational-errors-in-fbr-iris-portal-identified-by-ktba/): Karachi Tax Bar Association (KTBA) has expressed dissatisfaction over the classification of income set in IRIS (portal for e-filing of income tax returns), citing various computational errors and glitches. In a letter sent to the chairman Federal Board of Revenue (FBR), the Karachi Tax Bar Association (KTBA) has identified the following errors in FBR Iris portal: Taxation of gain of immovable property The KTBA said that the law prescribed taxation of gain of immovable property on net amount; however, the return conversely worked out the tax liability on gross amount of gain. Unadjusted loss on disposal of securities Similarly, in line [&hellip;]
- [New Penalty Provisions relating to non-integrated Tier-1 Retailers](https://tax.net.pk/2021/09/22/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&#8217;s computerised system for real time reporting of sales in the prescribed manner. A specific penalty provision has been introduced for those persons who are required to integrate their invoice issuing system with FBR&#8217;s system but either fail to register for sales tax or if registered, fail to integrate their system. Such persons will be subject to penalty as under: In case of failure to integrate system within 15 days of order for the fourth default, the business premises [&hellip;]
- [Additional income tax slapped on electricity bills of non-filer professionals](https://tax.net.pk/2021/09/22/additional-income-tax-slapped-on-electricity-bills-of-non-filer-professionals/): ADVANCE TAX ON ELECTRICITY &#8211; SECTION 235(1A), DIVISION IV, PART IV, FIRST SCHEDULE 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 domestic consumer. However, no tax is required to be collected from domestic consumer of electricity if his name appears on the Active Taxpayers’ List. Now through Ordinance, a new subsection 1A is added whereby, in addition to tax collectable above, there shall be collected additional advance tax at the rates given below from following Professionals including: [&hellip;]
- [FBR categorically rejected news of extension in date of filing income tax returns](https://tax.net.pk/2021/09/21/fbr-categorically-rejected-news-of-extension-in-date-of-filing-income-tax-returns/): A spokesman for the Federal Board of Revenue has vehemently denied reports in some newspapers of extending the date for filing income tax returns, saying no proposal was being considered at FBR headquarters. Spokesman FBR further said that an integrated advertising campaign has been launched for submission of returns at the national level which will continue till September 30. An awareness campaign is underway on electronic, print and social media with very encouraging results and more and more people are submitting their annual income tax returns. FBR has appealed to the taxpayers to file their annual income tax returns before the [&hellip;]
- [Non-Banking Foreign Remittance Channels Legalizes by Third amendment Ordinance 2021](https://tax.net.pk/2021/09/21/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 banking channels. Through the Tax Laws (Third Amendment) Ordinance, 2021, the Federal Board of Revenue (FBR) has clarified that the remittance through MCBs, ECs and MTOs will be considered as through normal banking channels. Normal banking channels include such as: Western Union, Money Gram and Ria Finance or other like entities Above shall be deemed to constitute foreign exchange remitted from outside Pakistan through normal banking [&hellip;]
- [Highlights on Tax Laws Third Amendment Ordinance, 2021](https://tax.net.pk/2021/09/20/highlights-on-tax-laws-third-amendment-ordinance-2021/): Compulsory Digitized Payment for Expenditure by Companies: 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. It is a commonly known fact that there are a substantial number of undeclared bank accounts through which huge business transactions are undertaken without reflection in the taxation system. The amendment now proposed is the continuation of earlier one introduced by the Finance Act, 2021. In the earlier amendment all entities are required to declare the bank account that is used for [&hellip;]
- [NADRA empowered to use artificial intelligence to increase tax base](https://tax.net.pk/2021/09/20/nadra-empowered-to-use-artificial-intelligence-to-increase-tax-base/): National Database and Registration Authority (NADRA) has been empowered by government to compute income and tax liability of any citizen by use of artificial intelligence, mathematical or statistical modelling or any other modern device or calculation method to increase the tax base of the country. Legal powers to NADRA through promulgation of the Tax Laws (Third Amendment) Ordinance, 2021 These legal powers have been given to the NADRA through the promulgation of the Tax Laws (Third Amendment) Ordinance, 2021. The NADRA and the FBR can enter into a memorandum of understanding for a secure sharing of a person&#8217;s information. Under the [&hellip;]
- [FBR considering to allow corporate sector a grace period to adopt digital payments](https://tax.net.pk/2021/09/19/fbr-considering-to-allow-corporate-sector-a-grace-period-to-adopt-digital-payments/): 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 Laws (3rd Amendment) Ordinance, 2021. This has been stated in a press release issued by FBR to clarify the relevant clauses of Tax Laws (3rd Amendment) Ordinance. The Federal Board of Revenue vide the Tax Laws (3rd Amendment) Ordinance, 2021, (the New Ordinance) has introduced significant changes to the Income Tax ordinance, 2001 with a view to documentation of the economy, capture the supply chains, and broaden the tax [&hellip;]
- [K Electric Tax Certificate 2021 | Download K Electric Tax Deduction Certificate Online Live App, WhatsApp and 118 Helpline](https://tax.net.pk/2021/09/19/k-electric-tax-certificate-download-k-electric-tax-deduction-certificate-online-live-app-whatsapp-and-118-helpline/): How do I get a tax certificate from K Electric? / How will I get my Advance Tax Deduction certificate? There are four different ways to get tax certificate from K Electric: Tax Certificate Via a visit to your nearest Integrated Business Centre (IBC) Download it from the convenience of your home via KE WhatsApp Via K Electric Live App call 118 and request for your Advance Tax Certificate Tax Certificate of K Electric Via a visit to your nearest Integrated Business Centre (IBC) Consumers can easily get tax deduction certificate of K-Electric free-of-cost at their closest Integrated Business Centre (IBC). To facilitate its [&hellip;]
- [Zong tax certificate 2021 | Zong e-care tax deduction certificate](https://tax.net.pk/2021/09/19/zong-tax-certificate-2021-zong-e-care-tax-deduction-certificate/): Zong Tax Certificate Each network of Pakistan has launched e-care, tech app, SMS and WhatsApp services to download tax certificate for required tax period for declaration in annual income tax returns. These all services are free of charge. Zong has also introduced two different types of methods through which zong tax certificate can be obtained free of charge. How to get Zong Tax Certificate ? Yearly tax deductions certificate as evidence of prepaid / post paid users tax paid are now available online and can be easily downloaded to get it declared in their annual income tax returns. Zong tax certificate [&hellip;]
- [Tax Terms Glossary | Tax Terminology | Tax Legal Definitions](https://tax.net.pk/2021/09/18/tax-terms-glossary-tax-terminology-tax-legal-definitions/): The online tax glossary is here to help you understand terms which may be unfamiliar, and to get tax terms explained in a plain and simple way. We have put together many of the most popular terms related to the subject of tax. The tax glossary is aimed at helping the normal working person get a better understanding and explanation of what tax is, and how it affects them. A- ABATEMENT&nbsp;&#8212; A reduction in the assessment of tax, penalty or interest when it is determined the assessment is incorrectABUSE OF LAW &#8212;&nbsp;The doctrine which allows the tax authorities to disregard a [&hellip;]
- [Jazz Tax Certificate 2021 | How to download Jazz Tax Deduction Certificate Online, WhatsApp and SMS](https://tax.net.pk/2021/09/18/jazz-tax-certificate-2021-how-to-download-jazz-tax-deduction-certificate-online-whatsapp-and-sms/): As we all know that mobile companies including Mobilink Jazz collect taxes as per government instructions and provides you tax certificate for the same to submit with the FBR. In this post, We will show you how to get and download the Mobilink Jazz tax deduction certificate of both prepaid and post-paid Mobilink connections for the year 2021 online. There are three different ways to get Jazz Tax Certificate. Jazz Tax certificate via WhatsApp Jazz Tax certificate via Jazz World App Jazz Tax certificate via SMS How to get Jazz Tax certificate via WhatsApp You can get your Jazz Tax Certificate [&hellip;]
- [Finance Act 2021: fixed allowance to be treated as salary for income tax deduction](https://tax.net.pk/2021/09/17/finance-act-2021-fixed-allowance-to-be-treated-as-salary-for-income-tax-deduction/): Amendments in Finance Act 2021 regarding Salary Income “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) of Part I of second schedule. The provisions were used to avoid tax. In order to streamline, an explanation has been inserted in clause (c) of sub-section (2) ofsection 12 whereby the exempt allowance has been explained and consequently clause (39) of Part I of second schedule has been omitted. Any allowance which is paid on fixed basis orpercentage of salary [&hellip;]
- [Salary tax calculator | Salary tax slabs | Salary Tax Rates | Tax Card | 2021-2022 |](https://tax.net.pk/2021/09/17/salary-tax-calculator-salary-tax-slabs-salary-tax-rates-tax-card-2021-2022/): As per Finance Act 2021 presented by Government of Pakistan, following salary tax slabs of salaried persons and salary income tax rates will be applicable for salaried persons for the financial year 2021-2020 (Tax Year 2022). Tax rates on salary is given under section 149 of the Income Tax Ordinance, 2001. S.No SALARY SLABS TAX RATES ON SALARY SLABS 1 Where taxable income does not exceed Rs 600,000 0% 2 Where taxable income exceeds Rs 600,000 but does not exceed Rs 1,200,000 5% of the amount exceeding Rs 600,000 3 Where taxable income exceeds Rs 1,200,000 but does not exceed Rs [&hellip;]
- [SBP devised procedures to open bank account without visiting bank branch](https://tax.net.pk/2021/09/16/sbp-devised-procedures-to-open-bank-account-without-visiting-bank-branch/): After the great success of the Roshan Digital Account framework, the State Bank of Pakistan (SBP) has now issued a ‘Customers’ Digital Onboarding Framework’ to remotely open bank accounts of resident Pakistanis by using websites, portals, mobile applications, and digital kiosks, etc. It will primarily help freelancers, self-employed or unemployed women, and recipients of remittances from abroad to open bank accounts digitally with less documentation requirements. Typically, accounts can be opened as either savings or current accounts. The framework identifies four categories on the basis of functional limits, such as deposits or withdrawal limits, fund transfer limits,&nbsp; and the documents required [&hellip;]
- [Separate FBR Iris portal for overseas Pakistanis for Income Tax Return filing](https://tax.net.pk/2021/09/15/separate-fbr-iris-portal-for-overseas-pakistanis-for-income-tax-return-filing/): Federal Board of Revenue (FBR) on Tuesday issues press release and announced that a separate FBR Iris portal has been issued to facilitate non resident Pakistanis (overseas Pakistanis). By considering the issues they are facing regarding the submission / filing of income tax return filings. New portal for overseas Pakistanis is here: http://iiris.fbr.gov.pk Press Release by FBR regarding new portal for overseas Pakistanis &#8220;Considering the problems faced by the overseas Pakistanis to get access to IRIS for filing of Income Tax Returns, FBR has provided following URL for their facilitation to access IRIS for filing the annual return.&#8220; Last date to [&hellip;]
- [Telenor Tax Certificate 2021 | How to get Telenor Tax Certificate](https://tax.net.pk/2021/09/15/telenor-tax-certificate-2021-how-to-get-telenor-tax-certificate/): In this post, you will learn how to get Telenor Tax Certificate and declare it in your annual tax return. When filling tax return you have to declare your annual telephone, mobile, or PTCL withholding taxes. This post will show you how you can download your Telenor tax statement/ Certificate and after that declare it in your annual tax return. So follow this step-by-step method to get the Telenor Annual Tax Certificate. Telenor is one of the biggest telecom companies in Pakistan with millions of users. Many of its customers are tax filers and they need tax certificates to claim their [&hellip;]
- [Shaukat Tarin Profile](https://tax.net.pk/2021/09/14/shaukat-tarin-profile/): Shaukat Fayyaz Ahmed Tarin was born in 1953. He is a Pakistani banker who served as Finance Minister of Pakistan from 2008 to 2010 in the Gillani Cabinet. On 16 April 2021, he was appointed as the Finance Minister of Pakistan again, replacing the recently appointed Hammad Azhar after a cabinet reshuffle by Prime Minister of Pakistan Mr Imran Khan. On 7 October 2008, he was appointed as an adviser to the government and was elevated to the post of finance minister after being elected as a senator from Sindh on 27 July 2009. Tarin resigned from the ministry on 23 February [&hellip;]
- [25000 Premium Prize Bond draw list held at Hyderabad On 10 September 2021 Results](https://tax.net.pk/2021/09/13/25000-premium-prize-bond-draw-list-held-at-hyderabad-on-10-september-2021-results/): The 1st winner of Rs. 25000 Premium Prize bond Hyderabad Draw #3 has win Rs.30,000,000 that’s won by 077928 879917. The 3# draw’s winning amount of second prize is Rs.10,000,000 that have won by 435276, 299043, 924342, 017928 and 366072 lucky Numbers. The 25000 Prize bond denomination 3th dated 10-09-2021 third prize winner amount of Rs.300,000 that is fully updated below. (Source: National Savings ) DRAW OF Rs.25000/- Denomination Premium Prize Bonds (Registered) HELD AT HYDERABAD Draw No. 3rd Series: Common Draw Date: 10/09/2021 ---------------------------------------------------------------------------------- First Prize of Rs. 30,000,000/- 077928 879917 ---------------------------------------------------------------------------------- Second Prize of Rs.10,000,000/- Each 435276 299043 924342 [&hellip;]
- [40000 Premium Prize Bond draw list at Peshawar On 10 September 2021 Results](https://tax.net.pk/2021/09/13/40000-premium-prize-bond-draw-list-at-peshawar-on-10-september-2021-results/): Draw # 18 Worth Rupees 40000 Premium Prize Bond Held At Peshawar On 10-09-2021 Results Results of Draw number 18, Rs. 40000 Premium Prize bond. Draw was held at Peshawar on 10 Sep 2021. National Savings Pakistan 40000 Premium rupees prize bond results of 10 September 2021 are here, winner of the first prize worth 80000000 Rs. is Prize bond number 619284, Second prize worth 30000000 RS. winners are prize bond numbers 011192 082571, 460593. Third prize winners of Draw 18, Peshawar 10-09-2021 are given below on the page. DRAW OF Rs.40,000/- Denomination Premium Prize Bond (Registered) HELD AT PESHAWAR Draw [&hellip;]
- [Online Vehicle Token Tax Payment | Vehicle Token Tax Calculator](https://tax.net.pk/2021/09/12/online-vehicle-token-tax-payment-vehicle-token-tax-calculator-punjab-sindh-kpk-balochistan-islamabad/): Online vehicle token tax payment | Vehicle token tax Calculator | Punjab | Sindh | KPK | Balochistan | Islamabad Pay Vehicle Token Tax Online in Punjab Punjab IT Board has launched an e-payment system allowing citizens to pay vehicle token tax online in Punjab by avoiding long queues and saving precious time. Punjab ePay App Online Vehicle Tax Collection The Punjab ePay App has been developed by the Punjab IT Board to allow people the convenience to pay vehicle token tax online along with other services. The Punjab IT Board has developed this e-Payment Gateway for online payment of taxes. How to pay vehicle token tax [&hellip;]
- [FBR grants relaxation in filing of declarations under Assets Declaration Ordinance-2019](https://tax.net.pk/2021/09/11/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 Board of Revenue (FBR) issued Income Tax circular No 6 of 2022 Dated: 10th September 2021. Through this circular, FBR allowed relaxation in filing of declarations under assets declaration ordinance 2019. The Assets Declaration Ordinance, 2019 was promulgated on May 14th, 2019, for payment of tax and declaration of corresponding assets by June 30th, 2019. The due date was extended till July 3rd, 2019. Taking cognizance [&hellip;]
- [8009 Nadra family verification system | 8009 Nadra online check | 8009 sms Nadra](https://tax.net.pk/2021/09/11/8009-nadra-family-verification-system-8009-nadra-online-check-8009-sms-nadra/): The National Database and Registration Authority (Nadra) has launched a ‘Qaumi Tasdeeq-o-Tajdeed Campaign’ (QTTC), a new system for verification of the family members. According to the Nadra spokesman, under the QTTC, the family members can be verified from the registered mobile number in Nadra through a SMS “13 digit CNIC No Space at “8009”. In response, you will receive details of your family members. If any information is incorrect or the name of an intruder or unrelated person is included in the family members, write “1” in reply to inform the Nadra. A representative of the Nadra will contact you in [&hellip;]
- [Nadra launches contactless biometric verification for banking sector](https://tax.net.pk/2021/09/10/nadra-launches-contactless-biometric-verification-for-banking-sector/): The National Database and Registration Authority (Nadra) has introduced contactless biometric verification services for the banking and payments industry, making Pakistan one of the first countries in the world to implement the technology on national level. The state bank governor Dr Reza Baqir launched the service during his visit to NADRA. Banks will make use of the digital app on smartphones capturing and verifying biometrics of the potential account holders from their homes. With the introduction of this digital technology, the banking system will take a paradigm shift, adding remote biometric capturing technology to the digital banking system. The service is [&hellip;]
- [FBR says No extension in Returns filing date after 30th September 2021](https://tax.net.pk/2021/09/10/fbr-says-no-extension-in-returns-filing-date-after-30th-september-2021/): Federal Board of Revenue (FBR) Thursday decided for no extension in tax returns filing date after September 30, 2021 to ensure the in-time tax collection in the country. Improvement of tax compliance culture is prime objective of the government and FBR is actively trying to achieve it with the cooperation of taxpayers, said in a press release. The decision of non-extension in due date for filing of return last year saw an overwhelming response from taxpayers. READ ALSO: Last date to filing income tax return and penalty for non filing Press Release by FBR regarding no extension in date for filing [&hellip;]
- [FBR to deny 60 % Input Tax to Non-Integrated Tier-1 Retailers](https://tax.net.pk/2021/09/10/fbr-to-deny-60-input-tax-to-non-integrated-tier-1-retailers/): Federal Board of Revenue (FBR) in its drive to integrate Tier-1 Retailers across the country, has issued Sales Tax General Order No.2 of 2022 by which a system-based approach has been adopted to integrate non-Integrated Tier-1 Retailers with effect from 1st August, 2021. A List of identified Tier-1 non-Integrated Retailers has been placed at FBR&#8217;s web portal (www.fbr.gov.pk). If these identified Tier-1 Retailers fail to integrate by September 15, 2021, they would be denied credit for input tax equal to 60% claimed in the Sales Tax return for the month of August, 2021. If, however, a Tier-1 Retailer feels that it [&hellip;]
- [FBR to complete the licensing of IT service provider soon for Tier-1 retailers integration](https://tax.net.pk/2021/09/09/fbr-to-complete-the-licensing-of-it-service-provider-soon-for-tier-1-retailers-integration/): Federal Board of Revenue (FBR) on Tuesday said that the process of licensing the IT Service Providers for integration of Tier-1 retailers will take time. The FBR issued Rules for licensing of IT Service Providers, rendering IT services to retailers undergoing integration with FBR vide&nbsp;SRO 1063 (I)/2021 dated 24th August 2021. “The operationalization of licensing regime may take some time to complete the licensing process.” In order to facilitate the retailers and with seamless integration, the current IT service providers will continue to provide services to their clients till such time the Board notifies the licensed IT service providers. READ ALSO: [&hellip;]
- [List of updated nonintegrated tier-1 retailers, penalty and deadline to integrate](https://tax.net.pk/2021/09/09/list-of-updated-nonintegrated-tier-1-retailers-penalty-and-deadline-to-integrate/): The Federal Board of Revenue (FBR) on Monday directed Tier-1 retailers to integrate themselves with FBR’s Point of Sales (POS) System by the given deadline otherwise they will be denied input tax credit. The FBR issued Sales Tax General Order (STGO) No. 02 for integration of Tier-1 retailers with FBR’s Point of Sales (POS) System. The tax body issued a list of 977 retailers, who have been identified as Tier-1 retailers and required to integrate with the FBR’s system. In a statement, the FBR said that in its drive to integrate Tier-1 Retailers across the country, it had issued Sales Tax General Order No.2 of 2022 by which a system-based approach [&hellip;]
- [Last date to filing income tax return and penalty for non filing](https://tax.net.pk/2021/09/08/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 is denoted by the calendar year in which the said date falls. For example tax year 2017, covers a period from 1st July 2016 to 30th June 2017. Special Tax Year Tax year includes&nbsp;special tax year, which means any period of twelve months and is denoted by the calendar year relevant to the normal tax year in which closing date of the special tax year falls. [&hellip;]
- [Prize Bonds last date to encash for denominations of 15000 40000 and 25000](https://tax.net.pk/2021/09/08/prize-bonds-last-date-to-encash-for-denominations-of-15000-40000-and-25000/): Prize Bond last date to encash for denominations of 15000 40000 and 25000 The last date to exchange or encash the unregistered of bearer prize bonds with denominations of Rs40,000, Rs25,000, and Rs15,000 is September 30, 2021. According to a circular issued by the State Bank of Pakistan (SBP), the Finance Division, Government of Pakistan has allowed to exchange/replace or convert Rs40,000, Rs25,000, and Rs15,000 denomination prize bonds (bearer) up to September 30, 2021. The SBP directed the banks that branch/region wise consolidated data of cited denomination prize bonds held by them on the last date i.e. September 30, 2021, shall be shared [&hellip;]
- [PTCL Tax Certificate Download Online 2026](https://tax.net.pk/2021/09/07/ptcl-withholding-tax-certificate-download-online/): PTCL Tax Certificate Download Online 2026 What is a PTCL Tax Certificate? Get your PTCL Tax certificate of the popular telecommunication services. The&nbsp;PTCL Withholding Income Tax certificate&nbsp;is available for landline and EVO / Charji services. It describes the amount of advance tax charged by PTCL on monthly bills and taxpayer can obtain this certificate and can adjust amount of tax from his tax liability while filing annual income tax return. What is Withholding Tax Certificate? A withholding tax, is an income tax to be paid to the government by the withholding agent of tax after deduction. The tax is thus withheld [&hellip;]
- [Jobs in FBR 2021, FBR Jobs 2021 application form, Last date to apply for FBR jobs 2021, FBR Jobs advertisement](https://tax.net.pk/2021/09/07/fbr-jobs-2021-advertisement/): Applications are invited from eligible candidates against vacant posts in field formations of Inland Revenue, Federal Board of Revenue (FBR) from Pakistani Nationals on local basis in case of vacancies of (BS 1 to 5) and from candidates domiciled of the province or region concerned in case of vacancies of (BS 6 to 15). Reference advertisement No. PID (I)1223/21 published on 29.08.2021 in newspapers regarding appointment of staff in field formations of FBR, following corrections are made there:- (i) Maximum age limit (including 5 years general age relaxation) for the post of Dispatch Rider (BS-04) may be read as “30+5=35 years” [&hellip;]
- [FBR denied disinformation about POS Integration drive on social media](https://tax.net.pk/2021/09/06/fbr-denied-disinformation-about-pos-integration-drive-on-social-media/): Federal Board of Revenue (FBR) has strongly rebutted the malicious disinformation campaign being spread on the social media against the proposed Service Charge @ of Rs.1 to be collected on all invoices issued by Tier-1 Retailers integrated with FBR’s electronic system of real-time reporting of sales. It is being insinuated as if the rate of the Service Charge is 1 percent instead of Rupee 1 per invoice only. This is completely baseless and untrue. The nominal Service Charge @ Re. 1 per invoice of whatever denomination, would be collected under section 76 of the Sales Tax Act, 1990, and utilized to [&hellip;]
- [Agriculture Income Tax Rate in Punjab Pakistan 2020-2021](https://tax.net.pk/2021/09/04/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 Cultivated Land Area. The rate of tax is based on the number of Acre as irrigated land. If the cultivated land is unirrigated then one acre of irrigated land is equal to two-acre of unirrigated land. Tax on unirrigated land is half of the irrigated land. Agriculture Income Tax Rate in Pakistan year 2020-2021 &#8211; Area wise S.No Land / Area Rate of Tax 1 12.5 [&hellip;]
- [Micro finance pioneer Dr Muhammad Amjad Saqib wins Asia's 'Nobel Prize'](https://tax.net.pk/2021/09/01/micro-finance-pioneer-dr-muhammad-amjad-saqib-wins-asias-nobel-prize/): Pakistan&#8217;s micro finance pioneer Dr Muhammad Amjad Saqib, known for his interest- and collateral-free microfinance programme in Pakistan. That has helped millions of needy families to meet their needs in shape of small loans. Dr Muhammad Amjad Saqib was among Tuesday&#8217;s winners of Asia&#8217;s equivalent to the Nobel Prize. Dr Amjad Saqib founded Akhuwat and is its executive director. In two decades after its start, Akhuwat has grown into the nation&#8217;s largest microfinance institution, distributing the equivalent of $900 million and boasting an almost 100 percent loan repayment rate, the award foundation said. The Ramon Magsaysay Award was established in 1957 [&hellip;]
- [FBR withdraws all appeals in exemption on foreign remittances](https://tax.net.pk/2021/08/31/fbr-withdraws-all-appeals-in-exemption-on-foreign-remittances/): Federal Board of Revenue (FBR) has withdrawn all the appeals pertaining to income tax exemption on inward foreign remittances. In order to implement the decision the revenue body issued,&nbsp;Circular No. 05, Dated: 30th August 2021 – Foreign Remittances – Exemption. Foreign Remittances – Exemption In Pakistan taxation or non-taxation of foreign remittances has historically been in the spotlight both from the tax policy and tax law enforcement perspectives – more so, since early 1970s. In the wake of workers’ remittances starting to assume central role in the external sector management over the past few decades, inaddition to Federal Board of Revenue [&hellip;]
- [Prices of all petroleum products reduced](https://tax.net.pk/2021/08/31/prices-of-all-petroleum-products-reduced/):  The federal government on Tuesday announced a reduction in prices of all petroleum products for next fortnight. A statement issued by the Finance Division the new reduced prices will take effect from September 01, 2021. According to the notification the price of petrol has been reduced by Rs1.50 to Rs118.30 per liter from Rs119.80. The price of high speed diesel oil (HSD) has been reduced by Rs1.50 to Rs115.03 per liter from Rs116.53. Similarly, the rate of kerosene oil has been reduced by Rs1.50 to Rs86.80 per liter from Rs88.30. The price of light diesel has been reduced by one rupee [&hellip;]
- [FBR proposes collaboration with Provinces for collection of Agricultural Income Tax](https://tax.net.pk/2021/08/31/fbr-proposes-collaboration-with-provinces-for-collection-of-agricultural-income-tax/): In line with the Government’s resolve towards broadening of tax base and documentation of economy, Dr. Muhammad Ashfaq Ahmed, Chairman FBR has initiated a huge challenge to plug in tax evasion of Agricultural Income through a close cooperation between FBR and Provincial tax authorities to ensure that no taxable income goes untaxed and due taxes are paid in respective collecting jurisdiction. Accordingly, Chairman FBR has issued a letter to all provincial governments for a proactive collaboration. He has offered to coordinate a technical level meeting to address the issues relating to taxable agricultural income and curb tax evasion in national interest. [&hellip;]
- [How to get Ufone Tax Certificate 2021 for filing income tax return for 2021](https://tax.net.pk/2021/08/30/ufone-tax-certificate-2021/): Do you need Ufone Tax Certificate? Here I will show you two step-by-step easy ways to download your Ufone tax statement online within few minutes. I personally used both of these methods and found them appropriate and very easy. In the past, many people couldn&#8217;t claim a waiver in their annual tax against their WHT (withholding tax) deducted by the mobile phone companies due to either of the two reasons; either they don&#8217;t know that they can claim this type of waiver or discount and secondly they don&#8217;t know the procedure to get this type of tax statement from their mobile [&hellip;]
- [LESCO Electricity Bill Calculator | Lesco Bill Advance Income Tax Certificate Download Online](https://tax.net.pk/2021/08/29/lesco-electricity-bill-calculator-and-advance-tax-certificate-under-section-235/): Increased usage of Air Conditioner and Home appliances is becoming a trend all over the world, so you have to aware of your electricity usage and cost. In Pakistan, LESCO Bill is measured in terms of No. of Units, meter type, and several other factors. It’s all about technical terms. You can use the&nbsp;LESCO Bill Calculator,&nbsp;also known as LESCO Bill Estimator, to estimate your monthly bill. So, let’s take a look at the technical terms. How to use LESCO Bill Calculator? Here are some details of technical terms you must know before you click on the below button for the electricity [&hellip;]
- [Car financing reaches to record high](https://tax.net.pk/2021/08/29/car-financing-reaches-to-record-high/): Banks&#8217; financing of cars in Pakistan increased by Rs 99 billion (or 46 per cent) in the last one year to a record high of Rs 314 billion in July, as financing became more affordable for more people due to reduction in Benchmark interest rate. The central bank cut the benchmark interest rate by 625 basis points to 7% between March and June 2020 to pave the way for cheap bank financing to help businesses and individuals to deal with epidemics. To stimulate the economy to increase growth, government attention as well as auto production and sales, more people from different [&hellip;]
- [Lucky Cement wins best Corporate Report Award](https://tax.net.pk/2021/08/28/lucky-cement-wins-best-corporate-report-award/): Lucky Cement Limited has won the Best Corporate Report Award with first position in the Cement category at the much anticipated “Best Corporate &amp; Sustainability Report Awards 2020.” The recognition was jointly announced by the Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountants of Pakistan (ICMAP). On winning the award, Syed Noman Hasan, Executive Director of Lucky Cement Limited said, “At Lucky Cement, governance, compliance, ethics, and transparency are the cornerstones of our business model.” He further added &#8220;the adoption of the International Integrated Reporting Framework in our report is a testament of our commitment [&hellip;]
- [FBR issues Manual Income Tax Return Forms for Individual and AOPs for Tax Year 2021](https://tax.net.pk/2021/08/28/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. The FBR issued&nbsp;SRO 1073(I)/2021&nbsp;to notify the paper return form for individuals and Association of Persons (AOPs) for tax year 2021. The latest paper income tax return form issued through SRO 1073(I)/2021 is for certain individuals and AOPs. However, tax experts believe that giving one month to taxpayers to comply with statutory requirement is not justified. The FBR issued&nbsp;SRO 1022(I)/2021&nbsp;on August 16, 2021 to notify the draft [&hellip;]
- [License Issuance Procedures for Integration of Point of Sales of Tier-1 Retailers with FBR](https://tax.net.pk/2021/08/27/license-issuance-procedures-for-integration-of-point-of-sales-of-tier-1-retailers-with-fbr/): FBR issues SRO 1063(1)/2021, Dated: 24th August 2021 Federal Board of Revenue (FBR) issues SRO No 1063(1)/2021, Dated: 24th August 2021 regarding the procedures and requirements for issuance of license to vendors for integration and installation of point of sales (POS) machines of Tier-1 retailers. In exercise of the powers conferred by section 50 of the Sales Tax Act, 1990, the Federal Board of Revenue directed that the following further amendments shall be made in Sales Tax Rules, 2006 regarding the issuance of license for the installation and integration of the point of sales machines of the tier-1 retailers. Main areas [&hellip;]
- [FBR issues SRO to allow conditional input tax credit for supplies from AJK and GB](https://tax.net.pk/2021/08/26/fbr-issues-sro-to-allow-conditional-input-tax-credit-for-supplies-from-ajk-and-gb/): The Federal Board of Revenue (FBR) will allow input tax credit against electronic data of supplies by the persons registered in Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB). The FBR has issued SRO 1064(1)/2021, here on Tuesday to amend the Sales Tax Rules, 2006. What is new procure for claiming sales tax input tax credit against supplies from Azad Jammu and Kashmir and Gilgit Baltistan taxpayers ? According to the new procedure, the input tax credit against invoices issued by persons registered under sales tax law of Azad Jammu and Kashmir and Gilgit-Baltistan shall be available to a buyer registered [&hellip;]
- [FBR takes action against integrated tier-1 retailers for non compliance](https://tax.net.pk/2021/08/25/fbr-takes-action-against-integrated-tier-1-retailers-for-non-compliance/): Large Taxpayers Office (LTO) Lahore has taken action against the integrated retailers on discontinuation from the Point of Sale (POS) system despite integration with the Federal Board of Revenue (FBR). Focal person responsible for POS at LTO Lahore Shahzad Ali Khan told that those retailers were not printing FBR invoice number and QR code on the invoices generated to the customers. The FBR has recently issued a standardized format of the Sales Tax invoice detailing the &#8220;minimum requirements&#8221; of the Sales Tax Invoice. Penalty to tier-1 retailers for Non compliance It is informed that the &#8220;Invoice No&#8221; at the top of [&hellip;]
- [Government appoints seventh chairman FBR to Dr Muhammad Ashfaq Ahmed](https://tax.net.pk/2021/08/25/government-appoints-seventh-chairman-fbr-to-dr-muhammad-ashfaq-ahmed/): Dr Ashfaq Ahmed has been appointed as the new FBR chairman. This is the seventh time the government is appointing the FBR chairman. He replaces Asim Ahmed — who was appointed four months back. The federal government has replaced the chairman of the Federal Bureau of Revenue (FBR). The Federal Minister for Information and Broadcasting Fawad Chaudhry announced in a press conference, four months after it had appointed a new head of the tax regulatory authority of Pakistan. Dr Muhammad Ashfaq Ahmed has been appointed as the new chairman of FBR, the information minister said in a press conference in Islamabad.Previously, [&hellip;]
- [FBR issues clarification on use of pirated software](https://tax.net.pk/2021/08/22/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 has issued a clarification on the news aired by leading news channels concerning the employment of pirated software by the revenue board for its systems. Federal Board of Revenue (FBR) has issued a clarification on the news aired by a leading news channel regarding use of pirated software by FBR for its systems. FBR has clarified that IT services for Federal and Provincial tax authorities such [&hellip;]
- [FBR announces planned system downtime up to 30th August 2021](https://tax.net.pk/2021/08/22/fbr-announces-planned-system-downtime-up-to-30th-august-2021/): Federal Board of Revenue (FBR) issued Press release today (on 22nd August, 2021) regarding the scheduled downtime of it&#8217;s systems (which includes FBR websites, Iris, Taxasaan application, eFBR, and sales tax etc.,). This downtime of FBR systems will continue till 30th August 2021 for up to 4 hours daily. However, the Customs-related WeBOC and OneCustoms services will be continuously available during this time. The downtime of FBR services will be from 00:00 till 04:00 hours every day till 30th August, 2021. FBR Press Release &#8211; Planned System Downtime &#8220;In order to provide seamless online taxation services, we are upgrading our technology [&hellip;]
- [NADRA introduces new verification system to stop fake CNICs](https://tax.net.pk/2021/08/22/nadra-introduces-new-verification-system-to-stop-fake-cnics/): The National Database and Registration Authority (Nadra) has launched a ‘Qaumi Tasdeeq-o-Tajdeed Campaign’ (QTTC), a new system for verification of the family members. National Database and Registration Authority (Nadra) launched a new system of verification and renewal of national identity cards to control illegal and fake issuance of Computerised National Identity Cards (CNICs). This development has come after the echo of nearly four lakh &#8216;fake CNICs&#8217; across the country, including the Senate and the National Assembly. According to an official of Nadra, the new system would verify or identify registration of any unrelated person in the family tree. &#8220;He said an [&hellip;]
- [FBR amends Section 122 of IT Ordinance regarding time limit for proceedings](https://tax.net.pk/2021/08/21/fbr-amends-section-122-of-it-ordinance-regarding-time-limit-for-proceedings/): The Federal Board of Revenue (FBR) will enforce new amendment to Section 122 of the Income Tax Ordinance, 2001 for completion of proceedings against taxpayers within 120 days where notices were issued after July 1, 2021. The FBR, Monday, directed Commissioners Inland Revenue to implement a major change in the Income Tax Ordinance 2001, brought through Finance Act, 2021, regarding completion of proceedings in 120 days under Section 122 of the Income Tax Ordinance, 2001. for this purpose, FBR has issued an income tax circular 4 of 2021 regarding Finance Act, 2021 — Amendment in Section 122 of the Income Tax [&hellip;]
- [All about Pakistan Single Window and step by step registration procedure](https://tax.net.pk/2021/08/21/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 a single entry point to fulfill all import, export, and transit-related regulatory requirements. PSW will connect relevant government departments with each other and with economic operators like importers, exporters, customs agents, shipping agents, transporters etc, in Pakistan for efficient management of cross border trade. It will provide the ease and transparency in achieving compliance with relevant regulatory requirements, through an on-line facility, that will intelligently handle [&hellip;]
- [Changes to offences and penalties under Finance Act 2021](https://tax.net.pk/2021/08/18/changes-to-offences-and-penalties-under-finance-act-2021/): 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 Act 2021 adopts the following amendments promulgated through the Income Tax (Second Amendment) Ordinance, 2021 in the Table under section 182(1): Serial Entry Offence Substitution 1 Late filing of the income tax return under section 114. New provisos have been introduced through which; If taxable income is up to eight hundred thousand, then a minimum penalty of Rs. 5,000 shall apply. Penalty shall be reduced by 75%, 50% or [&hellip;]
- [Apple IPhone XS Max PTA and Import TAX in Pakistan | Non PTA price in Pakistan](https://tax.net.pk/2021/12/29/apple-iphone-xs-max-pta-and-import-tax-in-pakistan-non-pta-price-in-pakistan/): Apple IPhone XS Max is a device launched in Pakistan. The official price of this phone is 167499 Rupees. The Apple IPhone XS Max price in the country is more then $130/- which includes 20% custom duty tax levied by PTA as part the new system of registering your devices in order to be able to operate them in Pakistan. How IPhone XS Max Tax is Calculated? There is a PKR 250/- fixed custom duty on IPhone XS Max with an additional 20% Regulatory Duty tax which is based on the price of the mobile in US dollars and it amounts [&hellip;]
- [Chairman FBR condemns firing incident in Lahore targeting an officer of FBR](https://tax.net.pk/2021/12/29/chairman-fbr-condemns-firing-incident-in-lahore-targeting-an-officer-of-fbr/): Chairman FBR / Secretary Revenue Division, Dr. Muhammad Ashfaq Ahmed has condemned the firing incident in Allama Iqbal Town,Lahore targeting an officer of FBR. This evening, Mr. Salman Naveed, an IRS officer posted in Anti- Benami Zone left his office accompanied by his friend Sardar Solangi. On their way to DOT, Allama Iqbal Town, as they reached traffic signal of Kareem Block, an unidentified person lurking around opened straight fire on them while his accomplice waited with his bike parked across the green belt. Thankfully, both remained safe as the bullets hit the door of the car. Chairman FBR has expressed [&hellip;]
- [FBR monitoring teams will assess sales of resisting Tier-1 retailers](https://tax.net.pk/2021/12/29/fbr-monitoring-teams-will-assess-sales-of-resisting-tier-1-retailers/): Instructions issues by Chief Commissioner Regional Tax Office (RTO) Lahore Nasir Iqbal Khan for monitoring of sales of those Tier-1 Retailers (T-1Rs) who are resisting integration with Point of Sale (POS) system. For this purpose, monitoring teams have been constituted by the commissioners of Inland Revenue and deputed on a leading ornament store and a bakery. These teams would compile a detail report of production as well as sales for the chief commissioner, they added. It must be remembered that the Federal Board of Revenue (FBR) is actively pursuing Tier-1 Retailers for Point of sales (POS) integration. So far, 2,500 retailers [&hellip;]
- [Federal Cabinet second time defers highly inflationary mini budget](https://tax.net.pk/2021/12/29/federal-cabinet-second-time-defers-highly-inflationary-mini-budget/): 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, but on the other side deferred the approval of Rs360 billion mini-budget for the second time in a week. Approval of amendment bill of State Bank of Pakistan Federal cabinet was headed by Prime Minister Imran Khan, the cabinet cleared the revised draft of the SBP amendment bill, 2021, Information Minister Fawad Chaudhry confirmed after the meeting. Amendments in the SBP Act of 1956 approved under one of the [&hellip;]
- [Apple IPhone XR PTA and Import TAX in Pakistan and Non PTA Price in Pakistan](https://tax.net.pk/2021/12/29/apple-iphone-xr-pta-and-import-tax-in-pakistan-and-non-pta-price-in-pakistan/): Apple IPhone XR is a device launched in Pakistan. The official price of this phone is 151799 Rupees. The Apple IPhone XR price in Pakistan is more then $130/- which includes 20% custom duty tax levied by PTA as part the new system of registering your devices in order to be able to operate them in Pakistan. How IPhone XR PTA Tax is Calculated? There is a PKR 250/- fixed custom duty on IPhone XR with an additional 20% Regulatory Duty tax which is based on the price of the mobile in US dollars and it amounts to PKR 30360/-. There [&hellip;]
- [Proposed increase in taxes on telecom services in mini budget](https://tax.net.pk/2021/12/28/proposed-increase-in-taxes-on-telecom-services-in-mini-budget/): 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 in the forthcoming mini-budget. It will severely impact the growth of the IT sector, besides compromising the envisaged ICT exports target of $5 billion. Expected rise in withholding tax in mini budget on telecom sector The federal government will present the amended Finance Bill 2021 and the State Bank of Pakistan (SBP) (Amendment) Bill 2021 in the Parliament after getting approval from the cabinet. The increase in taxes on [&hellip;]
- [All set to introduce Finance Bill and State Bank autonomy bill in Parliament tomorrow](https://tax.net.pk/2021/12/27/all-set-to-introduce-finance-bill-and-state-bank-autonomy-bill-in-parliament-tomorrow/): 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 are being introduced in parliament for approval before the sixth review of the $6 billion Extended Fund Facility (EFF) by the International Monetary Fund’s (IMF) on January 12, 2022. The opposition parties have vowed to resist the government move to grant autonomy to the State Bank of Pakistan (SBP) aimed at targeting inflation rather than economic growth, calling it an agenda of the International Monetary Fund (IMF). The IMF [&hellip;]
- [Why Digital Mode of Payments have issues to implement in corporate sector?](https://tax.net.pk/2021/12/27/why-digital-mode-of-payments-have-issues-to-implement-in-corporate-sector/): Taxpayers are again requesting to Federal Board of Revenue (FBR) that the mandatory condition of digital modes of payment for companies (corporate sector) be allowed simultaneously with other conventional means of payments for at least one year period. The relevant Ordinance was promulgated on September 15, 2021, which will stand repealed in 120 days i.e. on January 13, 2022, keeping in view Article 89(2)(a) unless the same is passed by the National Assembly by January 13, 2022. National Assembly may through a resolution extend the Ordinance for a further period of 120 days and it shall stand repealed at the expiration [&hellip;]
- [Apple IPhone 13 Mini / Pro and 13 Pro Max Import and PTA TAX in Pakistan](https://tax.net.pk/2021/12/26/apple-iphone-13-mini-pro-and-13-pro-max-import-and-pta-tax-in-pakistan/): PTA Tax on Apple iPhone 13 Series, Including iPhone 13/ 13 Mini, iPhone 13 Pro &amp; iPhone 13 Pro Max in Pakistan. Apple iPhone 13 Mini PTA Tax (All Variants) Tax Payable: PKR 36800&nbsp;(On Passport)PKR 46200&nbsp;(On ID Card) Apple iPhone 13 PTA Tax (All Variants) Tax Payable: PKR 36800&nbsp;(On Passport)PKR 46200&nbsp;(On ID Card) Apple iPhone 13 Pro PTA Tax (All Variants) Tax Payable: PKR 36800&nbsp;(On Passport)PKR 46200&nbsp;(On ID Card) Apple iPhone 13 Pro Max PTA Tax (All Variants) Tax Payable: PKR 36800&nbsp;(On Passport)PKR 46200&nbsp;(On ID Card) Are you planning to buy an iPhone 13 model abroad and bring it in for your personal use to [&hellip;]
- [Apple IPhone 12 Mini Import PTA TAX and Price in Pakistan](https://tax.net.pk/2021/12/26/apple-iphone-12-mini-import-pta-tax-and-price-in-pakistan/): Apple IPhone 12 Mini Import TAX in Pakistan Apple IPhone 12 Mini is a device launched in Pakistan. The official price of this phone is 157292 Rupees. The Apple IPhone 12 Mini price in the country is more then $130/- which includes 20% custom duty tax levied by PTA as part the new system of registering your devices in order to be able to operate them in Pakistan. How IPhone 12 Mini Tax is Calculated? There is a PKR 250/- fixed custom duty on IPhone 12 Mini with an additional 20% Regulatory Duty tax which is based on the price of [&hellip;]
- [FTO orders to probe tax officials involved in sales tax refund scam](https://tax.net.pk/2021/12/26/fto-orders-to-probe-tax-officials-involved-in-sales-tax-refund-scam/): The Federal Tax Ombudsman (FTO), in pursuance of Own Motion (OM) investigation powers conferred to him under Section 9(1) of the Federal Tax Ombudsman Ordinance, 2000 (FTO Ordinance), has ordered to probe irregularities committed by the FBR’s field formations in processing and sanctioning of bogus sales tax refund and directed for initiation of disciplinary and criminal proceedings against the senior officers of Inland Revenue Service of FBR. The Directorate General I&amp;I-IR, FBR, had issued the “Red Alerts” in such cases to the field formations concerned, but no action was initiated against the fake claimants of income tax refund, and their connivers [&hellip;]
- [Corporate Tax Office Lahore imposes penalty on 35 Tier-1 Retailers](https://tax.net.pk/2021/12/25/corporate-tax-office-lahore-imposes-penalty-on-35-tier-1-retailers/): The Corporate Tax Office (CTO) Lahore has imposed penalty of reducing adjustable input tax by 60% against 35 Tier-1 Retailers (T-1Rs) for their failure to integrate with Point of Sale (POS) system. The Federal Board of Revenue (FBR) has authorized the field formations to impose penalty of reducing adjustable input tax for the whole of the tax period by 60% as per Sales Tax General Order (STGO) 1 of 2022. Also, they can impose penalty of Rs 500,000 or 200% of the amount of tax involved, whichever is higher to an integrated Tier-1 Retailers who tries to avoid monitoring, tracking and [&hellip;]
- [Govt to impose 17% GST on 140 goods in the mini budget](https://tax.net.pk/2021/12/25/govt-to-impose-17-gst-on-140-goods-in-the-mini-budget/): 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 as growing the income tax rates on phone calls by 50%. Adviser to the Prime Minister on Finance Shaukat Tarin shared the plan, which once accepted by assembly, would make everything costly. The rates of products, including cereals, milk, bakery items, chicken, meat, gold, bicycles, cars comprising electric cars, mobile phones will increase, unchecking additional wave of increase in the country. Moreover, in an offer to incompletely counterbalance the [&hellip;]
- [FBR technology head resigns on over four times higher salary than management pay scale-1](https://tax.net.pk/2021/12/25/fbr-technology-head-resigns-on-over-four-times-higher-salary-than-management-pay-scale-1/): The Federal Board of Revenue’s (FBR) technology head has resigned from his position due to differences over his salary package. Chief information officer (CIO) resigns on over four times higher salary than management pay scale-1. Mansoor Sultan, who had been hired hardly a year ago as chief information officer (CIO) resigned from his position due to disagreement over the salary package, according to The Express Tribune. Current Salary of CIO Sultan had been hired at a monthly package of nearly Rs3 million. The package was over four times higher than the maximum salary being offered to an individual engaged from the [&hellip;]
- [FBR decides to revise the prescribed Form for taxpayers for filing of references to the High Courts](https://tax.net.pk/2021/12/24/fbr-decides-to-revise-the-prescribed-form-for-taxpayers-for-filing-of-references-to-the-high-courts/): The Federal Board of Revenue (FBR) has decided to revise the prescribed “Form” for the taxpayers for filing of references to the High Courts on question of law in the tax matters. According to the draft amendments made in the Income Tax Rules, 2002 through a notification issued by the FBR here on Wednesday, the form would also add a new para i.e. “It is certified that the respondent has been intimated regarding filing of reference along with this copy of reference on”, it added. Under the Income Tax Rules, an application is filed under section 133 to refer to the [&hellip;]
- [FBR Suspends Three Officials on Misconduct](https://tax.net.pk/2021/12/19/fbr-suspends-three-officials-on-misconduct/): Following a policy of zero tolerance against corruption, highhanded, and misconduct Federal Board of Revenue (HQs) Islamabad has suspended three officials posted in Collectorate of Customs Enforcement, Lahore. This evening, the top leadership of FBR had received an undeniable information based on audio-visual evidence from reliable sources that Mr.Imran Fareed, Inspector (BS-16), Mr. Muhammad Saeed Sabir, Inspector (BS-16) &amp; Mr.Nasir Zaman Raika, Superintendent(BS-16) were co- accomplices in undesirable practices, unbecoming of officials holding public office. The competent authority immediately ordered an inquiry against the accused officials. Initial probe found the evidence credible enough to proceed against the accused officials. Therefore, the [&hellip;]
- [Service providers to file single sales tax returns from January 2022](https://tax.net.pk/2021/12/19/service-providers-to-file-single-sales-tax-returns-from-january-2022/): The telecommunication companies, courier companies, and big services providers would file a single sales tax return from January 2022 instead of multiple sales tax returns with the provincial revenue authorities of Punjab, Sindh, KPK, Balochistan, and Azad Jammu and Kashmir (AJK). At present, telecom companies, courier companies, and other services providers have to file multiple sales tax returns with the FBR/provinces and Azad Kashmir and Islamabad Capital Territory. The major benefit of the single portal would be available to the mobile phone companies to file a single sales tax return. Prime Minister Imran Khan is expected to launch the Federal Board [&hellip;]
- [Tarin hints at upcoming mini budget under an agreement with IMF](https://tax.net.pk/2021/12/11/tarin-hints-at-upcoming-mini-budget-under-an-agreement-with-imf/): Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin on Friday said that the government is bringing a ‘mini budget’ next week under an agreement with the International Monetary Fund (IMF). Shaukat Tarin cleared that mini budget will not end the tax exemption on food items. In an interview to a foreign Urdu website, Shaukat Tarin said that in the ‘mini budget’, customs duty on make-up items, clothes, shoes and other imported luxury items including perfumes will be increased. In addition, the sales tax rate on some locally manufactured items will be increased from 12 percent to 17 percent. [&hellip;]
- [Sohni Dharti Remittance Program | Step by Step procedure to Register with sohni Dharti Program](https://tax.net.pk/2021/12/09/sohni-dharti-remittance-program-step-by-step-procedure-to-register-with-sohni-dharti-program/): What is Sohni Dharti Remittance Program? According to the SBP, the program has been designed to incentivize Pakistani workers abroad to send remittances to Pakistan through banks and exchange companies. They will get reward points every time they send money. The overseas Pakistanis will be able to use these reward points to avail “benefits” offered by partner organizations. Explaining the details of the program, SBP Governor Dr Reza Baqir revealed that all home remittances sent from anywhere in the world through legal channels is eligible for inclusion in the SDRP. “The mobile application of SDRP is available on both Google Play [&hellip;]
- [FBR's Progress under Anti Money Laundering (AML) Act in last 4 years](https://tax.net.pk/2021/12/09/fbrs-progress-under-anti-money-laundering-aml-act-in-last-4-years/): The Federal Board of Revenue (FBR) registered 215 First Information Reports (FIRs) against 267 people under the Anti-Money Laundering (AML) Act in the last four years. Chairman FBR, Muhammad Ashfaq Ahmad, shared this with the National Assembly Standing Committee on Finance and Revenue which met under the chair of MNA Faiz Ullah. The committee discussed the problems being faced by the business community due to obscurity regarding the implementation of the AML Act and the role of law enforcement agencies in this regard. The Chairman FBR informed the parliamentary panel that FBR lodged 215 FIRs against 267 people. He added that [&hellip;]
- [FBR decided to impose effective section 40B of the Sales Tax Act 1990 to curb tax evasion](https://tax.net.pk/2021/12/09/fbr-decided-to-impose-effective-section-40b-of-the-sales-tax-act-1990-to-curb-tax-evasion/): The Federal Board of Revenue (FBR) has decided to outline guide techniques for Inland Revenue Officers for effective monitoring of sales and clearances of goods at the big retail outlets and manufacturing places of different sectors to minimize and control sales tax evasion. Under the section 40B of the Sales Tax Act 1990, the Inland Revenue (IR) Officers can perform supervisory clearances of the finished products or manufactured goods at the factory or retail outlets. For this purpose, the Federal Board of Revenue (FBR) will engage Inland Revenue Officers at retail outlets, who have not been still integrated with the Point [&hellip;]
- [FBR suspends implementation of new property valuations rates till January 16](https://tax.net.pk/2021/12/08/fbr-suspends-implementation-of-new-property-valuations-rates-till-january-16/): Federal Board of Revenue (FBR) suspends implementation of new property valuations rates till January 16 for the purpose of bringing an end to the ongoing controversy over the decision to increase valuation rates for property. The Federal Board of Revenue (FBR) on Tuesday held in abeyance the new valuations for taxation until January 16 next year in the wake of an extraordinary rise in property rates and complaints from realty stakeholders. The Federal Board of Revenue (FBR) had on December 1 revised upwards the property valuations for the purpose of taxation in 40 major cities of the country to bring them [&hellip;]
- [FBR Engaged Experts of SBP to bring FBR property value rates near market price](https://tax.net.pk/2021/12/07/fbr-engaged-experts-of-sbp-to-bring-fbr-property-value-rates-near-market-price/): The FBR has decided to engage top property valuation experts of State Bank of Pakistan (SBP) for making consultations with stakeholders concerned and recommend changes in recently notified valuation rates of immovable property rates in 40 cities of the country. The recently notified property valuation by FBR was finalised with due diligence and through a consultative process by the field formations. This upward revision of property across the country was aimed at bringing the property value closer to the market price, in line with the global best practices. This rigorous exercise has been reasonably good. However, FBR has received a number [&hellip;]
- [Senate recommends FBR to cancel recently revised property valuation rates](https://tax.net.pk/2021/12/06/senate-recommends-fbr-to-cancel-recently-revised-property-valuation-rates/): The Senate Standing Committee on Finance, Revenue, and Economic Affairs has recommended the Federal Board of Revenue (FBR) to revoke the recently issued SRO with regard to the revised valuation of immovable properties for 40 cities. The meeting of the Senate Standing Committee on Finance, Revenue, and Economic Affairs was held under the Chairmanship of Senator Talha Mehmood at Parliament House. Senator Kamil Ali Agha expressed his serious reservations regarding the mechanism adopted by FBR with regard to the valuation of properties. He asserted that FBR had increased the value of properties from 100 percent to 700 percent without any logical [&hellip;]
- [FBR lifts valuation rates of immovable properties in one go up to 600 per cent](https://tax.net.pk/2021/12/06/fbr-lifts-valuation-rates-of-immovable-properties-in-one-go-up-to-600-per-cent/): The Federal Board of Revenue (FBR) has increased the valuation rates of immovable properties in the range of 100 to 600 per cent for 40 major cities depending upon location and commercial areas within the cities. In 2019, the FBR had raised up the valuation rates of property by 30 to 85 per cent but this time the unprecedented increase was made with effect from December 1, 2021, whereby the real estate agents stated that the rate went up by 100 to over 600 per cent in one go. The sale/purchase of big plots might be affected severely as the real [&hellip;]
- [Which 10 items contribute in most import taxes in Pakistan and how much?](https://tax.net.pk/2021/12/05/which-10-items-contribute-most-of-import-taxes-in-pakistan/): The top 10 items which contribute most of import taxes in Pakistan &#8211; eight of them related to energy and edible oil &#8211; contributed one-third of import taxes, or Rs409 billion, in the first five months of current fiscal year, which was the key reason behind the constantly high prices of these commodities in Pakistan. Federal Board of Revenue (FBR) data showed that the Rs409 billion revenues generated during the July-November 2021 period were 137% higher than the collection made in the same period of last fiscal year. During the July-November period of current fiscal year, the FBR collected Rs409 billion [&hellip;]
- [FBR's new deadline for big retailers to integrate with POS system to avoid disallowance of input tax](https://tax.net.pk/2021/12/04/fbrs-new-deadline-for-big-retailers-to-integrate-with-pos-system-to-avoid-disallowance-of-input-tax/): The Federal Board of Revenue (FBR) has directed 482 identified Tier-I Retailers (big retailers) to integrate with the FBR’s point of sale (POS) system by December 10, 2021 to avoid disallowance of input tax claims and creation of tax demands. The FBR has issued Sales Tax General Order No6 of 2021, here on Friday. According to the FBR, the Finance Act, 2019 added sub-section (6) to section 811 of the Sales Tax Act, 1990 (“the STA, 1990”), whereby, a Tier-1 Retailer “(T-IR)” who did not integrate its retail outlet in the manner prescribed under sub-section (9A) of section 3 of the [&hellip;]
- [FTO Orders Pak Suzuki Motors to Refund Excess GST Collected From Buyers](https://tax.net.pk/2021/12/03/fto-orders-pak-suzuki-motors-to-refund-excess-gst-collected-from-buyers/): The Federal Tax Ombudsman (FTO) has ordered Pak Suzuki to refund the excess general sales tax (GST) amount that the automaker had collected from its customers beyond the rate predetermined by the government in the recent auto policy. During a press briefing on Thursday, FTO Dr. Asif Mahmood Jah said that Pak Suzuki had deducted GST from its customers at the rate of 17% at the time of booking despite the fact that the government had already announced a reduction in it, bringing it down to 12.5%. Speaking about complaints against officials of the Federal Board of Revenue (FBR), Dr. Jah [&hellip;]
- [FBR Wins First Ever Court Conviction under Anti Money Laundering Act](https://tax.net.pk/2021/12/03/fbr-wins-first-ever-court-conviction-under-anti-money-laundering-act/): FBR has succeeded in winning the first ever case of conviction for the offence of money laundering based on massive tax evasion. The Directorate General I &amp; I-IR had received financial intelligence in respect of Mr. Habibullah proprietor of M/s Rai Trading Company, Bajaur, KP wherein it was disclosed that the quantum of transactions (Cash &amp; Bank) did not match with the suspect’s business profile.  Initial investigations were conducted by the Directorate Intelligence &amp; Investigation, Inland Revenue Service under tax laws which unearthed six other bank accounts with huge transactions. Total proceeds in all the bank accounts were found to be [&hellip;]
- [Weboc](https://tax.net.pk/2021/12/03/weboc/): WeBOC is a web-based computerized clearance system, providing end to end automated customs clearance of import and export goods. The system was developed jointly by the Pakistan Customs and PRAL, and was first implemented on trial basis at Port Muhammad Bin Qasim. Subsequently, WeBOC was further rolled out at other terminals and customs stations. Presently WEBOC has over 45,000 registered users i.e. businesses, government departments (Anti-Narcotic Force, Engineering Development Board, State Bank of Pakistan, Ministry of Climate Change, Railways, Income Tax Department, Provincial Motor Registering Authorities, Commercial Banks etc). Presently, 30% import consignments are cleared immediately (Green channel &#8211; without any intervention), [&hellip;]
- [FBR Revised Rates of residential and commercial Immovable Properties](https://tax.net.pk/2021/12/02/fbr-revised-rates-of-residential-and-commercial-immovable-properties/): To fix fair market value of immovable properties, the Federal Board of Revenue (FBR), on Wednesday, revised Rates of residential and commercial Immovable Properties located in 40 major cities across the country. In this connection, the FBR has issued 40 notifications, here on Wednesday to raise values of properties from December 1, 2021. The FBR has also placed the old (rescinded) notifications pertaining to the old values on its website for reference purposes. The values of almost all residential and commercial immovable properties of Pakistan have been increased in an attempt to bring them at par with the fair market values. [&hellip;]
- [FBR achieves historic revenue collection growth in November 2021](https://tax.net.pk/2021/12/01/fbr-achieves-historic-revenue-collection-growth-in-november-2021/): 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 than half of total tax receipts. The FBR remains the main beneficiary of increased imports and the nosediving rupee that significantly contributed to the collection of indirect taxes. Official statistics showed that where sales tax at the import stage increased 80%, the domestic sales tax collection was negative during the July-November period of current fiscal year. According to provisional data, the FBR collected net revenue of Rs2.314 trillion during [&hellip;]
- [Fuel prices unchanged despite drop in prices in International Market](https://tax.net.pk/2021/12/01/fuel-prices-unchanged-despite-drop-in-prices-in-international-market/): The government has decided to keep fuel prices unchanged effective from December 1, 2021. Oil prices in the global market had witnessed a sharp decline of around $10 per barrel last Friday, following the outbreak of a new variant of Covid-19. The government had hinted at slashing prices of petroleum products following the drop in international oil prices however it has decided to maintain existing fuel prices for the next two weeks. With the decision of maintaining current prices, petrol will be sold at Rs145.82 per liter. Sui Southern Gas Company (SSGC) had recently announced the suspension of gas supply to [&hellip;]
- [FBR provided 14m records of transactions of non-filers over to Nadra](https://tax.net.pk/2021/11/30/fbr-provided-14m-records-of-transactions-of-non-filers-over-to-nadra/): ISLAMABAD: A meeting on broadening of tax base was informed that the Federal Board of Revenue (FBR) has provided 14 million records of financial transactions of citizens to the National Database and Registration Authority (NADRA) to compute indicative income and tax liability of non-filers by use of artificial intelligence. The meeting was presided over by Adviser to the Prime Minister on Finance Shaukat Tarin on Monday. The FBR chairman and his team gave a detailed presentation on the progress on readiness for potential taxpayer outreach initiative to boost the revenue growth and resource mobilisation. The FBR chairman apprised the adviser that [&hellip;]
- [Development authorities banned from doing business with unregistered real estate agents](https://tax.net.pk/2021/11/30/development-authorities-banned-from-doing-business-with-unregistered-real-estate-agents/): ISLAMABAD: The government has barred all public and private development authorities from doing business with real estate agents who are not registered under the Anti-Money Laundering (AML) Act. The condition to suspend business with the unregistered real estate agents will come into effect on January 1, 2022, according to a notification issued by the Federal Board of Revenue (FBR) on Monday. “Any violation of this condition shall attract penal provisions under the AML Act 2010 and AML/CFT Sanctions Rules 2020,” warned the FBR. The FBR has issued the new order for the development of housing authorities to discipline real estate agents, [&hellip;]
- [Cabinet to abolish Rs350b tax exemptions](https://tax.net.pk/2021/11/29/cabinet-to-abolish-rs350b-tax-exemptions/): ISLAMABAD: The federal cabinet will approve the Tax Laws (Fourth Amendment) Bill to abolish Rs350 billion tax exemptions and restore the standard 17 per cent rate of general sales tax (GST) under the terms agreed with the International Monetary Fund (IMF). Sources said that the Federal Board of Revenue (FBR) will present the amendment bill for approval in the federal cabinet meeting on Tuesday after which it will be moved to the National Assembly. Reportedly, the government will abolish tax exemptions given on imported mobile phones, computers, silver, gold, and other jewellery. Standard sales tax (SST) will be levied on mobile [&hellip;]
- [Tax credit to Tier-1 retailers installing Point of Sales machines of FBR](https://tax.net.pk/2021/11/28/tax-credit-to-tier-1-retailers-installing-point-of-sales-machines-of-fbr/): All Tier 1 retailers are required to integrate with Board&#8217;s Point of Sale online real time reporting system. In order to encourage integration with point of sale real time reporting system of FBR, tax credit for POS machines has been introduced through introduction of new section 64D of Income Tax Ordinance, 2001 inserted through Finance Act 2021. Value of Tax Credit for Point of Sales Machines to Tier- Retailers Tax credit of Rs.150,000 or the cost of the machine whichever is lower shall be extended to the Tier 1 retailers installing and integrating machines with Board&#8217;s system. Explanation Under Section 64D [&hellip;]
- [International Oil Prices declined 10$ a barrel, Govt hints at reducing petroleum prices](https://tax.net.pk/2021/11/27/international-oil-prices-declined-10-a-barrel-govt-hints-at-reducing-petroleum-prices/): The federal government has hinted at reducing petroleum prices in the country after oil prices in the international market witnessed decline on new coronavirus variant concerns. The oil prices plunged $10 a barrel on Friday, their largest one-day drop since April 2020, as a new variant of the coronavirus spooked investors and added to concerns that a supply surplus could swell in the first quarter. Oil fell with global equities markets on fears the variant, could dampen economic growth and fuel demand. Brent crude settled down $9.50, or 11.6%, to $72.72 a barrel, a weekly decline of more than 8%. “Allah [&hellip;]
- [No new taxes But exemptions will be withdrawn in mini budget, Tarin says](https://tax.net.pk/2021/11/26/no-new-taxes-but-exemptions-will-be-withdrawn-in-mini-budget-tarin-says/): 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 &#8216;mini budget&#8216;, but it will withdraw some tax exemptions given to various sectors to increase revenue. Talking to media persons in Karachi, the finance adviser said that as per an agreement with the International Monetary Fund (IMF) reached in March this year, the government had agreed to generate Rs700 billion in taxes to receive the third tranche under the IMF loan programme. &#8220;When I became the finance minister, I had said we will not increase taxes. [&hellip;]
- [Approved funds explained by Income Tax Ordinance, 2001](https://tax.net.pk/2021/11/25/approved-funds-explained-by-income-tax-ordinance-2001/): Income Tax Ordinance (ITO), 2001 has defined various approved funds for the chargeability of income tax. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) explained the following: “Approved gratuity fund” means a gratuity fund approved by the Commissioner in accordance with Part III of the Sixth Schedule;  “Approved Annuity Plan” means an Annuity Plan approved by Securities and Exchange Commission of Pakistan (SECP) under Voluntary Pension System Rules, 2005 and offered by a Life Insurance Company registered with the SECP under Insurance Ordinance, 2000 (XXXIX of 2000); “Approved Income Payment [&hellip;]
- [FBR authorized to appoint special panels for tax audit](https://tax.net.pk/2021/11/25/fbr-authorized-to-appoint-special-panels-for-tax-audit/): Under Section 32A of Sales Tax Act, 1990 FBR is authorized to appoint special panels for conducting sales tax audit. The Federal Board of Revenue (FBR issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021. Following is the text of section 32A of the Sales Tax Act 1990: 32A. Audit by Special Audit Panels. (1) The Board may appoint as many special audit panels as may be necessary, comprising two or more members from the following, – (a) an officer or officers of Inland Revenue; (b) a firm of [&hellip;]
- [US and Turkey agree to end digital services tax](https://tax.net.pk/2021/11/24/us-and-turkey-agree-to-end-digital-services-tax/): The United States and Turkey have agreed to terms for withdrawal of Turkey&#8217;s digital services tax that largely targeted highly profitable U.S. technology giants and will transition to a new global taxation agreement in 2023, the Treasury said on Monday. The agreement will allow for the termination of U.S. retaliatory trade measures imposed against Turkey and will take on the same terms agreed by Washington in October with Austria, Britain, France, Germany and Italy, the Treasury said. A total of 136 countries agreed in principle to withdraw their digital services taxes as part of a sweeping global tax deal agreed on [&hellip;]
- [Pakistan Single Window First phase to be completed in March 2022](https://tax.net.pk/2021/11/24/pakistan-single-window-first-phase-to-be-completed-in-march-2022/): The rollout of first phase of Pakistan Single Window (PSW) is underway and it will be completed in March 2022, said Adviser to Prime Minister on Finance and Revenue Shaukat Tarin. Presiding over the second meeting of the governing council (GC) of Pakistan Single Window (PSW) at the Ministry of Finance on Tuesday, he expressed satisfaction on the overall progress made to implement the initiative. Tarin lauded the efforts of Pakistan Customs and the Federal Board of Revenue (FBR) as the lead agency of the scheme. While assuring full support for the deep-rooted reforms being introduced under the PSW program, he [&hellip;]
- [FBR’s Track & Trace System on Sugar Sector Inaugurated](https://tax.net.pk/2021/11/24/fbrs-track-trace-system-on-sugar-sector-inaugurated/): In a historic development and a special ceremony organized at Prime Minister’s Office here on Tuesday, the Prime Minister of Pakistan Mr. Imran Khan unveiled FBR’s Track &amp; Trace System on Sugar Sector. Advisor to the PM on Finance &amp; Revenue Mr. Shaukat Tarin, Cabinet Members, Parliamentarians, Federal Secretaries, office bearers of Sugar Mills Association, Chairman FBR Dr. Muhammad Ashfaq Ahmed and senior officers of FBR attended the graceful ceremony. Addressing on the occasion, the Prime Minister called the roll out of the Track &amp; Trace System (TTS) a watershed event in the development of Pakistan’s economy and hoped that it [&hellip;]
- [Hackers managed to steel Cash from National Bank of Pakistan ATM](https://tax.net.pk/2021/11/23/hackers-managed-to-steel-cash-from-national-bank-of-pakistan-atm/): Hackers have stolen more than Rs. 5.8 million cash from an ATM of a branch of the National Bank of Pakistan (NBP) located in Pindi Bhattian, a city of Punjab’s Hafizabad district. According to details, the cybercriminals used a device to hack the ATM tray that contained the banknotes of Rs. 5,000 denomination and took the entire tray with them. Speaking in this regard, the manager of the bank has said that the security guards rushed to the ATM booth as soon as an alert was sent from the ATM to the bank’s head office when it turned off after getting [&hellip;]
- [FTO issued order against Commissioner for blocking income tax refunds](https://tax.net.pk/2021/11/23/fto-issued-order-against-commissioner-for-blocking-income-tax-refunds/): The Federal Tax Ombudsman (FTO) has issued a landmark order against an Inland Revenue Commissioner of the Corporate Tax Office Lahore (CTOL) for blocking fully verified income tax refunds by adopting delaying tactics. According to report published in Business Recorder, Documents revealed that the tax lawyer Waheed Shahzad Butt had filed a plea before FTO Islamabad on behalf of a Lahore based aggrieved taxpayer Syed Jamil Abbas Naqvi against the CTOL officers and their associates for illegally blocking fully verified tax refunds and submitting false statements regarding filing of appeals before Appellate Tribunal Inland Revenue. Earlier the FTO had ordered an [&hellip;]
- [Pakistan Citizen Portal | How to use Pakistan Citizen Portal?](https://tax.net.pk/2021/11/22/pakistan-citizen-portal-how-to-use-pakistan-citizen-portal/): With the growing trend of social media, governments and the general public of different nations utilize the online platform to connect with the public. Gone are the days when people would go to government buildings, stand in lines all day and fill out a long-form to register their complaints or suggestions. It takes a lot of paperwork to fill out before authorities can look over any request or solutions suggested by the people. In most cases, these applications and requests do not even reach government on time. Thus, an&nbsp;online citizen portal&nbsp;is a necessity. Pakistan Citizen Portal Pakistan&nbsp;is an emerging nation that [&hellip;]
- [How to Buy Bitcoin in Pakistan?](https://tax.net.pk/2021/11/22/how-to-buy-bitcoin-in-pakistan/): Go to Localbitcoins official website and create a free account on it. See the traders who are selling bitcoins, just look for the traders with good feedback. Enter the bitcoins you want to buy and transfer the money in his or her local bank account. After receiving the payment, the trader will release the bitcoins. Nowadays, everyone talks about investing in cryptocurrency and how investing in crypto will make you rich in days. The thing is people don’t know that digital currencies experienced many ups and downs in the last few years. Moreover, investing in crypto isn’t risk-free as well. Want to know how to buy Bitcoin [&hellip;]
- [Tax rates on motor vehicles during tax year 2022](https://tax.net.pk/2021/11/21/tax-rates-on-motor-vehicles-during-tax-year-2022/): Tax rates on motor vehicles during tax year 2022 The rates of income tax on motor vehicles for tax year 2022 to be applicable under Second Schedule of Income Tax Ordinance, 2001. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following are the rates of income tax on motor vehicles shall be applicable during tax year 2022: Rates of collection of tax under section 234,— (1) In case of goods transport vehicles, tax of two rupees and fifty paisa per kilogram of the laden [&hellip;]
- [FBR introducing virtual assessments of imported goods](https://tax.net.pk/2021/11/21/fbr-introducing-virtual-assessments-of-imported-goods/): The Federal Board of Revenue (FBR) will introduce the concept of virtual assessment of imported goods to replace with the existing system of Appraisers Assessments at ports. The FBR Member Customs (Policy), Dr Muhammad Saeed Khan Jadoon, informed the Senate Standing Committee on Finance, on Thursday that the FBR is going for the process of virtual assessments of imported goods. This would be done in parallel with the existing procedure of Appraisers Assessments of the imported goods. The project of virtual assessment is being tested at the level of the FBR headquarters. The purpose is to minimise the role of the [&hellip;]
- [How to check PTA Approved | How to check IMEI Number of Mobile Phone](https://tax.net.pk/2021/11/21/how-to-check-pta-approved-how-to-check-imei-number-of-mobile-phone/): PTA has developed a Device Identification Registration &amp; Blocking System (DIRBS) to facilitate customers and help them check whether their mobile devices is PTA approved or not. Last week, PTA has launched DIRBS to block smuggled, stolen and duplicate mobile phones. The system allows customers to verify IMEI number of the mobile device(s) to ensure that device(s) is Genuine, Legal Import with all applicable duties and taxes paid and compliant to DIRBS regulations and SOP. Prior to getting a mobile device(s), consumers are advised to verify authenticity in line with PTA regulations using following three mediums: Find out the IMEI of [&hellip;]
- [Apple IPhone X Import and PTA TAX in Pakistan](https://tax.net.pk/2021/11/21/apple-iphone-x-import-and-pta-tax-in-pakistan/): Apple IPhone X is a device launched in Pakistan. The official price of iphone X is 144999 Rupees. The Apple IPhone X price in the country is more then $1,081/- which includes 20% custom duty tax levied by PTA as part the new system of registering your devices in order to be able to operate them in Pakistan. How IPhone X Tax is Calculated? There is a PKR 250/- fixed custom duty on IPhone X with an additional 20% Regulatory Duty tax which is based on the price of the mobile in US dollars and it amounts to PKR 29000/-. There [&hellip;]
- [Apple IPhone 11 Import and PTA TAX in Pakistan](https://tax.net.pk/2021/11/21/apple-iphone-11-import-and-pta-tax-in-pakistan/): Apple IPhone 11 is a device launched in Pakistan. The official price of this phone is 144900 Rupees. The Apple IPhone 11 price in Pakistan is more then $130/- which includes 20% custom duty tax levied by PTA as part the new system of registering your devices in order to be able to operate them in Pakistan. How IPhone 11 PTA Tax is Calculated? There is a PKR 250/- fixed custom duty on IPhone 11 with an additional 20% Regulatory Duty tax which is based on the price of the mobile in US dollars and it amounts to PKR 28980/-. There [&hellip;]
- [Customs Court frames charge against suspect in bogus sales tax refund case](https://tax.net.pk/2021/11/20/customs-court-frames-charge-against-suspect-in-bogus-sales-tax-refund-case/): The Customs Court framed charged against Muhammad Jawaid of M/s Friends Enterprises and summons to prosecution witnesses for recording their statements for next date of hearing, in first information report (FIR) for fake/ bogus input and refund of sales tax amounting to Rs681,275 and Rs962,030. On 19 November 2021, during the hearing, above-mentioned accused appeared before the court along with his counsel, special prosecutor for customs department and investigation officer also attended the court. Investigation officer of Commissioner Enforcement-I, CTO, Karachi submitted progress report and states that above mentioned company is non-existent at the registered premises declared Saeedabad, Baldia Town, Karachi, [&hellip;]
- [FBR to penalize tax officials putting external pressures on FBR management](https://tax.net.pk/2021/11/20/fbr-to-penalize-tax-officials-putting-external-pressures-on-fbr-management/): The Federal Board of Revenue (FBR) has decided to penalize the tax officials putting external pressures on the top FBR management for their postings, transfers, deputations, or other service matters. In this connection, the FBR has issued a stern warning to all its officials on Friday. In October 2020, the board had expressed serious concerns over the exertion of political pressure by the officers of Inland Revenue Service (IRS) and Pakistan Customs Service (PSC) in the FBR administrative matters, including transfers and postings. Nonetheless, the political pressure on the FBR management has been continuing. Now FBR has issued another warning with [&hellip;]
- [Senate Committee suggests changes to  Tax Laws (Third Amendment) Bill 2021](https://tax.net.pk/2021/11/19/senate-committee-suggests-changes-to-tax-laws-third-amendment-bill-2021/): The Senate Standing Committee on Finance on Thursday reviewed the Tax Laws (Third Amendment) Bill, 2021 and recommended with a majority vote a number of recommendations, including the one rejecting the suggestion to disconnect gas and electricity connections of those traders who failed to register for sales tax. 14 per cent tax on import of re-meltable scrap The committee, which met under chairmanship of Talha Mehmood of the Jamiat Ulema-i-Islam, also rejected the new insertion of 14 per cent tax on import of re-meltable scrap if imported by steel melters. According to a handout issued by the Senate Secretariat, the chairman [&hellip;]
- [CEO required for Federal Board of Revenue Foundation](https://tax.net.pk/2021/11/19/ceo-required-for-federal-board-of-revenue-foundation/): Applications / nominations are invited for the post of Chief Executive Officer (CEO) of Federal Board of Revenue Foundation (FBRF) by 30th November, 2021 before 5:00 pm. Criteria: The incumbent must possess.1. Impeccable Service Record.2. No Inquiries on corruption in the entire service.3. BS —21 or above serving or retired Officer of FBR. Applications / nominations may be emailed or sent at the following address:Email: sudaiskashif@gmail.comKashif SohailSecond Secretary (Welfare)Room. No. 456(FBR), HQ&#8217;s, IslamabadPh. No. 051-9207973 Note:- Members, Chief Commissioners, Chief Collector and DGs may nominate any suitable person fulfilling the above criteria after obtaining the consent of the nominee.
- [State Bank held responsible to Banks over exchange rate destabilization](https://tax.net.pk/2021/11/19/state-bank-held-responsible-to-banks-over-exchange-rate-destabilization/): The State Bank of Pakistan expressed serious concerns on Thursday over speculation by banks in the currency business, saying they were involved in the multibillion-rupee game. Banking sources said a high-level meeting, chaired by SBP Governor Dr Reza Baqir and attended by presidents of at least top ten banks, was held in the State Bank on Thursday. The SBP governor expressed serious concern over the exchange rate destabilisation and held bank treasurers responsible for speculative practices. Banks denied the allegation but assured the governor of their full support to keep such activities in check in the future. A steep all in [&hellip;]
- [FBR's helplessness against tax dodgers](https://tax.net.pk/2021/11/19/fbrs-helplessness-against-tax-dodgers/): Chairman FBR has shown his inability to bring over 4 million willful law violators to the tax net due to the lack of capacity. Dr Mohammad Ashfaq, FBR Chairman, took charge over three months ago, was briefing in a public interaction, where he also talked about the International Monetary Fund’s (IMF) demands to withdraw sales tax exemptions and increase personal income tax rates for individuals. “I cannot do anything about those 4 million people who are outside the tax net because the FBR does not have the capacity and there are legal issues as well,” the FBR chairman said on Wednesday [&hellip;]
- [State Bank to be granted autonomy as parliament passes amendment bill](https://tax.net.pk/2021/11/18/state-bank-to-be-granted-autonomy-as-parliament-passes-amendment-bill/): The State Bank of Pakistan (SBP) is soon be granted autonomy as an amendment bill was approved in the parliament on Wednesday, bringing Pakistan a step closer to reviving the $6 billion International Monetary Fund (IMF) loan programme. According to a report by Bloomberg in this regard, the majority of lawmakers gave an approval to amend the Banking Services Corporation (Amendment) Bill, 2021, during a joint meeting of the parliament’s upper and lower houses. The bill seeks to reduce the Finance Ministry’s oversight of the SBP by removing its nominee on the central bank’s board. As per the report, the passage [&hellip;]
- [Lahore High Court serves contempt notice to FBR chairman over minimum Tax Formula](https://tax.net.pk/2021/11/17/lahore-high-court-serves-contempt-notice-to-fbr-chairman-over-minimum-tax-formula/): The Lahore High Court (LHC) issued contempt notices to the Federal Board of Revenue (FBR) over its failure to implement the court’s orders pertaining to the minimum tax computation formula adopted by service sector taxpayers liable to pay minimum tax under Section 153(1)(b) of the Income Tax Ordinance, 2001. The notice was issued by a single bench comprising Justice Shahid Jamil Khan while hearing a petition seeking contempt proceedings against the revenue board’s chairman and two of its core members for not implementing the court’s earlier order dated 14 November. The LHC took exception to the non-implementation of its order and [&hellip;]
- [Shaukat Tarin assures wealth reconciliation Statement waiver for first time home buyers](https://tax.net.pk/2021/11/16/shaukat-tarin-assures-wealth-reconciliation-statement-waiver-for-first-time-home-buyers/): Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has assured land developers that the federal government will extend the exemption on wealth reconciliation statement for first-time home buyers beyond Dec 31. Speaking at the groundbreaking ceremony of Naya Nazimabad Hospital on Sunday, Mr Tarin said it’s “everyone’s right to receive a tax break” when they purchase their first home. “We’ll definitely consider it,” he said after real estate developer Arif Habib demanded in his address that the exemption be extended for first-time home purchases of less than Rs50 million. Mr Habib acquired Javedan Corporation, a cement factory on [&hellip;]
- [FBR revised minimum prices of steel as international prices rises](https://tax.net.pk/2021/11/16/fbr-revised-minimum-prices-of-steel-as-international-prices-rises/): In the wake of increased prices of steel products in domestic and international markets, the Federal Board of Revenue (FBR) increased the minimum prices of steel products through amendments in SRO-985 issued on August 4, 2021. As per details, the new prices of steel bars has been fixed at Rs153,000 per metric tonne, billets at Rs131,000 per MT, ingots/bala and ship plates at Rs126,000 per MT, and scrap at Rs119,000 per MT. According to official sources, an upward revision was essential in the wake of the recent surge in local and international prices of steel products and to prevent a possible [&hellip;]
- [State Bank of Pakistan launched module to promote Green Banking practices](https://tax.net.pk/2021/11/16/state-bank-of-pakistan-launched-module-to-promote-green-banking-practices/): The State Bank of Pakistan (SBP) has launched a module pertaining to the banking policy and regulations to enhance efficiency and promote Green Banking practices. In a statement, the central bank said: “Building upon its initiative of end-to-end digitisation of regulatory approval process, known as Regulatory Approval System (RAS), SBP has now achieved another milestone by launching a module pertaining to the banking policy and regulations.” According to the statement, banks, development finance institutions (DFIs) and microfinance banks (MFBs) can now submit their request letters/proposals on an online portal to SBP’s Banking Policy and Regulations Department, whereby SBP, after digitally processing [&hellip;]
- [FBR decides to Audit Over 50,000 Income Tax Cases of 2019](https://tax.net.pk/2021/11/16/fbr-decides-to-audit-over-50000-income-tax-cases-of-2019/): The Federal Board of Revenue (FBR) has decided to select over 50,000 income tax cases of the tax year 2019 for audit, reflecting an extraordinary increase of 36,000 cases as compared to more than 14,000 cases it had picked for the tax year 2018. The FBR will make a formal announcement of the selection of over 50,000 cases for audit after computer balloting during November 2021. The policy of making a major increase in the number of cases for audit is to create an environment of enforcement, compliance, and deterrence among the taxpayer community to make correct declarations, according to report [&hellip;]
- [Mobile Phone PTA Tax Calculator in Pakistan 2021](https://tax.net.pk/2021/11/15/mobile-phone-pta-tax-calculator-in-pakistan-2021/): How does the PTA Mobile Phone tax is calculated? For every cell phone, these are the various taxes that you will be liable to pay if you are importing a phone through Ali Express or any eCommerce website online. Here, different taxes in Pak rupees based on the dollar value of imported Mobile phone. Mobile Phones PTA Taxes in Pakistan Calculator If you are planning to “import” a phone or bring along a mobile device into Pakistan, you’d have to pay PTA taxes for it whether a feature phone or a smartphone / tablet. 1. Regulatory Duty&nbsp;(Based on phone prices in USD) If $1 [&hellip;]
- [iPhone 8 PTA Tax in Pakistan 2021](https://tax.net.pk/2021/11/15/iphone-8-pta-tax-in-pakistan-2021/): Apple iPhone 8 / 8 Plus Tax / Customs Duty in Pakistan 2021 Approximate Customs Duty or Tax that you need to Pay for importing Apple iPhone 8 / 8 Plus. Apple iPhone 8 (64GB)&nbsp;Tax Payable: PKR 23200&nbsp;(On Passport)PKR 28800&nbsp;(On ID Card) Apple iPhone 8 (128GB)&nbsp;Tax Payable: PKR 23200&nbsp;(On Passport)PKR 28800&nbsp;(On ID Card) Apple iPhone 8 Plus (128GB)&nbsp;Tax Payable: PKR 23200&nbsp;(On Passport)PKR 28800&nbsp;(On ID Card) Apple iPhone&nbsp; 8 Plus (256GB)&nbsp;Tax Payable: PKR 23200&nbsp;(On Passport)PKR 28800&nbsp;(On ID Card) Apple iPhone 8 / 8 Plus PTA tax / custom duty that needs to be paid at the customs office or at the customs [&hellip;]
- [Government decided to harmonise all tax laws by merging them into one law book](https://tax.net.pk/2021/11/15/government-decided-to-harmonise-all-tax-laws-by-merging-them-into-one-law-book/): The federal government has decided to harmonise all four tax laws by merging them into one law book, ‘single rules book’, to promote automation and digitisation in order to ensure taxpayers’ facilitation. As per the details, the Federal Board of Revenue (FBR) has constituted a high level committee consisting of eminent tax professionals from the public sector and legal experts from ICAP to continuously oversee and review the draft legislation to ensure quality and correctness.  The said committee would monitor the drafting of harmonised Inland Revenue Code, covering all tax laws by the end of March, 2022.&nbsp; After consultation with all [&hellip;]
- [Rate of Sales Tax on Petrol Reduced](https://tax.net.pk/2021/11/15/rate-of-sales-tax-on-petrol-reduced/): The Federal Board of Revenue (FBR) has reduced the sales tax rate on Petrol from 6.84 percent to 1.43 percent from November 11, 2021. According to a notification issued by the FBR here on Thursday, the sales tax rate on high-speed diesel oil (HSD) has been reduced from 10.32 percent to 6.75 percent. Sales tax on kerosene and light diesel oil remained unchanged at 6.70 percent and 0.20 percent, respectively. The Federal Board of Revenue (FBR) has reduced the sales tax on petrol to a nominal 1.43 per cent effective from November 11, 2021. The sales tax rate has been reduced [&hellip;]
- [FBR nearly finalized procedure for third party audit of taxpayers](https://tax.net.pk/2021/11/15/fbr-nearly-finalized-procedure-for-third-party-audit-of-taxpayers/): Taxpayers, including the corporate sector, may directly receive audit notices from third-party auditors including chartered accountant firms for complete audit of the tax affairs of taxpayers to be selected for audit. Federal Board of Revenue (FBR) has nearly finalized the procedure for third-party audit of taxpayers to be selected through computerised balloting during the current month. The FBR is involved only in selection of cases under the approved criteria for companies, association of persons and individuals categories of taxpayers. The FBR is expected to inform the field formations for not directly issuing any audit notice to the taxpayers. Except finalization of [&hellip;]
- [Sri Lanka Charged Tax on Vehicles Crashed in Road Accidents](https://tax.net.pk/2021/11/13/sri-lanka-charged-tax-on-vehicles-crashed-in-road-accidents/): COLOMBO: Sri Lanka slapped a tax on road accidents in a drastic austerity budget unveiled Friday as the country faces a major foreign exchange crisis. Finance Minister Basil Rajapaksa said vehicle accidents will be taxed under new revenue proposals to keep the budget deficit at 8.8%of GDP in 2022, down from 11.1% this year. “It is proposed to impose a fee on vehicles meeting with accidents,” Rajapaksa told parliament. “Through this initiative, it is expected to reduce the number of motor vehicle accidents.” He did not give details of the crash tax. Sri Lanka’s roads are among the most dangerous in [&hellip;]
- [FBR Develops Automated System in WeBOC to facilitate SME Businesses](https://tax.net.pk/2021/11/12/fbr-develops-automated-system-in-weboc-to-facilitate-sme-businesses/): Pakistan Customs (FBR) has developed an automated facility in WeBOC System to enable the small and medium export enterprises to acquire imported input goods from a Common Export House for subsequent exports under the Export Facilitation Scheme, 2021. Common Export House is a warehouse authorized by the Collector of Customs for import, warehouse and supply of input goods without payment of customs duty, sales tax, federal excise duty and withholding tax, to the small and medium export enterprises, direct or indirect exporters or commercial exporters. The FBR has already issued a procedure for obtaining authorization to operate as Common Export House [&hellip;]
- [Big retailers integrated with point of sales system of FBR](https://tax.net.pk/2021/11/10/big-retailers-integrated-with-point-of-sales-system-of-fbr/): A total of 1,572 big retailers have been integrated with the point of sales (POS) system of the Federal Board of Revenue (FBR). The Federal Board of Revenue (FBR) has issued a report on the Point of Sales (POS) system, here on Tuesday. Current status of integration with Point of Sales system of FBR According to the report in Business Recorder, the overall ratio of integration i.e. 80 percent is encouraging; however, field offices are doing very hard to integrate the remaining retailers falling under the list of Tier-1 retailers with the FBR. The ratio of integration of big sectors with [&hellip;]
- [No representation without taxation](https://tax.net.pk/2021/11/09/no-representation-without-taxation/): No voting right without payment of taxes Adviser to the Prime Minister over Finance Shaukat Tarin on Monday emphasized at linking right to representation and vote to payment of taxes, saying that the Government has the right to collect taxes. Income estimation at 88% accuracy rate People should forget tax evasion as the government had all their data of every citizen and with the help of Artificial Intelligence (AI), income of every individual could be estimated at 88 per cent accuracy rate, Mr Tarin made it clear while addressing Kamyab Jawan Convention. No representation without taxation “German finance minister during my [&hellip;]
- [FBR imposed penalties on real estate agents for not implementing Anti-money laundering regime](https://tax.net.pk/2021/11/09/fbr-imposed-penalties-on-real-estate-agents-for-not-implementing-anti-money-laundering-regime/): The Federal Board of Revenue (FBR) has intensified offsite and onsite inspections against Designated Non-Financial Businesses and Professions (DNFBPs) and imposed penalties on a large number of real estate agents for not implementing anti-money laundering and counter finance terrorism regime, Dawn Newspaper reported. The FBR designated Department of Director General DNFBPs imposed heavy fines on all those real agents who were not registering themselves with the Federal Board of Revenue (FBR), which is a requirement in compliance with Financial Action Task Force (FATF). The Federal Board of Revenue (FBR) has completed actions on DNFBPs in the FATF action plan in just one reporting [&hellip;]
- [UAE announced Golden Visas for frontline workers and their families](https://tax.net.pk/2021/11/09/uae-announced-golden-visas-for-frontline-workers-and-their-families/): His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has directed granting Golden Visas to &#8220;frontline heroes&#8221; and their families. Those eligible include the families of fallen frontline heroes, and distinguished individuals whose extraordinary efforts helped protect the nation and its people throughout the Covid-19 pandemic. According to WAM, this humanitarian initiative will provide enhanced stability to frontline heroes and their families. It will also reinforce the UAE’s commitment to maintain a world-class first line of defence by granting long-term residency to the distinguished professionals who help protect [&hellip;]
- [CA Pakistan Results ICAP | CA CAF Autumn Attempt Result](https://tax.net.pk/2021/11/09/ca-pakistan-results-icap-ca-caf-autumn-attempt-result/): The Institute of Chartered Accountants Pakistan (ICAP) has announced the result of the CAF Autumn attempt / Examination 2021, today on 09 November 2021. The CAF Autumn Examination was held earlier in September 2021. The Institute of Chartered Accountants of Pakistan (ICAP) is sole professional body in Pakistan for the education of Chartered Accountancy (CA). CA Pakistan&nbsp;Exams in Pakistan are conducted by The Institute of Chartered Accountants of Pakistan (ICAP) under various categories like, CFAP, CAF AFC, and MSA. After the CA examinations the&nbsp;CA Pakistan results&nbsp;are announced by the institute of Chartered Accountants of Pakistan (ICAP) on Various dates. You can [&hellip;]
- [FBR formed a committee to investigate alleged valuation fraud](https://tax.net.pk/2021/11/08/fbr-formed-a-committee-to-investigate-alleged-valuation-fraud/): The Federal Board of Revenue (FBR) has constituted a fact finding committee to probe the alleged valuation fraud worth billions that took place in the Customs department. According to Customs Today, the tax department has constituted a four-member committee under the chair of Director General (DG) Post Clearance Audit Seema Raza Bukhari and consisting of three other members, including Collector Fayyaz Rasool Maken, Additional Director Khaldin-ul-Haq and Deputy Director Fahad Bashir. The team has been tasked to investigate the alleged valuation fraud and investigate the legal violations committed by the Quetta Collectorate of Customs (Appraisement), from 2015 to onward. Customs’ Intelligence [&hellip;]
- [Crude Oil Price Trend in International Market](https://tax.net.pk/2021/11/08/crude-oil-price-trend-in-international-market/): Crude oil prices went down up to 2.75 percent for the second consecutive week after rallying for seven straight weeks in the international market. Brent, the international benchmark for two-thirds of the world’s oil, shed 1.17 percent during the week to reach $82.74 from $83.72 a barrel. Brent, however, rose 7.5 percent in October and is up around 60 percent on the year. Similarly, the US West Texas Intermediate (WTI) reached $81.27 from $83.57, down by 2.75 percent during the week. WTI gained 11 percent in October while it is around 70 percent up on the year. During the week, the [&hellip;]
- [500,000 Retailers Targeted by FBR to Boost Revenue](https://tax.net.pk/2021/11/08/500000-retailers-targeted-by-fbr-to-boost-revenue/): About 500,000 countrywide retailers with a tax potential of about Rs 1,500 billion are the new target of Federal Board of Revenue (FBR) to ensure growth in revenue collections. According to Business Recorder, the International Monetary Fund (IMF) has also stressed the government to bring them into the tax net for a growth in revenue collection. At present, Pakistan is collecting Rs 5,500 billion taxes annually while it has a potential of generating Rs 12,000 billion, and once achieved, the country would be able to fill the gap of Rs 2,500 billion in revenue generation and expenditure. According to International Monetary [&hellip;]
- [New trading system failure at Pakistan Stock Exchange](https://tax.net.pk/2021/11/08/new-trading-system-failure-at-pakistan-stock-exchange/): The Pakistan Stock Exchange (PSX) reverted to the previous trading system as a short-term measure to provide uninterrupted services to all brokers. Previously, the Pakistan Stock Exchange (PSX) replaced the 20-year-old Karachi Autom­ated Trading System with the Designated Time Schedule (DTS), which it bought from China’s Shenzhen Stock Exchange (SZSE), on October 25. Subsequent sessions witnessed thin volumes as users complained about the absence of basic features and frequent pitfalls causing trade execution delays. “The Pakistan Stock Exchange (PSX) IT team and the China’s Shenzhen Stock Exchange (SZSE) technical teams are working with the local vendor to address the issues in [&hellip;]
- [FBR issues list of Tier-1 non-integrated retailers](https://tax.net.pk/2021/11/06/fbr-issues-list-of-tier-1-non-integrated-retailers/): Federal Board of Revenue (FBR) on Friday issued a list of 608 Tier-1 retailers, who are not integrated with the online system for sharing sales. The FBR issued Sales Tax General Order No. 4 of 2022 to display the list of non-compliant Tier-1 retailers and creating tax demand against them. The FBR said that the Finance Act, 2019 added sub-section 6 to the Section 8B of the Sales Tax Act, 1990 whereby a Tier-1 Retailer who did not integrate its retail outlet in the manner prescribed under sub-section 9A of Section 3 of the Sales Tax Act, 1990 during a tax period, its adjustable tax [&hellip;]
- [New Deadline for implementation of Biometric Verification System for Exchange Companies](https://tax.net.pk/2021/11/06/new-deadline-for-implementation-of-biometric-verification-system-for-exchange-companies/): The State Bank of Pakistan (SBP) has set a new deadline of June 30, 2022, for exchange companies to ensure the implementation of the Biometric Verification System (BVS). A circular issued by SBP states, “All ECs/ECs-B categories are required to continue their coordination with the National Database and Registration Authority (NADRA) to ensure that the integrated system is implemented within the stipulated timeline of June 30, 2022.” The SBP, on October 7, had restricted purchasing of dollars from the open market as biometric verification was made compulsory for all buying $500 or above. The new instructions set by SBP required exchange [&hellip;]
- [Rupee strengthens against dollar](https://tax.net.pk/2021/11/06/rupee-strengthens-against-dollar/): On Wednesday the Rupee currency gained a fresh Rs0.57 to Rs169.97 to a dollar in the inter-bank market. The rupee has recovered Rs5.3 since hitting the record low of Rs175.27 against the greenback on October 26, 2021. Prime reason behind the rupee’s rebound over the past few days was the $3 billion assistance announced by Saudi Arabia for Pakistan. Saudi Arabian aid played a vital role in arresting the rupee’s slide as it reversed the selling momentum in the foreign exchange market. Slight improvement in exports now a days did not have much impact on the rupee’s recovery. The exporters who [&hellip;]
- [Excise and Taxation Department Jobs 2021 / Vacancies / Last Date to Apply](https://tax.net.pk/2021/11/06/excise-and-taxation-department-jobs-2021-vacancies-last-date-to-apply/): Excise and Taxation Jobs 2021 have been announced for the recruitment of multiple job positions including Data Entry Operator, Assistant, Store Keeper, UDC, LDC and many other vacancies. Great opportunity for job seekers and experienced professionals to join a Federal Government Organization. Male and Female both are eligible to apply. Market competitive salary and compensation as per Government’s pay scale will be offered to the selected candidate. Details of Excise and Taxation Department Jobs Organization Excise and Taxation Department Job Type Full Time No. of Vacancies 70+ Jobs Last Date to Apply 15th November 2021 Excise and Taxation Vacant Positions Assistant [&hellip;]
- [Prices of petroleum products increased again](https://tax.net.pk/2021/11/05/prices-of-petroleum-products-increased-again/): The government late night decision on Thursday again increased the prices of petroleum products in a non-routine revision on the 5th of the month. The new petrol price has been notified at Rs145.82 per litre, an increase of Rs8.03 from Rs137.79 earlier. Similarly, the price of high speed diesel price has been hiked to Rs142.62 per litre, an increase of Rs8.14 from Rs134.48. Price of kerosene was increased by Rs6.27, which took the rate to Rs116.53, while price of light diesel oil is now at Rs114.07 after an upward revision of Rs5.72. On November 1, the prime minister disagreed to the [&hellip;]
- [Xiaomi Poco M3 Import TAX in Pakistan](https://tax.net.pk/2021/11/04/xiaomi-poco-m3-import-tax-in-pakistan/): Xiaomi Poco M3 Import TAX in Pakistan Xiaomi Poco M3 is a device launched in Pakistan. The official price of Poco M3 in Pakistan is 25999 Rupees. The Xiaomi Poco M3 price in the country is more then $130/- which includes 20% custom duty tax levied by PTA as part the new system of registering your devices in order to be able to operate them in Pakistan. How Poco M3 Tax is Calculated? There is a PKR 250/- fixed custom duty on Poco M3 with an additional 20% Regulatory Duty tax which is based on the price of the mobile in [&hellip;]
- [Naya Pakistan Certificates | How to Invest in Naya Pakistan Certificates?](https://tax.net.pk/2021/11/04/naya-pakistan-certificates-how-to-invest-in-naya-pakistan-certificates/): About Naya Pakistan Certificates Naya Pakistan Certificates (NPCs) are USD, PKR, Euro and British Pound-denominated sovereign instruments issued by the Government of Pakistan. NPCs offer attractive risk-adjusted returns over different maturities. They are available in both conventional and Shariah compliant versions and administered by the State Bank of Pakistan. Who Can Invest in Naya Pakistan Certificates? Non-Resident Pakistanis: Can invest in Naya Pakistan Certificates by following the procedures given below. Resident Pakistanis: Can invest in Naya Pakistan Certificates with declared assets abroad by following the procedures given below. Naya Pakistan Certificates Profit Rates The Naya Pakistan Certificates offer the following attractive annualized rates [&hellip;]
- [Sales Tax on Toll Manufacturing Who will collect? FBR or SRB?](https://tax.net.pk/2021/11/03/sales-tax-on-toll-manufacturing-who-will-collect-fbr-or-srb/): Sindh Revenue Board (SRB) has categorically conveyed to the Federal Board of Revenue (FBR) that it would continue to collect sales tax on Toll Manufacturing, despite National Tax Council’s (NTC) decision allowing FBR to collect sales tax on “Toll Manufacturing”. National Tax Council, in its meeting held on September 16, 2021, had decided that provinces shall not tax “Toll Manufacturing”, which will rest with the FBR. The FBR had issued a letter to its field formations dated October 28, 2021, in which the FBR had directed its field formations to start collecting sales tax on toll manufacturing. As the sales tax [&hellip;]
- [Single Sales Tax Portal a Step Away](https://tax.net.pk/2021/11/03/single-sales-tax-portal-a-step-away/): Prime Minister Imran Khan is likely to launch the Federal Board of Revenue’s new single sales tax portal for filing of single sales tax returns by all federal and provincial sales taxpayers from November 2021. According to the details released by the FBR Tuesday, building further on its vision to facilitate taxpayers and ensure ease of doing business through automation, digitization, and minimization of human interaction with taxpayers, the FBR is all set to launch single sales tax portal during this month. Press Release by Federal Board of Revenue (FBR) &#8220;Building further on its vision to facilitate taxpayers and ensure ease [&hellip;]
- [Excise & Taxation department warned defaulters to pay property and professional taxes](https://tax.net.pk/2021/10/31/excise-taxation-department-warned-defaulters-to-pay-property-and-professional-taxes/): Excise &amp; Taxation department has warned defaulters of property and professional taxes to deposit their due taxes immediately to avoid any strict action. This warning was given by the provincial excise minister Mukesh Chawala while presiding over a meeting at his office to review the collection of property taxes and professional tax. He said that the business community should pay professional tax to register their business by following a simple procedure. He said that the tax defaulters should pay their due taxes on time; otherwise, a strict action would be taken against them. He directed the officers to expedite their action [&hellip;]
- [State Bank Confirms no financial loss due to cyber attack on NBP Bank](https://tax.net.pk/2021/10/31/state-bank-confirms-no-financial-loss-due-to-cyber-attack-on-nbp-bank/): The National Bank of Pakistan (NBP) reported a cyber-attack that is being investigated, confirmed the State Bank of Pakistan (SBP) on Saturday, adding that the situation is being monitored closely. &#8220;NBP has reported a cyber security related incident which is being investigated,&#8221; tweeted the SBP. &#8220;NBP has not observed any data breach or financial loss. No other bank has reported any such incidence. SBP is monitoring the situation closely to ensure safety and soundness of banking system.&#8221; Statement from National Bank of Pakistan (NBP) Meanwhile, in a separate statement, the bank also acknowledged that its servers were attacked. &#8220;In the late [&hellip;]
- [PM rejected OGRA proposals to increase prices of petroleum products](https://tax.net.pk/2021/10/31/pm-rejected-ogra-proposals-to-increase-prices-of-petroleum-products/): Prime Minister Imran Khan has rejected the Oil and Gas Regulatory Authority (OGRA) proposals to increase prices of petroleum products with effect from November 1st. Proposed Prices of Petroleum Products According to &#8216;Business Recorder&#8217;, The Prime Minister’s Office states that the regulator had proposed to increase the price of petrol by Rs11.53 per litre, high speed diesel (HSD) by Rs8.49 per litre, kerosene oil (SKO) by Rs6.29 per litre and light diesel oil (LDO) by Rs5.72 per litre from November 1st in view of rising prices of petroleum in the global market. PM Imran Khan Rejected the Increase in Prices of [&hellip;]
- [Deadline for Digital Mode of Payments Proposed to further extend](https://tax.net.pk/2021/10/30/deadline-for-digital-mode-of-payments-proposed-to-further-extend/): Federal Board of Revenue (FBR) is examining a proposal to further extend time period beyond November 1, 2021 for the corporate sector to shift over to the digital mode of payments. FBR can extend the grace period, which would expire on October 31. If the proposal is finalized, the FBR chairman would take the final decision in this regard. The FBR had allowed the corporate taxpayers a grace period of 40 days to switch over to the digital mode of payments with effect from November 1, 2021 under Tax Laws (3rd Amendment) Ordinance, 2021. Tax experts, representatives of chambers and corporate [&hellip;]
- [Tax Collections Increased by 37%](https://tax.net.pk/2021/10/30/tax-collections-increased-by-37/): 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 billion. Against the target of Rs1.6 trillion, the FBR provisionally collected Rs1.84 trillion, exceeding the goal by Rs228 billion, according to the FBR officials. The number may change once final figures are available. During the first four months of previous fiscal year, the FBR had collected Rs1.34 trillion and it now recorded a nearly Rs500 billion increase at a growth rate of 37%. The annual target of Rs5.829 trillion [&hellip;]
- [Oil Prices reaches to New Highs in International Markets](https://tax.net.pk/2021/10/28/oil-prices-reaches-to-new-highs-in-international-markets/): Oil prices edged up to fresh multi-year highs on Tuesday, supported by a global supply shortage and strong demand in the United States, the world’s biggest consumer. Brent futures rose $0.42, or 0.5%, to $86.41 a barrel by 1614 GMT, while US West Texas Intermediate (WTI) crude rose $0.95, or 1.1%, to $84.71. “The energy crunch is still nowhere close to subsiding, so we expect prevailing strength in oil prices in November and December as supply lags demand and as OPEC+ stays on the sidelines,” said Louise Dickson, senior oil markets analyst at Rystad Energy. OPEC+, comprising the Organisation of the [&hellip;]
- [Four banks submit bids for Kamyab Pakistan Programme](https://tax.net.pk/2021/10/28/four-banks-submit-bids-for-kamyab-pakistan-programme/): Four commercial banks – two of them owned by the government of Pakistan – have submitted their bids to give a maximum of Rs30 billion in loans under the Kamyab Pakistan Programme over the next three months. Up to now, National Bank of Pakistan, the Bank of Punjab, Askari Bank and Habib Bank Limited submitted their quotations to the Ministry of Finance. The bids will be opened on 28th October, 2021. The Ministry of Finance is looking for bids from commercial banks, Pakistan Mortgage Refinance Company (PMRC) and development finance institutions (DFIs) regulated by the State Bank of Pakistan (SBP) to [&hellip;]
- [ePay Punjab completes Half century of 50 Billion plus Revenue collections](https://tax.net.pk/2021/10/27/epay-punjab-completes-half-century-of-50-billion-plus-revenue-collections/): Through the online payment solution e-Pay Punjab, the Punjab Finance Department has collected Rs 50 billion as tax revenue against over 10 million transactions to date. This was informed during a progress review meeting which was chaired by Punjab Information Technology Board (PITB) Chairman Azfar Manzoor here on Tuesday. PITB DG IT-Ops Faisal Yousaf and other senior officials were also present at the meeting. Manzoor further said that e-pay Punjab continues to efficiently facilitate the citizens by enabling them to pay taxes online through a number of payment channels. The meeting was told that e-Pay Punjab has collected total revenue of [&hellip;]
- [IMF demands closure of Bank Accounts of public sector entities](https://tax.net.pk/2021/10/25/imf-demands-closure-of-bank-accounts-of-public-sector-entities/): The International Monetary Fund (IMF) has placed a condition on Pakistan to close all the bank accounts maintained by public sector entities and the defence ministry in commercial banks. The money should be transferred to the central bank’s account. The purpose of demand is to brought back hundreds of billions of amounts under the government’s control that are currently hold with the commercial banks in violation of various instructions by the finance ministry. According to The Express Tribune one of the reasons behind a delay in reaching a staff-level agreement was the IMF’s insistence to roll out the treasury single account [&hellip;]
- [Mera Pakistan Mera Ghar Housing Loan Scheme](https://tax.net.pk/2021/10/24/mera-pakistan-mera-ghar/): Keeping in view need to improve availability of adequate housing in the country and important role of construction sector in boosting economic activities in other countries, Government of Pakistan envisions to increase the number of housing units manifold in coming years and has taken several measures in this regard. To support this vision of Government of Pakistan, State Bank of Pakistan has taken several measures since July 2020 to support the provision of financing for the housing and construction sector. In October 2020, the Government of Pakistan augmented these efforts by introducing the Government Markup Subsidy Scheme, now commonly known as [&hellip;]
- [List of Prize winners of point of sales prize Scheme of FBR Lucky draw Will be held on 15th April 2022](https://tax.net.pk/2022/03/28/list-of-prize-winners-of-point-of-sales-prize-scheme-of-fbr-lucky-draw-will-be-held-on-15th-april-2022/): The&nbsp;Federal Board of Revenue&nbsp;has announced a very interesting&nbsp;FBR POS Prize Scheme&nbsp;in which you can win 10,00,000 Rupees every month.&nbsp;FBR&nbsp;Announces prizes for purchasing any item from the Shops/Retailers/ Superstores affiliated with FBR POS System.&nbsp;Fourth FBR Lucky Draw Winner List&nbsp;will be announced on 15 April 2022 for the&nbsp;4th&nbsp;Lucky Draw of FBR. The&nbsp;first&nbsp;prize&nbsp;of Rs.1 Million will&nbsp;be&nbsp;given&nbsp;to the&nbsp;winner&nbsp;who buys&nbsp;from the retailers&nbsp;integrated&nbsp;with the POS&nbsp;machines. There will&nbsp;be&nbsp;four&nbsp;prizes / third prize&nbsp;valued&nbsp;at Rs.250,000 each, and&nbsp;two prizes / second prize&nbsp;of Rs.500,000 each. There will also be a long list of general prizes of Rs 50,000 each for 1,000 persons. There will&nbsp;be&nbsp;total&nbsp;prizes&nbsp;of Rs. 53 million for the&nbsp;winners&nbsp;who’ll&nbsp;admit&nbsp;POS-&nbsp;integrated&nbsp;bills&nbsp;for their&nbsp;purchases. FBR’s 4th Lucky [&hellip;]
- [750 Prize Bond Draw List 2022 15th April 2022 – Prize Bond Draw Schedule Dates and Results 2022](https://tax.net.pk/2022/03/26/750-prize-bond-draw-list-2022-15th-april-2022-prize-bond-draw-schedule-dates-and-results-2022/): 750 Prize Bond List Draw No. 90 Held in Karachi Result at 15 April 2022 You can check the&nbsp;Draw # 90 750 Rs Prize Bond List result&nbsp;here online. Balloting for Lucky Draw No. 90 of Rs. 750 prize bond will held in Karachi city on 15th Apr 2022. You can also&nbsp;check the 750 prize bond list results of date 15 April 2022&nbsp;as per schedule provided by Directorate of National Savings. State bank do the balloting for the 750 Rs. Prize bonds. 1st prize of the 750 Rs. prize bond of value 1,500,000 PRK is awarded to 1 lucky winner, while second [&hellip;]
- [Online NTN Verification by CNIC Number | NTN Inquiry | National Tax Number](https://tax.net.pk/2022/03/26/online-ntn-verification-by-cnic-number-ntn-inquiry-national-tax-number/): How to Check Online NTN via CNIC Number? If you want to check&nbsp;National Tax Number (NTN)&nbsp;by using&nbsp;CNIC&nbsp;Number&nbsp;then follow the below method: Open the website of FBR https://e.fbr.gov.pk/ Click on the tab “Search Taxpayers“ Click on the tab “NTN Inquiry“ To check NTN number in Pakistan, click on the “Taxpayer Profile Inquiry” option from the left sidebar. Select your relevant option from the drop-down i.e., Parameter Type, Which may be CNIC Number / NTN Number / Passport Number / Registration Number / Incorporation Number. Provide your “Registration No” in the registration field. (Number Provided by FBR while taxpayer’s registration of National Taxation Number (NTN), but [&hellip;]
- [How to Check Tax Filer Status Online | Download Active Taxpayer List (ATL)](https://tax.net.pk/2022/03/17/how-to-check-tax-filer-status-online-download-active-taxpayer-list-atl/): Here we will explain that how a taxpayer can check tax filer status online and even download the updated active taxpayer list (ATL). Active Taxpayer status / Tax Filer status can be checked in the following three (3) ways: HOW TO VERIFY TAX FILER STATUS THROUGH FBR ONLINE PORTAL / WEBSITE? The ATL status check allows you to check your Active Taxpayer status through online portal of FBR i.e., e.fbr.gov.pk Open FBR Website (e.fbr.gov.pk) Go on &#8220;Search Taxpayer&#8221; Tab Click on &#8220;Active Taxpayer (IT)&#8221; A New Window will open now Click on &#8220;Active Taxpayer List (Income Tax)&#8221; on Left Side top A new window [&hellip;]
- [How to Prepare / Pay Penalty / Surcharge Challan against Late Tax Returns for ATL](https://tax.net.pk/2022/03/16/how-to-prepare-pay-penalty-surcharge-challan-against-late-tax-returns-for-atl/): How to pay penalty for late filing of income tax return in Pakistan 2021? Following is the procedure to Pay Penalty / surcharge for Late Filing of Income Tax Return in Pakistan for annual income tax return for tax year 2021. The taxpayers who have filed tax returns for Tax Year 2021 after the due date and currently their status is &#8220;Inactive&#8221; in FBR, can pay a surcharge of Rs.1000/- (for Individual), Rs10,000 (for Partnership / AOP) and Rs20,000 (for Private Company) on the FBR website and become &#8220;Active Tax Filer&#8220;. Complete step by step procedure is given below: First of [&hellip;]
- [Cheaper petrol for the Lower Income Group](https://tax.net.pk/2022/03/15/cheaper-petrol-for-the-lower-income-group/): According to report published in The Express Tribune, the government is considering to provide some kind of subsidy for the motorcycle users in Pakistan, especially who fall in the low-income group. About 30 million motorcycle users in Pakistan consuming some 40-50% of the total gasoline consumed in the country. So, they can be given the benefit of such subsidy. How is it possible? First Approach – To transfer the subsidy amount through the PTI Government Ehsaas programme. But, through Ehsaas program it may be rather difficult to provide subsidy for 30 million users through motorcycle registrations. Their proposal is to provide [&hellip;]
- [List of Documents Required for Filing and Submission of Tax Returns in 2022](https://tax.net.pk/2022/03/15/list-of-documents-required-for-filing-and-submission-of-tax-returns-in-2022/): Global Tax Consultants in Lahore, Pakistan is an experienced tax consultants organization. Established by Mr. Fayyaz Ahmed Khan. Having CA (CAF), MA (Eco.,), B.com, Income tax practitioner (ITP) of FBR, CA articles of ICAP, and life member Lahore Tax Bar Association (LTBA). Having more than 18 Years of experience of industry and consultancy firm as controller of accounts and finance and professional experience in the field of tax, accounts, corporate, audit, and accounting software. We also generally regarded by organization as a global partner in tax, accounting, audit and IT consulting. What we are offering: 1. Top online tax consulting. 2. Business [&hellip;]
- [FBR Introduces Sales Tax Refund Mechanism for Pharmaceuticals Sector](https://tax.net.pk/2022/03/11/fbr-introduces-sales-tax-refund-mechanism-for-pharmaceuticals-sector/): The Federal Board of Revenue (FBR) on Monday introduced mechanism for payment of sales tax refund to pharmaceutical sector. In order to implement the mechanism the FBR issued SRO 383(I)/2022. The FBR amended Sales Tax Rules, 2006 through the instant SRO. The government withdrew sales tax exemption on drugs through Finance (Supplementary) Act, 2022 and replaced the exemption with the zero-rated regime. The FBR said zero-rated regime at import stage is introduced for drugs registered under the Drugs Act, 1976. Pharmaceutical goods and their raw materials were earlier exempt from Sales Tax; as a result, most of the supply chain was undocumented. This had [&hellip;]
- [PTA SIM Information System – Check SIMs on CNIC](https://tax.net.pk/2022/03/10/check-number-of-sims-registered-against-cnic/): How to Check Active SIMs on CNIC Online in Pakistan If you are interested to know the number of SIM cards issued against your CNIC or would like to verify the number of SIMs by all means, then keep reading. How many Mobile SIMs can be Registered against one CNIC Number? It should be kept in your mind that there is a limit to the number of SIMs one can get against your CNIC number. As per the rules set by PTA, an individual citizen can have a maximum of 5 SIM cards issued in their name at a time. If [&hellip;]
- [FBR and PTA Introduced Temporary Registration of Mobile Phones](https://tax.net.pk/2022/03/09/fbr-and-pta-introduced-temporary-registration-of-mobile-phones/): Federal Board of Revenue (FBR) and Pakistan Telecommunication Authority (PTA) have jointly introduced / launched a temporary registration of Mobile Phones to facilitate overseas Pakistanis. To address the repeated concerns raised by Overseas Pakistanis (including those working abroad or Pakistani students studying overseas) and foreign nationals visiting Pakistan on short term visits regarding blocking of their mobile devices via DIRBS, FBR and PTA have jointly developed a new system for their temporary registration in collaboration with Federal Investigation Agency (FIA) and Mobile Phone Operators, a statement said on Tuesday. Who will get benefit from Temporary Registration of Mobile Phones? This module [&hellip;]
- [FBR Amends Sales Tax Return Form to deny 60pc input tax to nonintegrated retailers](https://tax.net.pk/2022/03/09/fbr-amends-sales-tax-return-form-to-deny-60pc-input-tax-to-nonintegrated-retailers/): The Federal Board of Revenue (FBR) has brought amendment in the monthly sales tax return form to disallow 60 percent input tax credit to big nonintegrated Tier-1 retailers who have still not integrated their businesses with the FBR’s point of sales (POS) system. In this regard FBR has issued SRO No. 407(1)/2022 Dated: March 8, 2022 to the Sales Tax Rules, 2006 for revision of the monthly sales tax and federal excise return form (STR-7). This amendment in the sales tax return form would also allow the reversal of inadmissible input tax for the Tier-1 retailers after their integration with the [&hellip;]
- [List of Prize winners of point of sales prize Scheme of FBR Lucky draw held on 15th March 2022](https://tax.net.pk/2022/03/08/list-of-prize-winners-of-point-of-sales-prize-scheme-of-fbr-lucky-draw-held-on-15th-march-2022/): The&nbsp;Federal Board of Revenue&nbsp;has announced a very interesting&nbsp;FBR POS Prize Scheme&nbsp;in which you can win 10,00,000 Rupees every month.&nbsp;FBR&nbsp;Announces prizes for purchasing any item from the Shops/Retailers/ Superstores affiliated with FBR POS System.&nbsp;Third FBR Lucky Draw Winner List&nbsp;will be announced on 15 March 2022 for the&nbsp;3rd&nbsp;Lucky Draw of FBR. The&nbsp;first&nbsp;prize&nbsp;of Rs.1 Million will&nbsp;be&nbsp;given&nbsp;to the&nbsp;winner&nbsp;who buys&nbsp;from the retailers&nbsp;integrated&nbsp;with the POS&nbsp;machines. There will&nbsp;be&nbsp;four&nbsp;prizes / third prize&nbsp;valued&nbsp;at Rs.250,000 each, and&nbsp;two prizes / second prize&nbsp;of Rs.500,000 each. There will also be a long list of general prizes of Rs 50,000 each for 1,000 persons. There will&nbsp;be&nbsp;total&nbsp;prizes&nbsp;of Rs. 53 million for the&nbsp;winners&nbsp;who’ll&nbsp;admit&nbsp;POS-&nbsp;integrated&nbsp;bills&nbsp;for their&nbsp;purchases. FBR’s 3rd Lucky [&hellip;]
- [25000 Premium Prize Bond Draw List 10th March 2022 – Prize Bond Draw Schedule 2022](https://tax.net.pk/2022/03/08/25000-premium-prize-bond-draw-list-10th-march-2022-prize-bond-draw-schedule-2022/): The draw no.5 for the prize bond, worth Rs25,000, will be held&nbsp;on Thursday, March 10, 2022. The first prize will get by two lucky winners of Rs30,000,000 each, while five prizes of Rs10,000,000 each have been reserved for the second position holders. Similarly, the third prize of Rs300,000 – will be awarded to each of the 700&nbsp;lucky winners. Rs25,000 Premium Prize Bond draw result has been announced and is published here after it was drawn on 10th March 2022 at Rawalpindi. HELD AT RAWALPINDI Draw No. 5th Series: Common Draw Date: 10/03/2022 ---------------------------------------------------------------------------------- First Prize of Rs. 30,000,000/- 096298 193729 ---------------------------------------------------------------------------------- [&hellip;]
- [200 Prize Bond Draw List 2022 15th March 2022 – Prize Bond Draw Schedule Dates and Results 2022](https://tax.net.pk/2022/03/08/200-prize-bond-draw-list-2022-15th-march-2022-prize-bond-draw-schedule-dates-and-results-2022/): You can check the&nbsp;Draw No. 89 Rupees 200/- Prize Bond List Result&nbsp;here online. Balloting for Lucky Draw No. 89 of Rs. 200 prize bond will held in Lahore city on 15th March 2022. You can also&nbsp;check the 200 Rupees prize bond list results of date 15 March 2022&nbsp;as per prize bond schedule. State bank do the balloting for the&nbsp;200 Rs. Prize bonds. 1st prize of the prize bond 200 worth Rs.750,000 will be awarded to the single winner while second prize of the prize bond 200 worth Rs.250,000 will be awarded to 5 lucky winners and the third prize of the [&hellip;]
- [FBR Property Valuation Rates 2022 Karachi, Lahore, Islamabad, Peshawar, Quetta](https://tax.net.pk/2022/03/04/fbr-property-valuation-rates-2022-karachi-lahore-islamabad-peshawar-quetta/): The Federal Board of Revenue (FBR) has revised the property valuation rates of immovable properties. FBR has reduced the property rates in 40 cities from March 1, 2022, by bringing down the irrational high market values fixed in December 2021. The FBR has issued 40 notifications to&nbsp;downward&nbsp;revised Property Valuation Rates of Immovable Properties&nbsp;tables here on Thursday. Previously, in December 2021, to revise the&nbsp;rates of fair market value of immovable properties, the&nbsp;FBR&nbsp;had increased the&nbsp;values of residential and commercial immovable properties&nbsp;located in 40 major cities across the country. The values of about all residential and commercial immovable properties of&nbsp;Pakistan&nbsp;were increased in an attempt [&hellip;]
- [FBR Revises Property Valuation Rates of Immovable Properties in 40 Cities](https://tax.net.pk/2022/03/04/fbr-revises-property-valuation-rates-of-immovable-properties-in-40-cities/): The Federal Board of Revenue (FBR) has revised the property valuation rates of immovable properties. FBR has reduced the property rates in 40 cities from March 1, 2022, by bringing down the irrational high market values fixed in December 2021. The FBR has issued 40 notifications to downward revised Property Valuation Rates of Immovable Properties tables here on Thursday. Previously, in December 2021, to revise the rates of fair market value of immovable properties, the FBR had increased the values of residential and commercial immovable properties located in 40 major cities across the country. The values of about all residential and commercial immovable [&hellip;]
- [Govt ready to offer Third Tax Amnesty Scheme to industrialists](https://tax.net.pk/2022/03/02/govt-ready-to-offer-third-tax-amnesty-scheme-to-industrialists/): The federal cabinet Tuesday approved a summary moved by the finance ministry, to promulgate an ordinance to offer a third tax amnesty scheme to industrialists. The Ministry of Finance circulated a summary among the federal cabinet members on Monday for their approval of the such tax amnesty scheme through the Income Tax Amendment Ordinance 2022. Under the third tax amnesty scheme, the government will allow industrialists to whiten their black money at a 5% rate by investing in the manufacturing sector. The government will offer a 5% across-the-board tax rate and immunity to investors from the investigation about sources of investment. [&hellip;]
- [How to Check Active Taxpayer Status Online | Download ATL List](https://tax.net.pk/2022/03/01/how-to-check-active-taxpayer-status-online-download-atl-list/): WHAT IS ACTIVE TAXPAYER LIST (ATL)? The Active Taxpayer List (ATL) is a centralize record / data of online Income Tax Return filers for the previous Tax Year (Now Like, Tax Year 2021). WHEN ACTIVE TAXPAYER LIST (ATL) IS UPDATE? Active Taxpayer List (ATL) is published / issued every financial year on the 1st March and is valid up to the last day of February of the next financial year. For example, Active Taxpayer List for Tax year 2020 was published on 1st March 2021 and will be valid till 28th February 2022. Similarly, Active Taxpayer List for Tax year 2021 [&hellip;]
- [How to become active tax filer in FBR in 2022](https://tax.net.pk/2022/03/01/how-to-become-active-tax-filer-in-fbr-in-2022/): How to Become Active Tax filler in FBR in 2022 What is Active Taxpayer List (ATL) Active taxpayer list is a record of taxpayers who have submitted their tax returns of previous years. It’s updated on the basis of previous years submission of tax returns. The active taxpayers list updates every Monday on FBR’s portal. You can check online on FBR’s website after submission of tax return of previous year. If last date for submission of tax return of previous year ended then penalty will have to be paid for becoming active tax filer. How to include name in ATL For [&hellip;]
- [FBR’s Revised Property Valuation 2022 Expected to Re-Notify on 1 March](https://tax.net.pk/2022/03/01/fbrs-revised-property-valuation-2022-expected-to-re-notify-on-1-march/): The Federal Board of Revenue (FBR) previously through office memorandum had already decided in February 2022 to re-notify new rates of immovable property valuation on March 1st, 2022. Pursuant to Statutory Regulatory Orders (SRO) No 1534(1)/ 2021 and 1572(1)/2021, a special order of the government — or office memorandum — had already been issued by the tax machinery on the review of the valuation of immovable properties. The FBR announced previously that the new valuation tables of the immovable properties would be re-notified on March 1, 2022. Earlier, the FBR had suspended the new property valuation rates till February 1, 2022. The FBR had considerably revised [&hellip;]
- [PM Announces Relief in Petrol and Electricity Prices](https://tax.net.pk/2022/02/28/pm-announces-relief-in-petrol-and-electricity-prices/): Prime Minister Imran Khan announced an Rs. 10 per liter decrease in the price of petrol and diesel. Announcement of such reduction in petrol prices was made during his speech to the nation about the country’s economic and challenges in the event of Russia’s invasion of Ukraine. No Increase in Prices until the next budget He told that there would be no price increase in petrol or electricity until the next budget. Tweet of price reduction was done by the Pakistan Tehrik-e-Insaf&#8217;s official twitter account. It said, “Prime Minister Imran Khan, during his address to the nation, announces to reduce petroleum [&hellip;]
- [Tax Year 2021 Active Taxpayers’ List to be Published on 1 March 2022](https://tax.net.pk/2022/02/28/tax-year-2021-active-taxpayers-list-to-be-published-on-1-march-2022/): The Federal Board of Revenue (FBR) will publish the Active Taxpayers’ List (ATL) for the Tax Year 2021 on 1 March 2022 in accordance with the provisions of Rule 81B of the Income Tax Rules, 2002. Presently, the FBR’s Active Taxpayers&#8217; List (ATL) is linked with the income tax returns for the Tax Year 2020. The FBR’s Active Taxpayers&#8217; List (ATL) is a central record of the online Income Tax Return filers for the previous Tax Year that is published every financial year on 1 March 2022 and is valid until the last day of February of the next financial year [&hellip;]
- [Industrialists voiced concerns over the Problems in Single Sales tax returns](https://tax.net.pk/2022/02/28/industrialists-voiced-concerns-over-the-problems-in-single-sales-tax-returns/): Industrialists have raised their voice over the issues / problems in the Federal Board of Revenue’s (FBR) IRIS portal of National Single Sales Tax Returns. Even after the FBR had already extended the date to file the sales tax returns for the month of January till February 25, 2022. Exporters were still unable to file the returns in time “because a lot of glitches still persist in IRIS,” Towel Manufacturers Association of Pakistan Chairman Kashif Mehtab Chawla said in a statement. &#8220;New Iris Portal replaced the old system of (PRAL) by the Federal Board of Revenue which was more user-friendly and [&hellip;]
- [State Bank of Pakistan Eases Conditions for Housing Finance](https://tax.net.pk/2022/02/27/state-bank-of-pakistan-eases-conditions-for-housing-finance/): The State Bank of Pakistan (SBP) relaxed financing conditions for housing units in under construction projects. The State Bank of Pakistan (SBP) issued a circular dated February 25, 2022 to ease the conditions for house financing. It said that in order to further facilitate buyers of housing units in under construction projects, requirement of builder / developer to avail construction financing is being relaxed. “Accordingly, purchasers of housing units in under construction projects may avail housing finance against their housing units in projects where builder/developer has not availed construction financing,” the SBP said. In such cases, the builder/developer will have to [&hellip;]
- [FBR’s National Single Sales Tax Return System Fully Functional](https://tax.net.pk/2022/02/25/fbrs-national-single-sales-tax-return-system-fully-functional/): The Federal Board of Revenue (FBR) has said that it has resolved all the issues related to the online filing of Single National Sales Tax Return system, and it has now become fully functional. According to the Federal Board of Revenue (FBR), total 114,405 Sales Tax Returns for January 2022 were filed to date through National Sales Tax Return (NSTR) compared to 161,379 in December 2021. However, 159,503 Sales Tax Returns were filed in December 2020. “No technical issue has so far been reported in the National Sales Tax Return. Therefore, all the remaining Sales Tax Registered Persons are requested to [&hellip;]
- [FBR Freezes Banks Accounts of Sui Southern Gas Company](https://tax.net.pk/2022/02/24/fbr-freezes-banks-accounts-of-sui-southern-gas-company/): The Federal Board of Revenue&#8217;s (FBR) Large Taxpayers Unit of Karachi has frozen all banks accounts of Sui Southern Gas Company Limited (SSGC) to recover taxes amounting to Rs. 26 billion. According to official statement, the tax authority has attached various bank accounts of Sui Southern Gas Company Limited (SSGC) for the non-payment of General Sales Taxes (GST) which was paid by its customers in their monthly bills along with utility charges. The default General Sales Tax (GST) has been confirmed by the Appellate Commissioner (Appeal), the statement further stated. However, the FBR&#8217;s action recovered only a limited tax recovery, which [&hellip;]
- [How to Share Jazz Balance?](https://tax.net.pk/2022/02/24/how-to-share-jazz-balance/): This article will give you a comprehensive guide on how to share your Jazz balance with another Jazz user. Make sure you and the party you are sending the credit to has an active prepaid Jazz SIM.   Open the dialer on your phone.   Insert the number and the amount you want to share in the given format:                             *100*Jazz Number*Amount in Rupees#                                                                       [&hellip;]
- [How to Check Jazz Balance?](https://tax.net.pk/2022/02/24/how-to-check-jazz-balance/): To check your Jazz prepaid account balance, you can do any of the following: Dial the following dial code:&nbsp;*111#&nbsp;(Charges Rs 0.24); or Dial the following dial code:&nbsp;*444*6*2#; or Send “4” on our WhatsApp Self Service number [03003008000] (after sending “Hi”); or Open Jazz World app’s homepage; or Dial&nbsp;111&nbsp;helpline (Charges Rs 0.72) to hear the balance details.
- [Govt Imposed 17% Sales Tax on Hospital Supplies](https://tax.net.pk/2022/02/21/govt-imposed-17-sales-tax-on-hospital-supplies/): The government has imposed a 17 percent sales tax on supplies to hospitals, has increased the operational cost of hospitals and medical treatment. Presentation was given by the leading hospitals to the Federal Board of Revenue (FBR) Chairman disclosed that the omission of entry number 52-A from the Sixth Schedule of the Sales Tax Act, 1990 has changed the entire scene of the hospital sector whose supplies are slapped with the levy of sales tax. The charge of sales tax on supplies to hospitals could increase the operational cost of a hospital and other medical services. Due to this, the hospitals’ [&hellip;]
- [Y33s Price in Pakistan and PTA Tax Calculator](https://tax.net.pk/2022/02/19/y33s-price-in-pakistan-and-pta-tax-calculator/): Y33s Price in Pakistan and PTA Tax Calculator PTA Mobile Tax vivo y33s : Now a days mobile phone devices are need of every person. But unfortunately, mobile devices are also subjected to taxes and government tariffs. Recently, in the government’s mini-budget, prices of these mobile devices have increased due to increase in taxes. Currently, In Pakistan, the Vivo Y33s Price is Rs. 39,999. Price of such mobiles are controlled the by authorised dealers and warranty providers for Vivo mobile goods that are covered by an approved warranty. Currently, Price of Vivo Y33s in Pakistan is Rs. 39,999. Currently, Price of Vivo in [&hellip;]
- [Tarin Directs FBR to Settle Sales Tax Refunds of Pharmaceuticals Industry](https://tax.net.pk/2022/02/19/tarin-directs-fbr-to-settle-sales-tax-refunds-of-pharmaceuticals-industry/): Federal Minister for Finance and Revenue, Shaukat Tarin, held a meeting with a delegation of the Pakistan Pharmaceuticals Manufacturing Association (PPMA) headed by its chairman Qazi M. Mansoor Dilawar at the Finance Division. Chairman of the Pakistan Pharmaceuticals Manufacturing Association (PPMA) explained the problems facing by the Pharmaceutical manufacturers, importantly the issues relating to refund of sales tax. These issues result in unnecessary wastage of time and thus effect the overall working efficiency of PPMA. Furthermore, they urged the solution of the mentioned issues. Shaukat Tarin appreciated the role of pharmaceutical manufacturers. It was acknowledged that this sector has a important [&hellip;]
- [How to Check NTN via CNIC Number | NTN Verification](https://tax.net.pk/2022/02/17/how-to-check-ntn-via-cnic-number-ntn-verification/): If you want to check National Tax Number (NTN) by using CNIC Number then follow the below method: Open the website of FBR https://e.fbr.gov.pk/ Click on the tab &#8220;Search Taxpayers&#8220; Click on the tab &#8220;NTN Inquiry&#8220; To check NTN number in Pakistan, click on the “Taxpayer Profile Inquiry” option from the left sidebar. Select your relevant option from the drop-down. Provide your “Registration No” in the registration field. (Number Provided by FBR while taxpayer&#8217;s registration of National Taxation Number (NTN). Provide your “CNIC” in the CNIC field. Provide captcha against the “Captcha” field. Providing information click the “Submit” button. Q: What [&hellip;]
- [Petrol Price in Pakistan Increased Today](https://tax.net.pk/2022/02/15/petrol-price-in-pakistan-increased-today/): The federal government has once again increased prices of petroleum products by up to Rs12.03 per litre. With the latest increase, the prices of petroleum products have reached at historic top level. New prices of petroleum products will be applicable from Tuesday midnight. The new fuel prices will remain applicable till February 28, according to an official notification. According to the notification issued by the government, petrol price has been increased by Rs12.03 per litre and high speed diesel price by Rs9.53 per litre. Similarly, the price of light speed diesel has risen by Rs9.43 per litre while kerosene has been [&hellip;]
- [List of Prize winners of point of sales prize Scheme of FBR draw held on 15th February 2022](https://tax.net.pk/2022/02/15/list-of-prize-winners-of-point-of-sales-prize-scheme-of-fbr-draw-held-on-15th-february-2022/): The&nbsp;Federal Board of Revenue&nbsp;has announced a very interesting&nbsp;FBR POS Prize Scheme&nbsp;in which you can win 10,00,000 Rupees every month.&nbsp;FBR&nbsp;Announces prizes for purchasing any item from the Shops/Retailers/ Superstores affiliated with FBR POS System.&nbsp;Second FBR Lucky Draw Winner List&nbsp;will be announced on 15 February 2022 for the&nbsp;2nd&nbsp;Lucky Draw of FBR. Federal Board of Revenue (FBR) issued his statement regarding luck draw: &#8220;All is set for the second computer ballot of POS Prize Scheme at FBR (HQs) this evening. Prizes worth 53 Million will be announced for the lucky 1007 winners out of around 1,55,000 invoices verified during January, 2022. Stay tuned!&#8221; The&nbsp;first&nbsp;prize&nbsp;of [&hellip;]
- [What is Raast? How will it help to Citizens of Pakistan?](https://tax.net.pk/2022/02/13/what-is-raast-how-will-it-help-to-citizens-of-pakistan/): Raast – Pakistan’s First Instant Digital Payment System Raast is Pakistan’s No. 1 instant digital payment system. It enables end-to-end digital payments between individuals and businesses all over the Pakistan. The Raast payment system was developed by State Bank of Pakistan. It enables real-time transfer of money without any transaction fees. You have to do is register your mobile number with your bank account and you will able to instantly receive funds. BENEFITS OF RAAST PAYMENT SYSTEM Swift Payments:&nbsp;Send and receive money swiftly. Without transaction fee:&nbsp;With no transaction charges for customers Wide Network:&nbsp;Accessible to customers of any financial institution across country [&hellip;]
- [Governor State Bank of Pakistan Dr Reza Baqir Salary](https://tax.net.pk/2022/02/12/governor-state-bank-of-pakistan-dr-reza-baqir-salary/): The Governor of the State Bank of Pakistan (SBP), Dr. Reza Baqir, gets a monthly salary of Rs. 2.5 million, according to a document submitted to the Senate Secretariat by the Finance Division. In a written reply to a question moved by Pakistan Muslim League-Nawaz (PML-N) Senator Irfan Siddiqui that Governor State Bank of Pakistan Dr. Baqir’s monthly salary is Rs. 2.5 million, with an annual 10 percent increment. SBP Governor is also entitled to “furnished and maintained (State) Bank House or House Rent Allowance with furnishing and maintenance by the Bank (as approved by the SBP Board)”. Other salary benefits [&hellip;]
- [Honda Atlas Cars Reduces Booking Prices for All Cars](https://tax.net.pk/2022/02/12/honda-atlas-cars-reduces-booking-prices-for-all-cars/): Honda Atlas Cars Limited (HACL) has recently revised the booking prices of its cars in response to the government’s notification that “the amount of partial payment from the customer should not exceed 20% of the retail price”, effective from 9 February. The booking prices of the Honda cars (BR-V, the Civic, and the City) have now been reduced effective at all it&#8217;s Honda dealerships. The biggest change in booking price is decrease in the booking fee of the Honda City which was previously required to book between Rs. 1 million and Rs. 1.2 million. Following are the revised booking prices for [&hellip;]
- [FBR seeks Tax Consultants help for tax broadening](https://tax.net.pk/2022/02/10/fbr-seeks-tax-consultants-help-for-tax-broadening/): The Federal Board of Revenue (FBR) has sought assistance from tax practitioners / tax consultants for broadening of tax base. In this regard a Memorandum of Understanding (MoU) was signed between the FBR and Pakistan Tax Bar on February 07, 2022 at FBR HQ Islamabad. The FBR said that in a historic development it had taken a watershed initiative to ensure facilitation in filing of tax return by new taxpayers for broadening of tax base by signing a memorandum of understanding with Pakistan Tax Bar. The FBR is all set to launch yet another out of box digital intervention for broadening [&hellip;]
- [FBR Rebuts News Story of “Biggest tax scam surfaces in FBR”](https://tax.net.pk/2022/02/09/fbr-rebuts-news-story-of-biggest-tax-scam-surfaces-in-fbr/): The Federal Board of Revenue (FBR) has taken strong exception to the news story captioned, “Biggest tax scam surfaces in FBR,” published in a local English daily on 6 February 2022. Calling it “malicious in intent and suspicious in content,” the tax machinery declared that “the information contained in the instant news story is laughably unfounded, misleading, and far from facts.” The regulator explained, “It has been claimed in the subject news story that a new tax scam has surfaced in FBR where tax authorities illegally paid over Rs. 16 billion in Sales Tax refunds to hundreds of big retailers in [&hellip;]
- [FBR decides to implement ‘FASTER-Pharma’ for pharmaceutical sector](https://tax.net.pk/2022/02/08/fbr-decides-to-implement-faster-pharma-for-pharmaceutical-sector/): The Federal Board of Revenue (FBR), here on Wednesday, decided to implement it&#8217;s sales tax refund system named “FASTER-Pharma” for the pharmaceutical sector. It will process the sales tax refunds within 48 hours on the import of raw materials consumed in the manufacturing of medicines. Federal Board of Revenue (FBR) has planned to implement it in the next 10-15 days. The meeting was held to update on the preparation of the software named as “FASTER-Pharma” on the pattern of the existing “FASTER” system. FBR Member Inland Revenue showed commitment to ensure payment of refunds to the medicine companies within 48 days [&hellip;]
- [40000 Prize Bond Draw List 10th March 2022 - Prize Bond Draw Schedule Dates and Results 2022](https://tax.net.pk/2022/02/08/40000-prize-bond-draw-list-10th-march-2022-prize-bond-draw-schedule-dates-and-results-2022/): Draw No. 20&nbsp;of Rs. 40000 Premium Prize Bond will be held at Quetta on&nbsp;10 March 2022. Draw includes 1 prize of Rs. 80,000,000/-, 3 prizes of Rs. 30,000,000/- each and 660 prizes of Rs. 500,000/- each. You can see full list of Rs. 40000 Premium Prize Bond Draw 20 held on 10-03-2022 at Quetta here. You can also search your prize bond numbers in the list. See the schedule of 40000 Premium Prize Bond Draws for year 2022. Prize Bond 40000 Premium draw comes every 3 months. See&nbsp;40000 Premium Prize Bond list 2022&nbsp;regularly to check if you have won any prize [&hellip;]
- [100 Prize Bond Draw List 2022 15th February 2022 – Prize Bond Draw Schedule Dates and Results](https://tax.net.pk/2022/02/06/100-prize-bond-draw-list-2022-15th-february-2022-prize-bond-draw-schedule-dates-and-results/): You can check the&nbsp;Draw No. 37 Rupees 100/- Prize Bond List Result&nbsp;here online. Balloting for Lucky Draw No. 37 of Rs. 100 prize bond will held in Hyderabad city on 15th Feb 2022. You can also&nbsp;check the 100 Rupees prize bond list results of date 15 February 2022&nbsp;as per schedule provided by National Bank of Pakistan. State bank do the balloting for the&nbsp;100 Rs. Prize bonds. 1st prize of the prize bond 100 worth Rs.700,000 will be awarded to the single winner while second prize of the prize bond 100 worth Rs.200,000 will be awarded to 3 lucky winners and the [&hellip;]
- [Prize Bond Schedule 2022](https://tax.net.pk/2022/02/06/prize-bond-schedule-2022/): Prize Bond Draw Schedule 2022 from JAN 2022 TO DEC 2022 National Savings Pakistan Prize Bond Schedule for year 2022 starts from 01 January, 2022 till 15 December, 2022. The Prize Bond Schedule are available for denominations of PKR 100, 200, 750, 1500, 7500, 15000, and 40000 Premium Prize Bond from January to December. Prize Bond draws are held every quarterly. According to the Prize Bond Schedule, the Prize Bond Draw is held in different cities of Pakistan. Every Prize Bond has several prizes for Denominations of Rs. 100, 200, 750, 1500, 7500, 15000, 25000, 40000 and Premium Bond. Prize Bond [&hellip;]
- [1500 Prize Bond Draw List 2022 15th February 2022 – Prize Bond Draw Schedule Dates and Results](https://tax.net.pk/2022/02/02/1500-prize-bond-draw-list-2022-15th-february-2022-prize-bond-draw-schedule-dates-and-results/): You can check the Draw No. 89 Rupees 1,500/- Prize Bond List Result&nbsp;here online. Balloting for Lucky Draw No. 89 of Rs. 1500 prize bond will held in Muzaffarabad city on 15th Feb 2022. You can also&nbsp;check the 1500 prize bond list results of date 15 February 2022&nbsp;as per schedule provided by National Bank of Pakistan. State bank do the balloting for the 1500 Rs. Prize bonds. 1st prize of the 1500 Rs. prize bond of value 3,000,000 PRK is awarded to 1 lucky winner, while second prize of the 1500 prize bond of amount Rs. 1,000,000 is awarded to 3 [&hellip;]
- [FBR's Revised Property Valuation 2022 to Re-Notify on 1 March](https://tax.net.pk/2022/02/02/fbrs-revised-property-valuation-2022-to-re-notify-on-1-march/): The Federal Board of Revenue (FBR) has decided to re-notify new rates of immovable property valuation on March 1st, 2022. Pursuant to Statutory Regulatory Orders (SRO) No 1534(1)/ 2021 and 1572(1)/2021, a special order of the government — or office memorandum — has been issued by the tax machinery on the review of the valuation of immovable properties. The new valuation tables of the immovable properties would be re-notified on March 1, 2022. In this connection, the FBR has issued office memorandum, here on Tuesday, on the review of valuation of immovable properties. Earlier, the board had suspended the new property [&hellip;]
- [FBR Launched ‘Automated Currency Declaration System’](https://tax.net.pk/2022/02/02/fbr-launched-automated-currency-declaration-system/): The Federal Board of Revenue (FBR) in collaboration with the Federal Investigation Agency (FIA) and the Nadra on Tuesday launched the ‘Automated Currency Declaration System’ (ACDS) for real time recording of foreign currency transactions / declarations of taxpayers and passengers flying in and out of the country. This new real time foreign currency declaration digital system has been launched with the help of the National Database and Registration Authority (Nadra) and the Federal Investigation Agency (FIA), a press release issued. It will be available soon at all international airports of the country, further added. Finance Minister Shaukat Tarin launched the ‘Automated [&hellip;]
- [UAE to introduce Corporate Tax on Business Profits from June 1, 2023](https://tax.net.pk/2022/01/31/uae-to-introduce-corporate-tax-on-business-profits-from-june-1-2023/): The United Arab Emirates (UAE) Government is going to introduce a federal corporate tax rate on profits of businesses. UAE is initiating this step first time from June 1, 2023. Finance Ministry of UAE announced this on Monday. Important factor in this corporate tax rate will be it&#8217;s low rate for the purpose to maintain its attractiveness for corporate businesses. In it&#8217;s news statement by UAE&#8217;s ministry through state news agency WAM, said &#8220;the tax will be levied on all corporations and commercial activities in the country, except for the &#8220;extraction of natural resources&#8221; which will remain subject to taxation at the emirate [&hellip;]
- [FBR increased regulatory duty on import of luxury vehicles from January 27, 2022](https://tax.net.pk/2022/01/30/fbr-increased-regulatory-duty-on-import-of-luxury-vehicles-from-january-27-2022/): The Federal Board of Revenue (FBR) has imposed / increased regulatory duty on the import of luxury vehicles from January 27, 2022. According to a notification SRO.157(I)/2022 issued on Saturday, the FBR has increased regulatory duty from 15 to 50 percent on the import of sports utility vehicles; new 4×4 vehicles (CBU); new minivans (CBU); new vehicles (above 1000cc up to 1300cc) and 10 percent regulatory duty on the import of electrical vehicles (EVs) in CBU condition (up to the 30th June 2022). As per the notification, 10 percent regulatory duty has been imposed on the import of electrical vehicles (EVs) [&hellip;]
- [Salary Tax Slabs 2021-2022 Pakistan](https://tax.net.pk/2022/01/29/salary-tax-slabs-2021-2022-pakistan/): Here we are going to discuss everything you should know about the calculation of tax on your salary income according to the latest Salary tax slabs 2021-2022 rates in Pakistan. DIVISION OF SALARY INCOME IN PAKISTAN Salary Income is subject to the following divisions as per the general practices and according to the Income Tax Ordinance, 2001. Have a look: Basic Salary House Rent Allowance (HRA) Conveyance Allowance Medical and Other Allowances BASIC SALARY It’s a fixed amount of money that you may receive without any extra payments or deductions. It doesn’t include any type of allowances, commissions, bonuses, or overtime [&hellip;]
- [Zong Internet Packages 3G and 4G 2022 | Daily, Weekly & Monthly Zong Internet Packages](https://tax.net.pk/2022/01/29/zong-internet-packages-3g-and-4g-2022-daily-weekly-monthly-zong-internet-packages/): Zong has currently more than 6 million active subscribers, where Zong company has reached at a new milestone. Zong 4G has continued to build its network and services to address the needs of customers. Zong keeps on introducing new Zong Internet Packages to let you stay connected with your friends and loved ones. Zong has a good number of 4G internet packages for both prepaid and postpaid zong customers. Here on a single page, you’ll find all the updated Zong Internet Packages (and their subscription codes) that you can subscribe to and use, including hourly net packages, daily &amp; weekly net packages as well as [&hellip;]
- [How to Register First Mobile Phone Device with PTA by Dialing *8484# Code](https://tax.net.pk/2022/01/29/how-to-register-first-mobile-phone-device-with-pta-by-dialing-8484-code/): Government of Pakistan has made it compulsory to register mobile phones devices with the PTA or they will be blocked. Pakistan Telecommunication Authority (PTA) began this registration of mobiles so they can monitor the mobile devices. Mobile devices in Pakistan are imported and in order to monitor the mobile phones in the country and control smuggling operations of mobiles in Pakistan. The Pakistan Telecom Authority (PTA) launched the system&nbsp;to register your mobile phones with PTA. Here, we will see &#8216;How to Register Mobile Phones with PTA by Dialing *8484# Code in Pakistan&#8216;. Here’s How You Can Check Your Mobile Registration with [&hellip;]
- [Infinix Smart 5 3GB PTA Tax and Price in Pakistan | PTA Tax Calculator](https://tax.net.pk/2022/01/28/infinix-smart-5-3gb-pta-tax-and-price-in-pakistan-pta-tax-calculator/): Infinix Smart 5 3GB is a device launched in Pakistan. The official price of this phone is 18499 Rupees. The Infinix Smart 5 3GB price in Pakistan is more then $60/- and less then $130/- which includes 10% custom duty tax levied by PTA as part the new system of registering your devices in order to be able to operate them in Pakistan. How Infinix Smart 5 3GB PTA Tax is Calculated? There is a PKR 250/- fixed custom duty on Smart 5 3GB with an additional 10% Regulatory Duty tax which is based on the price of the mobile in [&hellip;]
- [Senate Finally Passes Controversial State Bank Amendment Bill](https://tax.net.pk/2022/01/28/senate-finally-passes-controversial-state-bank-amendment-bill/): The Senate has officially passed the State Bank of Pakistan Amendment Bill in a session in Islamabad today. The session was presided over by Senate Chairman Sadiq Sanjrani and the bill was presented by the Minister for Finance, Shaukat Tarin, amid the ruckus in the house by the opposition members. The opposition benches cast 43 votes during the session and the government members cast 44 votes. Prior to the passage of the SBP bill, the vote count was tied at 43-43. The Senate Chairman cast the tie-breaking vote in favor of the amendment, which brought the total number of votes in [&hellip;]
- [Pharma Manufacturers demands to Review Tax Levy on Medicines Raw Material](https://tax.net.pk/2022/01/28/pharma-manufacturers-demands-to-review-tax-levy-on-medicines-raw-material/): The Pakistan Pharmaceutical Manufacturers’ Association (PPMA) has urged the federal government to immediately review its policy to impose a 17 percent General Sales Tax (GST) on raw materials used for medicine production in the country to avoid a shortage of essential drugs in the local markets. The demand to this effect was made by the participants of an emergency general body meeting of the PPMA chaired by its Central Chairman, Qazi Mansoor Dilawar. Drug manufacturers from Islamabad, Lahore, and Karachi attended the meeting via video-link facility. While chairing the meeting, PPMA Chairman said that the Pakistani pharmaceutical industry duly fulfilled up [&hellip;]
- [Car Prices Increase in Pakistan](https://tax.net.pk/2022/01/23/car-prices-increase-in-pakistan/): The Pakistani car industry has grown exponentially with the arrival of several new car companies. Car Prices Increase in Pakistan in 2022 has become a major issue for car customers. While the competition has increased, the average prices of cars have gone up as well. In October 2021, automakers took turns in jacking up prices as a result of local currency depreciation. These price hikes have driven vehicles beyond affordability for most people, but given the recent tax amendments from the government, it seems that the worst is yet to come. According to the past 6-year data, the average price of [&hellip;]
- [State Bank to Issue New Licenses to 5 New Digital Banks](https://tax.net.pk/2022/01/23/state-bank-to-issue-new-licenses-to-5-new-digital-banks/): The State Bank of Pakistan (SBP) will soon embark upon a journey toward an advanced banking system in the country by issuing licenses for setting up digital banks. In the first phase, the regulatory authority will issue five licenses to different entities for setting up digital banks. This revelation was made by top SBP management while addressing a webinar titled, “Digital Banks – A New Era in Pakistan,” hosted by SBP on Friday. In his welcome address, Executive Director, Banking Policy and Regulation Group, SBP Arshad Mehmood Bhatti informed the audience that SBP will grant up to five licenses for digital banks, [&hellip;]
- [Highest IT Exports of Pakistan in 6 Months](https://tax.net.pk/2022/01/23/highest-it-exports-of-pakistan-in-6-months/): Information and Communication Technology (ICT) export remittances, including telecommunication, computer, and information services for the first half (July-December) fiscal year 2021-22 surged to $1.302 billion at a growth rate of 36 percent compared to $959 million during the same period of 2020-21. According to the data released by the Ministry of Information Technology and Telecommunication in December 2021, ICT exports were $251 million at a growth rate of 29 percent when compared to $195 million reported for the month of December 2020. This was $30 million higher than exports during the previous month November 2021. The Ministry of Information Technology and [&hellip;]
- [FBR Further Extended Last Date to File National Single Sales Tax Return December 2021](https://tax.net.pk/2022/01/21/fbr-further-extended-last-date-to-file-national-single-sales-tax-return-december-2021/): The Federal Board of Revenue (FBR) has extended the last date of payment and filing of National Single Sales Tax and Federal Excise Return for the tax period of December 2021. The FBR issued instructions to the field formations in this regard on Friday. According to the FBR’s instructions, in the exercise of the powers conferred under section 74 of the Sales Tax Act, 1990 and section 43 of the Federal Excise Act, 2005, the Board has extended the date of payment and filing of Sales Tax and Federal Excise Return for the tax period of December 2021. The date of [&hellip;]
- [Digital Mode of Payment Defined by Finance Supplementary Act 2022](https://tax.net.pk/2022/01/21/digital-mode-of-payment-defined-by-finance-supplementary-act-2022/): To explain the term digital means, amendments have been made to Income Tax Ordinance 2001. A Clause 17B of Section 2 has been inserted to the Ordinance through Finance (Supplementary) Act, 2022. According to the clause, digital means payments and financial services including but not limited to – (a) Online portals or platforms for digital payments / receipts; (b) Online interbank fund transfer services; (c) Online bill or invoice presentment and payment services; (d) Over the counter digital payment services or facilities; (e) Card payments using point of sale terminals, QR codes, mobile devices, ATMs, Kiosk or any other digital payments enabled [&hellip;]
- [Scheduled maintenance of FBR Helpline](https://tax.net.pk/2022/01/21/scheduled-maintenance-of-fbr-helpline/): Press Release issued by FBR and informed that FBR helpline is currently under maintenance and will not be fully available. FBR also informed that taxpayers can use FBR email address for their queries. Press Release of FBR Due to scheduled maintenance, our Helpline number (051-111-772-772) is currently operating at 10% capacity. You are kindly requested to direct your queries via email @ helpline@fbr.gov.pk. We appreciate your patience. Inconvenience is regretted.
- [Vivo X70 Pro PTA and Import TAX and Price in Pakistan | PTA Tax Calculator](https://tax.net.pk/2022/01/21/vivo-x70-pro-pta-and-import-tax-and-price-in-pakistan-pta-tax-calculator/): Vivo X70 Pro is a device launched in Pakistan. The official price of this phone is 139999 Rupees. The Vivo X70 Pro price in Pakistan is more then $130/- which includes 20% custom duty tax levied by PTA as part the new system of registering your devices in order to be able to operate them in Pakistan. How X70 Pro Tax is Calculated? There is a PKR 250/- fixed custom duty on X70 Pro with an additional 20% Regulatory Duty tax which is based on the price of the mobile in US dollars and it amounts to PKR 28000/-. There is [&hellip;]
- [Sales Tax Rate on Petroleum Products Further Reduced by FBR](https://tax.net.pk/2022/01/20/sales-tax-rate-on-petroleum-products-further-reduced-by-fbr/): Federal Board of Revenue (FBR) on Tuesday slashed sales tax rates on petrol and high speed diesel (HSD) in order to reduce the impact of high oil prices at consumer end. The FBR issued&nbsp;SRO 88(I)/2022 dated January 18, 2022&nbsp;to notify changes the sales tax rates on supply of petroleum products. The sales tax on supply of petrol has been reduced to 2.5 per cent ad valorem from 4.77 per cent. Similarly, the rate of sales tax on supply of high speed diesel has been reduced to 5.44 per cent from 9.08 per cent. The FBR kept unchanged the sales tax rates [&hellip;]
- [FBR Property Valuation 2022](https://tax.net.pk/2022/01/19/fbr-property-valuation-2022/): The Federal Board of Revenue (FBR) has extended the deadline for implementing the revised FBR Property valuation rates 2022 of properties in 40 major urban cities by holding its notification in abeyance till January 31, 2022. Minister for Finance Shaukat Tarin and FBR high-ups are considering that the valuation rates of properties should be revised upward in the range of 25 to 50 percent in accordance with the Statutory Regulatory Order (SRO) issued by the board in 2019. However, nothing has been finalized so far because under the World Bank (WB) conditions, it is one of the conditions of $400 million [&hellip;]
- [FBR’s Revised Valuation Rates of Immovable Properties suspended again](https://tax.net.pk/2022/01/19/fbrs-revised-valuation-rates-of-immovable-properties-suspended-again/): The Federal Board of Revenue (FBR) on Tuesday suspended again the new revised property valuation rates notified through SROs No 1534(1)/2021 to 1572(1)/2021 dated December 1, 2021 up to January 31, 2022. The new valuation tables of the immovable properties would be re-notified on February 1, 2022. In this connection, the FBR has issued an office memorandum, here on Tuesday, on the review of valuation of immovable properties. Earlier, the Board had suspended the new property valuation rates till January 16, 2022. According to the FBR’s office memorandum, in continuation of office memorandum dated December 7, 2021 on the noted subject, [&hellip;]
- [FBR decides to integrate foreign exchange dealers with Point of Sale system](https://tax.net.pk/2022/01/17/fbr-decides-to-integrate-foreign-exchange-dealers-with-point-of-sale-system/): The Federal Board of Revenue (FBR) has decided to integrate the foreign exchange dealers with its Point of Sale (POS) system to keep an eye on the trading activities of the forex market. According to the draft, prepared by the tax collection authority, some amendments have been suggested in Rule 33G, in Schedule 1, which is related to the integration of retailers with the POS system. Rule 33G says, “the Federal Board of Revenue shall ensure to provide a facility on its website to a customer of an integrated enterprise Person to verify and ensure that the invoice or bill issued [&hellip;]
- [World's 10 richest men doubled their wealth during Covid: Report Says](https://tax.net.pk/2022/01/17/worlds-10-richest-men-doubled-their-wealth-during-covid-report-says/): The world&#8217;s 10 wealthiest men doubled their fortunes during the first two years of the coronavirus pandemic as poverty and inequality soared, a report said on Monday. Oxfam said the men&#8217;s wealth jumped from $700 billion to $1.5 trillion, at an average rate of $1.3 billion per day, in a briefing published before a virtual mini-summit of world leaders being held under the auspices of the World Economic Forum. A confederation of charities that focus on alleviating global poverty, Oxfam said the billionaires&#8217; wealth rose more during the pandemic more than it did the previous 14 years, when the world economy [&hellip;]
- [School Closing News Today 2022](https://tax.net.pk/2022/01/17/school-closing-news-today-2022/): Possible Outcome of Tomorrow’s Meeting on Schools Closure. The Inter-Provincial Education Ministers Conference (IPEMC) held earlier today to mull over the closure of educational institutes amid the resurging Coronavirus in the country has ended without a consensus on the issue. School closing news today in year 2022 depends on the tomorrow&#8217;s meeting. Following the meeting, Punjab Education Minister, Dr. Murad Raas, addressed a press conference and hinted that educational institutes would not be closed as students have already suffered a lot of academic loss in the last two years. The Minister said that the academic process should continue uninterrupted and students [&hellip;]
- [Extension in Date for filing Monthly Single Sales Tax Return December 2021](https://tax.net.pk/2022/01/17/extension-in-date-for-filing-monthly-single-sales-tax-return-december-2021/): The Federal Board of Revenue (FBR) has extended the date of payment and submission of Sales Tax and Federal Excise Return for the Tax Period of December 2021. The date has been extended for filing December 2021 sales tax and Federal Excise Return in view of newly launched Single Sales Tax Return module under Iris portal of FBR. In its letter to all Chief Commissioners Inland Revenue (IR), the FBR has informed about the extension in date of payment of Sales Tax and FED up to&nbsp;January 21, 2022&nbsp;which was earlier set as January 15, 2022. Similarly, the date of submission of [&hellip;]
- [750 Prize Bond Draw List 2022 - Prize Bond Draw Schedule Dates and Results](https://tax.net.pk/2022/01/17/750-prize-bond-draw-list-2022-prize-bond-draw-schedule-dates-and-results/): Peshawar: Complete Winner’s list of Rs 750 prize bond list 2022 (Peshawar) has been placed here. According to the representative of National Savings the 1st prize of the prize bond 750 worth Rs.1,500,000 will be awarded to the single winner while the second prize of the prize bond 750 worth Rs.500,000 will be awarded to 3 lucky winners and the third prize of the prize bond 750 will be given to 1696 participants for Rs.9,300/- each. Winner’s list of Rs 750 Prize bond list The Winner’s list of 750 prize bond will be updated here. Bond Worth City Date First Prize [&hellip;]
- [About FBR's Revised Valuation Rates of Immovable Properties](https://tax.net.pk/2022/01/17/about-fbrs-revised-valuation-rates-of-immovable-properties/): The buyers and sellers of immovable properties across the country are unsure about the legal status of the applicability of the FBR&#8217;s valuation rates of Properties from 16 January 2022. The Federal Board of Revenue (FBR) failed to issue the downward revised immovable property valuation tables to be applicable from 16 January 2022 on time and it had suspended the new property valuation rates until 15 January 2022. Subsequently, the deadline for the issuance of the new rates expired on 15 January. The FBR had revised the values of residential and commercial immovable properties in 40 major cities across the country [&hellip;]
- [Samsung Galaxy A50 PTA and Import TAX and Price in Pakistan | PTA Tax Calculator](https://tax.net.pk/2022/01/16/samsung-galaxy-a50-pta-and-import-tax-and-price-in-pakistan-pta-tax-calculator/): Samsung Galaxy A50 is a device launched in Pakistan. The official price of this phone is 0 Rupees. The Samsung Galaxy A50 price in Pakistan is less then $60/- which includes 250 Rupees custom duty tax levied by PTA as part the new system of registering your devices in order to be able to operate them in Pakistan. How Galaxy A50 Tax is Calculated? There is a PKR 250/- fixed custom duty on Galaxy A50 with an additional PKR 250/- Regulatory Duty tax which is based on the price of the mobile in US dollars. There is also a fixed sales [&hellip;]
- [New Taxes on Cars](https://tax.net.pk/2022/01/16/new-taxes-on-cars/): After a lot of wait and speculation, the National Assembly has finally approved the mini-budget, which has created trouble for the car industry. If you remember, the government proposed several Federal Excise Duty (FED) and Sales Tax hikes for locally assembled and imported cars. Let us see the new taxes on cars (sales tax, FED and Regulatory Duty). General Sales Tax on Hybrid and EVs Cars The most notable amendment is that the Federal Board of Revenue will now charge 12.5 percent General Sales Tax (GST) on the import of Completely Built-Up (CBU) Electric Vehicles (EVs). However, the GST on locally-manufactured [&hellip;]
- [List of Prize winners of point of sales prize Scheme of FBR draw held on 15th January 2022](https://tax.net.pk/2022/01/15/list-of-prize-winners-of-point-of-sales-prize-scheme-of-fbr-draw-held-on-15th-january-2022/): The Federal Board of Revenue has announced a very interesting FBR POS Prize Scheme in which you can win 10,00,000 Rupees every month. FBR Announces prizes for purchasing any item from the Shops/Retailers/ Superstores affiliated with FBR POS System. FBR Lucky Draw Winner List will be announced on 15 January 2022 for the 1st&nbsp;Lucky Draw of FBR. The&nbsp;first&nbsp;prize&nbsp;of Rs.1 Million will&nbsp;be&nbsp;given&nbsp;to the&nbsp;winner&nbsp;who buys&nbsp;from the retailers&nbsp;integrated&nbsp;with the POS&nbsp;machines. There will&nbsp;be&nbsp;four&nbsp;prizes / third prize&nbsp;valued&nbsp;at Rs.250,000 each, and&nbsp;two prizes / second prize&nbsp;of Rs.500,000 each. There will also be a long list of general prizes of Rs 50,000 each for 1,000 persons. There will&nbsp;be&nbsp;total&nbsp;prizes&nbsp;of Rs. [&hellip;]
- [Legal and Operational Issues with National Single Sales Tax Return](https://tax.net.pk/2022/01/15/legal-and-operational-issues-with-national-single-sales-tax-return/): Federal and provincial taxpayers are facing problems in filing the Federal Board of Revenue (FBR)’s National Sales Tax Return (STR), which was formally launched by Finance Minister Shaukat Tarin on January 7, 2022. Earlier, the FBR informed all concerned that the STR for the tax period of December 2021 will be filed through the Single Sales Tax Portal. There are several issues of registered person to file Single National Sales Tax Return. Hence, limited number of taxpayers were able to file the said return. Tax Experts about Single National Sales Tax Returns Different tax experts have highlighted several issues and are [&hellip;]
- [Car Prices after Mini Budget](https://tax.net.pk/2022/01/15/car-prices-after-mini-budget/): The Government has announced massive increase in the taxes on cars with the approval of the Mini-Budget (State Bank of Pakistan (Amendment) Bill 2021 and Supplementary Finance Bill 2021 ). The Government has introduced several hikes in the Federal Excise Duty (FED) and Sales Tax on locally assembled and imported cars. Let us see the changes in car prices after mini budget. Taxes on Locally Assembled Cars According to the details, the Government has introduced massive increase in the Federal Excise Duty (FED) on locally assembled cars, including a 2.5% increase on taxes for cars from 0-1300cc engine capacity while the [&hellip;]
- [Samsung Galaxy A51 PTA and Import TAX and Price in Pakistan | PTA Tax Calculator](https://tax.net.pk/2022/01/14/samsung-galaxy-a51-pta-and-import-tax-and-price-in-pakistan-pta-tax-calculator/): Samsung Galaxy A51 is a device launched in Pakistan. The official price of this phone is 49999 Rupees. The Samsung Galaxy A51 price in the country is more then $130/- which includes 20% custom duty tax levied by PTA as part the new system of registering your devices in order to be able to operate them in Pakistan. How Galaxy A51 Tax is Calculated? There is a PKR 250/- fixed custom duty on Galaxy A51 with an additional 20% Regulatory Duty tax which is based on the price of the mobile in US dollars and it amounts to PKR 10000/-. There [&hellip;]
- [FBR starts budget preparation exercise for 2022-2023](https://tax.net.pk/2022/01/14/fbr-starts-budget-preparation-exercise-for-2022-2023/): The Federal Board of Revenue (FBR) has started budget preparation exercise for 2022-2023. In this regard, the FBR has issued a letter to all Chamber of Commerce and Industry seeking customs-related budget proposals for 2022-23. According to the FBR, the Board invite customs-related budget proposals for the year 2022-23. These proposals may cover three areas i.e. changes in Customs Tariff rates, Rules/Procedures and Customs Act, 1969. In order to enable the Customs Wing of the FBR to properly process and evaluate each proposal, three separate formats are attached as Annex-I, II, and IR for preparing the proposals on MS Excel sheets. [&hellip;]
- [Govt creates legal complications by taxing export processing zone](https://tax.net.pk/2022/01/14/govt-creates-legal-complications-by-taxing-export-processing-zone/): The Finance (Supplementary) Bill 2021 or the mini-budget is about to create a legal dilemma for the federal government as for the first time goods being produced at the Export Processing Zone (EPZ) would also be taxed. Taxing such goods goes against the Export Processing Zone Act 1980, exporters have said. The supplementary finance bill proposes a 17% General Sales Tax (GST) on machinery, equipment and raw materials imported to Pakistan to manufacture products at the EPZ. The tax is unlawful because all the products manufactured at the EPZ are exported back, says Irfan Ikhlas, an exporter. Technically the government is [&hellip;]
- [NA passes mini-budget as govt withdraw several proposed taxes](https://tax.net.pk/2022/01/14/na-passes-mini-budget-as-govt-withdraw-several-proposed-taxes/): NA approves State Bank of Pakistan (Amendment) Bill 2021 and supplementary finance bill with some amendments proposed by govt, PTI allies. In the amended bill, govt rolls back its plan to impose additional sales taxes on children’s formula milk, bread. Finance minister Tarin says “we had no other option but to ask for IMF’s help.&#8221; 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. The bill was passed after Finance Minister Shaukat Tarin announced that the government has [&hellip;]
- [New definition of 'exported goods’ as per SRO issued by FBR](https://tax.net.pk/2022/01/13/new-definition-of-exported-goods-as-per-sro-issued-by-fbr/): The Federal Board of Revenue (FBR) has changed the definition of the exported goods for claiming duty drawback covering supplies against international tenders or supply to industrial units, projects, institutions, agencies, and organisations. The FBR has notified SRO41 (I) 2022 to issue draft amendments in the Customs Rules, 2001, here on Wednesday. Under the revised rules, the new definition of the exported goods means exported item to any foreign country including Export Processing Zone in Pakistan or for supplies against international tenders, or for supply to industrial units, projects, institutions, agencies and organizations, entitled to import at concessionary rates. The existing [&hellip;]
- [State Bank reports complete ban on cryptocurrency and related activities in Pakistan](https://tax.net.pk/2022/01/13/state-bank-reports-complete-ban-on-cryptocurrency-and-related-activities-in-pakistan/): A committee headed by the deputy governor of the State Bank of Pakistan (SBP) has recommended a complete ban on cryptocurrency, saying that allowing it could lead to an outflow of foreign exchange and illicit money. The report was presented before a two-member bench of the Sindh High Court (SHC), which heard a petition regarding the digital cryptocurrency. The court sent the 38-page report to the Ministry of Finance and the Ministry of Law to review its legal aspects. The committee recommended a complete ban on cryptocurrency and related activities in Pakistan. Heading the bench, Justice KK Agha remarked that in [&hellip;]
- [FBR introduced list of mandatory documents for claim of duty drawbacks](https://tax.net.pk/2022/01/12/fbr-introduced-list-of-mandatory-documents-for-claim-of-duty-drawbacks/): The Federal Board of Revenue (FBR) has introduced a mandatory requirement of six documents for the claim of duty drawbacks on local supplies, free of duty imports, and taxes to avoid any misuse of the facility. The FBR issued an amendment draft in Customs act to make the process of the claim of duty drawback foolproof. In the amendment draft, it has been suggested that almost six documents will be required to claim duty drawback. The draft states, “Documents required for claims of duty drawback on local supplies made against the international tender or for supply to industrial units, projects, institutions, [&hellip;]
- [Apple IPhone SE 2020 PTA, Import Tax and price in Pakistan](https://tax.net.pk/2022/01/11/apple-iphone-se-2020-pta-import-tax-and-price-in-pakistan/): Apple IPhone SE 2020 is a device launched in Pakistan. The official price of this phone is 92499 Rupees. The Apple IPhone SE 2020 price in the country is more then $130/- which includes 20% custom duty tax levied by PTA as part the new system of registering your devices in order to be able to operate them in Pakistan. How IPhone SE 2020 Tax is Calculated? There is a PKR 250/- fixed custom duty on IPhone SE 2020 with an additional 20% Regulatory Duty tax which is based on the price of the mobile in US dollars and it amounts [&hellip;]
- [Supreme Court suspends SHC's order on FBR notices to foreign asset holders](https://tax.net.pk/2022/01/11/supreme-court-suspends-shcs-order-on-fbr-notices-to-foreign-asset-holders/): On the plea of the Federal Board of Revenue (FBR), the Supreme Court of Pakistan has suspended the Sindh High Court (SHC) order which declared illegal the issuance of FBR notices to the Pakistanis pertaining to their overseas assets, income, and expenses. However, it has granted leave to appeal against the suspension. A three-member bench of the apex court headed by Justice Umar Atta Bandial heard the FBR plea. Earlier, Sindh High Court (SHC) had declared FBR’s notices null and void and illegal in December 2020. The FBR lawyer stated during the hearing that in accordance with Income Tax Ordinance-2001, all [&hellip;]
- [Cottage industry annual turnover limit proposed to change](https://tax.net.pk/2022/01/10/cottage-industry-annual-turnover-limit-proposed-to-change/): Which persons required to get sales tax registration ? Registration Section 14 of Sales Tax Act 1990 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 activity carried on by him, falling in any of the following categories, if not already registered, is required to be registered under this Act, namely:- (a) a manufacturer&nbsp;who is not running a cottage industry;(b) a retailer who is liable to pay sales tax under the Act or rules made thereunder, excluding such retailer [&hellip;]
- [Samsung Galaxy A03s PTA, Import TAX and Price in Pakistan | PTA Tax Calculator](https://tax.net.pk/2022/01/09/samsung-galaxy-a03s-pta-import-tax-and-price-in-pakistan-pta-tax-calculator/): Samsung Galaxy A03s is a device launched in Pakistan. The official price of this phone is 22499 Rupees. The Samsung Galaxy A03s price in Pakistan is more then $60/- and less then $130/- which includes 10% custom duty tax levied by PTA as part the new system of registering your devices in order to be able to operate them in Pakistan. How Galaxy A03s Tax is Calculated? There is a PKR 250/- fixed custom duty on Galaxy A03s with an additional 10% Regulatory Duty tax which is based on the price of the mobile in US dollars and it amounts to [&hellip;]
- [CNIC condition to be waived on digital payment](https://tax.net.pk/2022/01/09/cnic-condition-to-be-waived-on-digital-payment/): 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 to waive the condition of CNIC and NTN where payment has been made through debit card, debit card or other digital modes. PwC A. F. Ferguson &amp; Co. in their memorandum on the bill stated that sales tax law requires every registered person while making sales to unregistered person to provide CNIC or NTN of unregistered buyer except where supplies are made by a retailer involving transaction value not exceeding Rs [&hellip;]
- [FBR revealed biggest tax fraud](https://tax.net.pk/2022/01/08/fbr-revealed-biggest-tax-fraud/): The Federal Board of Revenue (FBR) has claimed that it has busted the first biggest tax fraud of billions of rupees by tampering with its electronically integrated Point of Sales (POS) system amid the company owner’s allegations of harassment of family members by the taxmen. Initial details revealed during the committee proceedings and disclosed by the taxmen to The Express Tribune suggest that Metro Shoes could be a test case of the government’s ability to go after the wealthy and at the same time the trustworthiness of its POS system. “On December 9, the FBR raided our business premises and confiscated computers and [&hellip;]
- [Notice issued by FIA to popular cryptocurrency exchange Binance](https://tax.net.pk/2022/01/07/notice-issued-by-fia-to-popular-cryptocurrency-exchange-binance/): The Federal Investigative Agency&#8217;s (FIA) Cyber Crime Wing said on Friday that it has issued a notice to an official from Binance, a popular cryptocurrency exchange, while investigating a multi-million dollar scam. The agency, seeking a reply from the Binance official, added that a questionnaire has also been sent to Binance Headquarters. “The FIA Cyber Crime Sindh has issued order of attendance to Hamza Khan, General Manager/ Growth Analyst at Binance Pakistan (Crypto Currency Exchange) to explain his position on the linkage of fraudulent online investment mobile applications with Binance,&#8221; stated the handout. “A relevant questionnaire has also been sent to [&hellip;]
- [FBR launched National Single Sales Tax Return Today](https://tax.net.pk/2022/01/07/fbr-launched-national-single-sales-tax-return-today/): Achieving yet another significant milestone towards digitization &amp; data integration to facilitate taxpayers, promote ease of doing business, harmonizing Sales Tax &amp; reduce compliance costs, FBR has launched its National Sales Tax Return (NSTR), at FBR (HQs) this afternoon. Federal Board of Revenue (FBR) in a tweet this evening, announced that National Single Sales Tax Return has been launched. It will facilitate taxpayers in declaration of their sales tax returns to different tax authorities via single sales tax return instead of separate declarations. Launch of single sales tax return to end tax evasion The launch of single sales tax return will help the [&hellip;]
- [Launch of single sales tax return to end fake and flying invoices](https://tax.net.pk/2022/01/07/launch-of-single-sales-tax-return-to-end-fake-and-flying-invoices/): The launch of single sales tax return will help the authorities to prevent tax evasion and end the phenomenon of fake and flying invoices. The Federal Board of Revenue (FBR) said that the single sales tax return will facilitate the taxpayers. Besides it will promote ease of doing business and reduce compliance cost as well. The FBR said that National Sales Tax Return is by all means a watershed initiative towards automation, data integration and harmonization of taxes. It is pertinent to mention that the National Sales Tax Return was developed after rigorous discussions with the provincial governments and their revenue [&hellip;]
- [FBR launching National Single Sales Tax Return Tomorrow](https://tax.net.pk/2022/01/06/fbr-launching-national-single-sales-tax-return-tomorrow/): Building further on its ongoing drive for digitization to facilitate the taxpayers, promote ease of doing business and reduce compliance costs, FBR achieved one more milestone by developing National Sales Tax Return. This important project is all set to be launched by Finance Minister, Shaukat Fayaz Tarin, on Friday at FBR (HQs), Islamabad. This is, by all means, a watershed initiative towards automation, data integration, and harmonization of taxes. It is pertinent to mention that the National Single Sales Tax Return was developed after rigorous discussions with the provincial governments and their revenue authorities. The feedback from other stakeholders, including taxpayers [&hellip;]
- [Apple iPhone 7 Plus PTA Tax / Import tax & Price in Pakistan](https://tax.net.pk/2022/01/05/apple-iphone-7-plus-pta-tax-import-tax-price-in-pakistan/): Apple IPhone 7 Plus is a device launched in Pakistan. The official price of this phone is 100899 Rupees. The Apple IPhone 7 Plus price in the country is more then $130/- which includes 20% custom duty tax levied by PTA as part the new system of registering your devices in order to be able to operate them in Pakistan. How IPhone 7 Plus Tax is Calculated? There is a PKR 250/- fixed custom duty on IPhone 7 Plus with an additional 20% Regulatory Duty tax which is based on the price of the mobile in US dollars and it amounts [&hellip;]
- [FATF asks for list of business persons registered with FBR using forged CNIC](https://tax.net.pk/2022/01/05/fatf-asks-for-list-of-business-persons-registered-with-fbr-using-forged-cnic/): The Financial Action Task Force (FATF) has sought the list of business persons registered with tax departments using forged CNIC. FBR has acquired some details about such business persons using forged CNICs, enabling money laundering. According to FBR sources, the FBR has asked the banks for details of the accounts created on these identity cards. The process of detecting fake identity cards started four months ago by NADRA. According to sources, the Financial Monitoring Unit (FMU) first obtained the details of the counterfeit ID cards in a recently concluded investigation regarding suspicious bank accounts and transactions across ten cities of the [&hellip;]
- [Tax Experts termed Tarin's claim on mini budget as 'Joke of the Year'](https://tax.net.pk/2022/01/01/tax-experts-termed-tarins-claim-on-mini-budget-as-joke-of-the-year/): Shaukat Tarin&#8217;s Logic on Mini Budget Federal Minister for Finance and Revenue,&nbsp;Shaukat Tarin, has ruled out the speculations, being expressed by many, that the&nbsp;supplementary finance bill&nbsp;will cause an increase in&nbsp;inflation. Addressing a press conference, jointly with Minister of State for Information and Broadcasting, Farrukh Habib, Tarin said the government had proposed to withdraw&nbsp;tax exemptions&nbsp;of Rs. 343 billion out of which Rs. 272 billion&nbsp;taxes&nbsp;were refundable or adjustable. The minister said that proposed new taxes only amounted to Rs. 71 billion, out of which Rs. 69 billion taxes were on luxury imported items such as imported fish, high-end bakery items, imported cheese, and [&hellip;]
- [Most expensive restaurant in Lahore](https://tax.net.pk/2021/12/31/most-expensive-restaurant-in-lahore/): Covo Restaurant Service options: Dine-in · Takeaway Address: Shara-e-Quaid-e-Azam, Mall Road, Jubilee Town, Lahore, Punjab 54000 Hours: Closed ⋅ Opens 7PM Phone: (042) 111 505 505 Top Notch Address: Jinnah polo and country club, Dha ph 8, DHA Phase 8 &#8211; Ex Air Avenue Lahore, 54000 Hours: Open ⋅ Closes 12AM Updated by business 3 weeks ago Phone: 0320 0425078 Àmú Address: 6-A, Canal Park Gulberg 2, Lahore, Punjab 54000 Hours: Opens soon ⋅ 6:30PM Phone: 0300 8180918 Veera 5 Thai And Chinese Cuisine Address: Building no 80, 5 Street 1, Sector C Phase 5 D.H.A, Lahore, Punjab 54000 Hours: Open ⋅ Closes 1AM Phone: 0304 4999829 AoKi Japanese Fusion &#8211; Best Japanese restaurant in Lahore | Fusion Food Address: 17th [&hellip;]
- [Apple Iphone 6 PTA and Import TAX in Pakistan | Price In Pakistan](https://tax.net.pk/2021/12/31/apple-iphone-6-pta-and-import-tax-in-pakistan-price-in-pakistan/): Apple Iphone 6 is a device launched in Pakistan. The official price of this phone is 46899 Rupees. The Apple Iphone 6 price in the country is more then $130/- which includes 20% custom duty tax levied by PTA as part the new system of registering your devices in order to be able to operate them in Pakistan. How Iphone 6 Tax is Calculated? There is a PKR 250/- fixed custom duty on Iphone 6 with an additional 20% Regulatory Duty tax which is based on the price of the mobile in US dollars and it amounts to PKR 9380/-. There [&hellip;]
- [List of Items that will face a price hike after approval of supplementary budget 2021](https://tax.net.pk/2021/12/31/list-of-items-that-will-face-a-price-hike-after-approval-of-supplementary-budget-2021/): The federal government presented the supplementary finance bill 2021 before the Parliament for withdrawal of General Sales Tax (GST) exemptions and proposed imposition of 17% tax on nearly 150 items on Thursday. According to the details of the bill, 17% GST will be imposed on 140 essential consumable and industrial goods. Here is a list of items that will witness a price hike following the approval of the supplementary finance bill — termed by the Opposition as a &#8220;mini-budget&#8220;. Imposition of advance tax on foreign-produced TV dramas and serials as well as advertisements starring actors from other countries (PKR 3mn per [&hellip;]
- [Officials reveals logic on Mini Budget](https://tax.net.pk/2021/12/31/officials-reveals-logic-on-mini-budget/): Federal Minister for Finance and Revenue, Shaukat Tarin, has ruled out the speculations, being expressed by many, that the supplementary finance bill will cause an increase in inflation. Addressing a press conference, jointly with Minister of State for Information and Broadcasting, Farrukh Habib, Tarin said the government had proposed to withdraw tax exemptions of Rs. 343 billion out of which Rs. 272 billion taxes were refundable or adjustable. The minister said that proposed new taxes only amounted to Rs. 71 billion, out of which Rs. 69 billion taxes were on luxury imported items such as imported fish, high-end bakery items, imported [&hellip;]
- [What is new in Govt announced supplementary finance bill 2021?](https://tax.net.pk/2021/12/30/what-is-new-in-govt-announced-supplementary-finance-bill-2021/): Federal Minister for Finance Shaukat Tarin on Thursday presented the much-awaited supplementary finance bill 2021 — termed by the Opposition as a &#8220;mini-budget&#8221; — in the National Assembly, as a pre-requisite to resume the $6 billion External Fund Facility (EFF) of the International Monetary Fund (IMF). The Opposition staged a vehement protest and chanted slogans to prevent Shaukat Tarin from introducing the Finance Bill 2021 and SBP Amendment Bill in the House. Supplementary finance bill 2021 Sales Tax Exemptions Withdrawn According to the finance ministry&#8217;s proposal, the government will impose a tax on approximately 150 goods at a rate of 17%. [&hellip;]
- [FBR Uploads Income Tax Return Forms for Tax Year 2022](https://tax.net.pk/2022/07/02/fbr-uploads-income-tax-return-forms-for-tax-year-2022/): FBR Uploads Income Tax Return Forms for Tax Year 2022 Federal Board of Revenue (FBR) has uploaded the Income Tax Return Forms for Tax Year 2022. Separate Income Tax Return Forms for Salaried, Association of Persons(AOPs), Business Individuals, and Companies are now available on FBR portal. Moreover, taxpayer can file Income Tax Returns through FBR&#8217;s Web Portal (Iris System), and Tax Asaan application. In a press statement issued here on Friday, FBR said taxpayers are provided complete guidance about filling all the required particulars in the form. READ MORE: List of Documents Required for Filing and Submission of Tax Returns in [&hellip;]
- [OGRA Announces Increase in LPG Prices](https://tax.net.pk/2022/07/02/ogra-announces-increase-in-lpg-prices/): OGRA Announces Increase in LPG Prices. The Oil and Gas Regulatory Authority (OGRA) on Friday increased the prices of liquified petroleum gas (LPG) for the month of July. The authority announced an increase of Rs. 1.66 per kg in the price of Liquid Petroleum Gas (LPG) for July. According to the notification, the price of a 11.8 kg domestic cylinder of LPG will now be Rs. 2,600.97 per cylinder, up by Rs. 19.62 from June’s price of Rs. 2,581.35 per cylinder. The new LPG prices will be effective from July 1st, 2022. The price increase of LPG follows the increase in [&hellip;]
- [Petrol Prices Pakistan Increased Again](https://tax.net.pk/2022/06/30/petrol-prices-pakistan-increased-again/): Petrol Prices Pakistan Increased Again: Government of Pakistan has again taken tough decision to raise the prices of all petroleum products. In this regard, a statement issued by the Ministry of Finance, due to increase in petroleum prices in the international market and the exchange rate rise, the government has decided to apply a petroleum levy gradually and revise the existing prices of petroleum products. Revised prices are effective from 1st July 2022 which are as follows: Product Existing Prices w.e.f16-06-20022 New Prices w.e.f01-07-2022 PL Increase/Decrease MS (Petrol 233.89 248.74 10.00 +14.85 High-Speed Diesel (HSD) 263.31 276.54 5.00 +13.23 Kerosene (SKO) [&hellip;]
- [Eid Ul Adha Holidays in Pakistan 2022](https://tax.net.pk/2022/06/30/eid-ul-adha-holidays-in-pakistan-2022/): Eid Ul Adha Holidays in Pakistan 2022 &#8211; Eid Adha dates and calendar. This year in 2022, Eid Ul Adha, that is Eid ul-Azha, or&nbsp;Id-ul-Zuha Pakistanis will celebrate on&nbsp;Sunday, 10 July 2022. The date is subject to change depending on the sighting of the moon of Dhu al-Hijjah, 1443. Eid Ul Adha Public holidays in Pakistan in 2022 Eid ul-Adha normally celebrates for three straight days in Pakistan. All private and government establishments will remain closed during the festival. Let us see what government announced in this regard on Sunday July 3rd 2022. Through a notification issued by PM office, announced [&hellip;]
- [Tax Offices, State Bank and National Bank Timings on 30 and 29 June](https://tax.net.pk/2022/06/30/tax-offices-state-bank-and-national-bank-timings-on-30-and-29-june/): Tax Offices, State Bank and National Bank Timings on 30 and 29 June: Pakistan tax offices have been directed to follow extended office hours on the last two days of the current financial year i.e. June 29, 2022 and June 30, 2022 for collection of duty and taxes on last day of fiscal year. Tax Offices, State Bank and National Bank Timings on 30 and 29 June Extended Office Timings of Tax Offices As per directions of Federal Board of Revenue (FBR) on Friday: all Large Tax Offices (LTOs), Medium Tax Office (MTO), Corporate Tax Offices (CTOs) and Regional Tax offices [&hellip;]
- [National Assembly Passes Finance Bill 2022](https://tax.net.pk/2022/06/29/national-assembly-passes-finance-bill-2022/): National Assembly Passes Finance Bill 2022 The National Assembly on Wednesday approved Finance Bill 2022 with a majority vote. Budget prepared in accordance with the demands of the International Monetary Fund (IMF). Further, NA Speaker Raja Pervaiz Ashraf chaired the assembly session. Furthermore, the budget was approved with a majority vote which led to the passage of Finance Bill 2022 after clause-by-clause reading as well as voice voting along with amendments. Petroleum Levy Moreover, NA session gave its decision to impose the petroleum levy by Rs50 per litre in a gradual manner. Minister of State for Finance Aisha Ghaus Pasha sought [&hellip;]
- [Petrol Price in Pakistan Likely to Increase from July](https://tax.net.pk/2022/06/29/petrol-price-in-pakistan-likely-to-increase-from-july/): The Petrol Prices in Pakistan are likely to increase from start of July. Government plans to charge petroleum levy on POL products with effect from 1st July 2022 in order to reinstate the International Monetary Fund (IMF) loan programme. Plan is to gradually impose a petroleum levy of Rs. 50 per litre on POL products, which will lead to a massive increase in the Petrol Prices in Pakistan. According to media reports, the federal government will impose a petroleum levy of Rs. 10 per litre from July and it will be increased by Rs. 5 per litre from August onwards until it [&hellip;]
- [Form 1 of Partnership Act 1932](https://tax.net.pk/2022/06/29/form-1-of-partnership-act-1932/): Form 1 of Partnership Act 1932 is an important document for applying for the registration of Partnership Firm in Pakistan. Following other documents / information in addition to Form 1 are required for firm registration: Proposed name of your firm Nature and scope of business Full name and CNIC copies of partners Full name and CNIC copies of witnesses Investment amount by each partner Partnership Deed on non-judicial stamp paper worth Rs. 1,000/- Office address of the Partnership Firm Partnership deed executed on non-judicial stamp worth Rs. 1,000/- (name of Partnership Firm and Address must be mentioned along with all rights [&hellip;]
- [1st July Bank Holiday in Pakistan](https://tax.net.pk/2022/06/29/1st-july-bank-holiday-in-pakistan/): Is 1 July 2022 a Public Holiday? This is a holiday only for banks and bank employees. It is not a public holiday for the general population and businesses. Banks generally follow normal opening hours on 1st July bank holiday in Pakistan. Every year, many other days are also announced as bank holidays in Pakistan. Banks remain closed on these days for the public, but not for employees who will have to report to work as usual. The bank holidays in Pakistan relates to: New Year&#8217;s Day, the first day of Ramadan and half-year closing at the start of July. July [&hellip;]
- [Cellular Mobile Companies Increased Rates of Call and Data Packages](https://tax.net.pk/2022/06/28/cellular-mobile-companies-increased-rates-of-call-and-data-packages/): Cellular mobile companies have once again increased the rates of call and data packages (Internet Packages) due to massive inflation in the country. Pakistan Telecom Mobile Limited (Ufone), Jazz and Telenor have all increased rates of different call packages and data packages. Jazz Tariff According to the company, the tariff of weekly Youtube &amp; Social has been revised from Rs. 115 to Rs. 120 with effect from June 23. The tariff of the weekly WhatsApp offer has been revised from Rs. 21 to Rs. 23 with effect from June 23. Ufone Tariff As per the revised rates, the price of UPower [&hellip;]
- [Suzuki Cultus Car to Discontinue in Pakistan](https://tax.net.pk/2022/06/28/suzuki-cultus-car-to-discontinue-in-pakistan/): Pak Suzuki Motor Company (PSMC) has decided to discontinue Cultus car. According to media reports, Cultus will be officially discontinued in the upcoming months. According to media Reports, the sales of Cultus car were affected by the sales of Alto and Swift. Suzuki aiming to promote Swift more actively and increase the sales of Alto. Statistical Data from the Pakistan Automotive Manufacturers Association (PAMA) shows that Pak Suzuki Motors sold over 9,800 units of Alto in March this year, 5,000 in April and 5,400 in May. These figures indicating that sale is decreasing massively. It is important here that Pak Suzuki [&hellip;]
- [Draft Income Tax Returns Forms for Salaried, AOPs, and Companies Tax Year 2022](https://tax.net.pk/2022/06/28/draft-income-tax-returns-forms-for-salaried-aops-and-companies-tax-year-2022/): The Federal Board of Revenue (FBR) on Tuesday issued draft income tax return forms for tax year 2022. The FBR issued&nbsp;SRO 820(I)/2022&nbsp;to notify the draft income tax return forms. The forms included: electronic return for salaried individuals, Association of Person (AOPs), for business individuals; and for electronic return form for companies. FBR asked stakeholders to provide objections or suggestions to the draft return forms within seven days of publication of the draft form. The FBR may issue the finalized income tax return forms after the expiry of the given time for draft income tax return forms. The formal income tax return [&hellip;]
- [Gold Rates in Pakistan Today | June 27 2022](https://tax.net.pk/2022/06/27/gold-rates-in-pakistan-today-june-27-2022/): Gold Rates in Pakistan Today | June 27 2022: The price of a single tola of 24-karat gold in Pakistan is Rs 142,600 on Monday. The price of 10 grams of 24k gold was recorded at Rs 122,200. Likewise,10 grams of 22k gold were being traded for Rs 112,016 while a single tola of 22-karat gold was being sold at Rs 130,716. Important note: The gold rate in Pakistan today is fluctuating according to the international market so the price is never been fixed. Below rates are provided by local gold markets and Sarafa Markets of different cities. City Gold Silver [&hellip;]
- [Bad News for Pakistan Salaried Class | Income Tax Rates 2022-23](https://tax.net.pk/2022/06/26/bad-news-for-pakistan-salaried-class-income-tax-rates-2022-23/): A bad news for salaried class in the shape of considerable high Revised Salary Income Tax Rates 2022-23 in the amended Finance Bill 2022. This change will be experienced by salaried class for the month of July 2022 when they will withdraw salary in August 2022. This increase of salary income tax rates from July 2022 will be a shocking news for the salaried class. Revised Salary Income Tax Rates / Slabs 2022-23 Interestingly, the tax relief of Rs. 47 billion already proposed in the budget 2022-23 to the salaried class has been withdrawn and further taxes of Rs. 35 billion have been charged [&hellip;]
- [Revised Salary Income Tax Rates 2022-23 | Budget Proposals](https://tax.net.pk/2022/06/25/revised-salary-income-tax-rates-2022-23-budget-proposals/): A bad news for salaried class in the shape of considerable high Revised Salary Income Tax Rates 2022-23 in the amended Finance Bill 2022. This change will be experienced by salaried class for the month of July 2022 when they will withdraw salary in August 2022. This increase of salary income tax rates from July 2022 will be a shocking news for the salaried class. Revised Salary Income Tax Rates / Slabs 2022-23 Interestingly, the tax relief of Rs. 47 billion already proposed in the budget 2022-23 to the salaried class has been withdrawn and further taxes of Rs. 35 billion [&hellip;]
- [Pakistan Super Tax | Govt Charged 10% Super Tax on 13 Sectors](https://tax.net.pk/2022/06/24/pakistan-super-tax-govt-charged-10-super-tax-on-13-sectors/): Here on Friday, PM Shehbaz Sharif announced to impose a 10% super tax on 13 large scale industries. While addressing the nation, the PM said that the government has taken these “tough decisions” regarding the federal budget for the next fiscal year 2022-23. “I want to brief the people about those decisions and the actual economic situation of the country,” he said. Super Tax Definition According to Dictionary.com: &#8220;tax in addition to a normal tax, as one upon income above a certain amount. READ MORE: Salary Tax Calculator 2022-23 Pakistan | Income Tax Slabs 2022-23 Super Tax Example According to Income [&hellip;]
- [Biggest Tax Evasion Cases in UK](https://tax.net.pk/2022/06/24/biggest-tax-evasion-cases-in-uk/): We have given here a list of the UK’s biggest and top tax evasion cases here. DOMINIC CHAPPELL Dominic Chappell, a UK top businessman who bought a UK based retailer BHS from Philip Green for £1 in 2015, then jailed for six years after found convicted of tax evasion. Prosecutors told the trial that he picked to evade paying corporation tax, income tax and value added tax on £2.2m of income which he and his companies received from the acquisition of BHS. Facts of the Case: During a 17 month period, sales invoices for this period totalled 2.3m resulting in tax [&hellip;]
- [Biggest Bank Fraud Ever](https://tax.net.pk/2022/06/23/biggest-bank-fraud-ever/): Central Bureau of Investigation (CBI) in India has filed a bank fraud case against DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan for defrauding a consortium of 17 banks led by Union Bank of India for Rs 34,615 crore. Considering a biggest bank fraud case registered by the agency. The agency booked the Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan, the then CMD, Dheeraj Wadhawan, the director and six realtor companies for allegedly being part of criminal conspiracy to cheating the consortium led by the Union Bank of India to the tune of Rs 34,615 crore. The agency has taken action [&hellip;]
- [Definition of Beneficial Owners | Budget Proposals 2022-2023](https://tax.net.pk/2022/06/23/definition-of-beneficial-owners-budget-proposals-2022-2023/): The bill has proposed to introduce the definition of beneficial owner in budget for the financial year 2022-2023. Every company and Association of Persons (AOP) is proposed to electronically submit details of beneficial owners and any change in their particulars. Specific rules are expected to be promulgated in this regard. A penalty of Rs 1 million is proposed for each default. The expression ‘beneficial owner’ is defined to mean a natural person who- (a) ultimately owns or controls a company or AOP, whether directly or indirectly, through at least 10% shares or voting rights; or (b) exercise ultimate effective control, through [&hellip;]
- [75 Rupees Note in Pakistan on 75th Anniversary of Country](https://tax.net.pk/2022/06/21/75-rupees-note-in-pakistan-on-75th-anniversary-of-country/): The State Bank of Pakistan (SBP) plans to issue commemorative banknotes of Rupees 75 to mark the 75th Independence Day of Pakistan. According to ProPakistani.pk, the Cabinet has approved the design of the Rupees 75 banknotes. Government directed the State Bank of Pakistan (SBP) to get the commemorative banknotes printed on paper locally in Pakistan. It will likely be available to Citizens of Pakistan in August. It is to remember here that a special Rupees 5 commemorative note had already been issued on 13 August 1997, for celebrating Pakistan’s 50th anniversary. The SBP makes efforts to commemorate particular events in Pakistan’s history [&hellip;]
- [Sales Tax Invoice Format Excel Free Download](https://tax.net.pk/2022/06/21/sales-tax-invoice-format-excel-free-download/): What is Sales Tax Invoice? Sales Tax invoice issues for taxable supply of goods &amp; services. Sales Tax invoice consists details like description of Goods Supplied, quantity, Rate of Goods, value of goods/service, Sales tax Rate charged thereon and other particulars. The Sales Tax Invoice also contains Information about officer authorized and prepared the invoice. Sales Tax invoice is also an evidence for recipient of goods to claim input tax credit of goods &amp; service. Sales Tax invoice is also a document for supplier of goods to pay output sales tax of goods &amp; service sold. How to File Sales Tax [&hellip;]
- [200 Prize Bond List 2022 | 200 Prize Bond Schedule 2022](https://tax.net.pk/2022/06/15/200-prize-bond-list-2022-200-prize-bond-schedule-2022/): You can check the Draw No. 90 Rupees 200/- Prize Bond List Result here online. Balloting for Lucky Draw No. 90 of Rs. 200 prize bond will held in Multan city on 15 June 2022. You can also check the 200 Rupees prize bond list results of date 15 June 2022 as per prize bond schedule. State bank of Pakistan&nbsp;do the balloting for the&nbsp;200 Rs. Prize bonds. 1st prize of the prize bond 200 worth Rs.750,000 will be awarded to the single winner while second prize of the prize bond 200 worth Rs.250,000 will be awarded to 5 lucky winners and the third prize of [&hellip;]
- [FBR Lucky Draw 15 June 2022](https://tax.net.pk/2022/06/15/fbr-lucky-draw-15-june-2022/): Federal Board of Revenue (FBR) has drawn it&#8217;s 6th lucky draw of Point of Sales (POS) Prize Scheme here on Tuesday 15 June 2022 in Karachi. 6th Lucky Draw of this POS Prize Scheme held in Karachi. Where about 54 million worth prizes announced to buyers of goods at point of sales integrated with FBR. Every Person can participate in this FBR Lucky Draw by verifying it&#8217;s sales tax invoice on Tax Asaan App or by sending message at 9966. FBR sends confirmation message after verification of invoice and then includes in FBR POS lucky draw. &#8220;FBR congratulates 1017 winners of [&hellip;]
- [FBR Lucky Draw Result June 15 2022 Winners List | FBR POS Lucky Draw](https://tax.net.pk/2022/06/15/fbr-lucky-draw-result-june-15-2022-winners-list-fbr-pos-lucky-draw/): The&nbsp;Federal Board of Revenue&nbsp;has announced a very interesting&nbsp;FBR POS Prize Scheme&nbsp;in which you can win 10,00,000 Rupees every month.&nbsp;FBR&nbsp;Announces prizes for purchasing any item from the Shops/Retailers/ Superstores affiliated with&nbsp;FBR POS System.&nbsp;6th FBR Lucky Draw Winner List&nbsp;expected to announce on 15 June 2022 for the&nbsp;6th&nbsp;Lucky Draw of FBR. The&nbsp;first&nbsp;prize&nbsp;of Rs.1 Million to the&nbsp;winner&nbsp;of lucky draw who buys&nbsp;from the retailers&nbsp;integrated&nbsp;with the POS&nbsp;machines and verify / register his invoice for lucky draw. Four&nbsp;prizes / third prize&nbsp;valued&nbsp;at Rs.250,000 each, and&nbsp;two prizes / second prize&nbsp;of Rs.500,000 each. There will also be a long list of general prizes of Rs 50,000 each for 1,000 persons. There [&hellip;]
- [FBR POS Invoice Lucky Draw Winners Result List June 15 2022](https://tax.net.pk/2022/06/15/fbr-pos-invoice-lucky-draw-winners-result-list-june-15-2022/): List of Prize winners of point of sales prize Scheme of&nbsp;FBR lucky draw held on 15th June 2022. The&nbsp;Federal Board of Revenue&nbsp;has announced a&nbsp;FBR POS Prize Scheme&nbsp;in which you can win prizes of Rs 1,000,000, Rs 500,000, Rs 250,000 and Rs 50,000 every month. FBR&nbsp;Announces prizes for purchasing any item from the Shops/Retailers/CSD and Superstores affiliated with FBR POS System. 6th FBR Lucky Draw Winner List announced on 15 June 2022. FBR congratulated the winners of&nbsp;FBR Lucky Draw Winners&nbsp;of 15 June 2022. Download Here – FBR Lucky Draw Result June 15 2022 Winners List
- [Salary Tax Calculator 2022-23 Pakistan | Income Tax Slabs 2022-23](https://tax.net.pk/2022/06/14/salary-tax-calculator-2022-23-pakistan-income-tax-slabs-2022-23/): Seven&nbsp;Income Tax slabs of Salary Income&nbsp;has been introduced in the proposed Budget Income Tax Slabs. According to the&nbsp;Proposed budget for the year 2022-2023, monthly salary of up to Rs. 50,000 (Rs. 600,000 annually) will be exempt from income tax. READ MORE: Bad News for Pakistan Salaried Class | Income Tax Rates 2022-23 READ MORE: Revised Salary Income Tax Rates 2022-23 | Budget Proposals Budget Proposed Income Tax Slabs 2022-2023 A tax of&nbsp;Rs. 100&nbsp;will be charged where taxable annual income exceeds&nbsp;Rs. 600,000 (Rs. 50,000 per month)&nbsp;but does not exceed&nbsp;Rs. 1.2 million annually (Rs. 100,000 per month). Where&nbsp;Salary annual income exceeds Rs. 1.2 [&hellip;]
- [Salary Increase of Government Employees 2022](https://tax.net.pk/2022/06/14/salary-increase-of-government-employees-2022/): Salary Increase of Government Employees 2022 The finance minister announced that owing to the high inflation in the country, the government proposed Salary Increase of Government Employees in Budget Speech 2022-23 Pakistan by 15 per cent. The pensions also proposed to raise by 5 per cent. The minister said that FBR revenue projected at Rs7,004 billion for the next fiscal year 2022-2023. “This includes Rs4,100 billion share of provinces. The net revenue with the federal government will be Rs4,904 billion. The non-tax revenue will be Rs2,000 billion.” He said that the petrol quota of cabinet members and government officials proposed to [&hellip;]
- [Budget Income Tax Slabs Proposed 2022-2023 | Salary Tax Calculator](https://tax.net.pk/2022/06/12/budget-income-tax-slabs-proposed-2022-2023-salary-tax-calculator/): Seven Income Tax slabs of Salary Income has been introduced in the proposed Budget Income Tax Slabs. According to the Proposed budget for the year 2022-2023, monthly salary of up to Rs. 50,000 (Rs. 600,000 annually) will be exempt from income tax. Budget Proposed Income Tax Slabs 2022-2023 A tax of Rs. 100 will be charged where taxable annual income exceeds Rs. 600,000 (Rs. 50,000 per month) but does not exceed Rs. 1.2 million annually (Rs. 100,000 per month). Where Salary annual income exceeds Rs. 1.2 million (Rs. 100,000 per month) but does not exceed an annual income of Rs. 2.4 [&hellip;]
- [200 Prize Bond Draw List June 15 2022 – Prize Bond Draw Schedule 2022](https://tax.net.pk/2022/06/12/200-prize-bond-draw-list-june-15-2022-prize-bond-draw-schedule-2022/): You can check the&nbsp;Draw No. 90 Rupees 200/- Prize Bond List Result&nbsp;here online. Balloting for Lucky Draw No. 90 of Rs. 200 prize bond will held in Multan city on 15 June 2022. You can also&nbsp;check the 200 Rupees prize bond list results of date 15 June 2022&nbsp;as per prize bond schedule. State bank of Pakistan do the balloting for the&nbsp;200 Rs. Prize bonds. 1st prize of the prize bond 200 worth Rs.750,000 will be awarded to the single winner while second prize of the prize bond 200 worth Rs.250,000 will be awarded to 5 lucky winners and the third prize [&hellip;]
- [200 Prize Bond List 2022 | Prize Bond Draw Schedule 2022](https://tax.net.pk/2022/06/12/200-prize-bond-list-2022-prize-bond-draw-schedule-2022/): You can check the&nbsp;200 Prize Bond List 2022 and Prize Bond Draw Schedule 2022 here online. Balloting for Lucky Draw of Rs. 200 prize bond is held in different cities after every three months. State bank of Pakistan do the balloting for the&nbsp;200 Rs. Prize bonds. 1st prize of the prize bond 200 worth Rs.750,000 will be awarded to the single winner while second prize of the prize bond 200 worth Rs.250,000 will be awarded to 5 lucky winners and the third prize of the prize bond 200 will be given to 2,394 participants for Rs.1,250/- each. How to check 200 [&hellip;]
- [Salary Increase Expected In Budget: Budget 2022-23 Proposals](https://tax.net.pk/2022/06/10/salary-increase-expected-in-budget-budget-2022-23-proposals/): A special meeting of the federal cabinet on Friday approved the proposed federal budget for the fiscal year 2022-23. The special cabinet meeting headed by PM Shehbaz Sharif and attended by federal ministers, advisers, special assistants approved the Finance Bill 2022-23. Budget Salary Increase Taking to Twitter, Information Minister Mariyum Aurangzeb announced that the federal cabinet has approved a 15 per cent budget salary increase of government employees and a 5 per cent hike in pensions. “The govt also approved merging of adhoc allowances into the basic pay,” she further announced. The coalition government is all set to present the Budget [&hellip;]
- [Pakistan Federal Budget 2022-2023 is to Announce Today](https://tax.net.pk/2022/06/10/pakistan-federal-budget-2022-2023-is-to-announce-today/): Finance Minister Miftah Ismail to present budget for fiscal year 2022-23 today (Friday). The measures to be announced by the federal government in the budget being presented today would be important for the approval of the International Monetary Fund (IMF) programme as the finance minister Miftah Ismail stated that reforms being announced in the budget would help in the staff-level agreement with the International Monetary Fund (IMF). #PakistanBudget #Budget2022 #Budget2023 #MiftahIsmail
- [Lesco Withholding Tax Certificate](https://tax.net.pk/2022/06/06/lesco-withholding-tax-certificate/): About Lesco Bill Advance Income Tax Certificate Under Section 235 ? According to&nbsp;Section 235&nbsp;of The&nbsp;Income Tax Ordinance, 2001: (1)    There shall be collected advance tax at the rates specified in Part-IV of the First Schedule on the amount of electricity bill of a commercial or industrial consumer.   (2)    The person preparing electricity consumption bill shall charge advance tax under sub-section (1) in the manner electricity consumption charges are charged.   (3)    Advance tax under this section shall not be collected from a person who produces a certificate from the Commissioner that his income during tax year is exempt from tax. (4)    The tax collected [&hellip;]
- [Mercedes-Benz Recalls One Million Older Cars Worldwide](https://tax.net.pk/2022/06/05/mercedes-benz-recalls-one-million-older-cars-worldwide/): German carmaker Mercedes-Benz recalls about one million older cars globally. Due to a problem with the braking system, the federal transport authority (KBA) explained. The federal transport authority (KBA) said in a statement dated June 1. KBA reported late Saturday in German media that the recall affected cars built between 2004 and 2015. It affected the SUV series ML and GL and the R-Class luxury minivan. “Corrosion on the brake booster can in the worst case lead to the connection between the brake pedal and the braking system interrupted,” the KBA explained. “As a consequence, the service brake can stop functioning.” [&hellip;]
- [E-Filing System Implemented in Government Departments](https://tax.net.pk/2022/06/05/e-filing-system-implemented-in-government-departments/): The National Information Technology Board (NITB), a department of the Ministry of Information Technology and Telecommunications. It has fully implemented an e-filing system in all ministries, ARY News reported on Sunday. The e-office system fully implemented in government offices. It will save millions of rupees from the national exchequer. The e-filing system in the e-office programme enables the electronic movement and tracking of files and the archival and retrieval of data. Ministry of Information Technology has said that the implementation of the e-system office will also start in the subordinate departments of the ministries. Sindh and Balochistan governments have expressed interest [&hellip;]
- [OGRA Approves 45% Increase in Gas Tariff from July](https://tax.net.pk/2022/06/04/ogra-approves-45-increase-in-gas-tariff-from-july/): After massive hike in petrol prices twice in a week, and increase in electricity prices, now Oil and Gas Regulatory Authority (OGRA) on Friday allowed an increase of up to 45 percent in prices of natural gas for the upcoming financial year. As per the Determination of Estimated Revenue Requirement (DERR) for the financial year 2022-23, the regulator has forwarded separate determinations on revenue requirements of Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGC). The regulator authorized the SNGPL to increase gas price by Rs. 266.58 per mmbtu (45 percent), resulting in annual revenue of Rs. [&hellip;]
- [40000 Prize Bond Draw List June 10 2022 – Prize Bond Draw Schedule 2022](https://tax.net.pk/2022/06/04/40000-prize-bond-draw-list-june-10-2022-prize-bond-draw-schedule-2022/): Rupees 40000 Premium Prize Bond Draw No. 21&nbsp;will be held at Muzaffarabad on&nbsp;10 June 2022. Draw includes 1 prize of Rs. 80,000,000/-, 3 prizes of Rs. 30,000,000/- each and 660 prizes of Rs. 500,000/- each. You can see full list of Rs. 40000 Premium Prize Bond Draw 21 held on 10-06-2022 at Muzaffarabad here. You can also search your prize bond numbers in the list. See the schedule of 40000&nbsp;Premium Prize Bond Draws for year 2022. Prize Bond 40000 Premium draw comes every 3 months. See&nbsp;40000 Premium Prize Bond list 2022&nbsp;regularly to check if you have won any prize money. Next [&hellip;]
- [Income Tax Slabs 2021-2022 In Pakistan on Salary | Salary Tax Calculator](https://tax.net.pk/2022/06/04/income-tax-slabs-2021-2022-in-pakistan-on-salary-salary-tax-calculator/): Here we are going to discuss everything you should know about the calculation of tax on your salary income according to the latest Salary tax slabs 2021-2022 rates in Pakistan. There are different Income Tax Slabs for 2021-2022 year in Pakistan on Salary Income. DIVISION OF SALARY INCOME IN PAKISTAN Salary Income&nbsp;is subject to the following divisions as per the general practices and according to the&nbsp;Income Tax Ordinance, 2001. Have a look: Basic Salary House Rent Allowance (HRA) Conveyance Allowance Medical and Other Allowances BASIC SALARY It’s a fixed amount of money that you may receive without any extra payments or deductions. It doesn’t [&hellip;]
- [Latest petrol price in Pakistan | Government Once again Increased Petrol Prices](https://tax.net.pk/2022/06/03/latest-petrol-price-in-pakistan-government-once-again-increased-petrol-prices-%ef%bf%bc/): Finance Minister Miftah Ismail on Thursday announced the federal government&#8217;s decision to increase the price of petrol to Rs209.86. Latest Petrol price has been increased by Rs 60 in a week. He was addressing a press conference in Islamabad, the finance minister said that Prime Minister Shehbaz Sharif has approved increase in rates of petrol, diesel, and light diesel by Rs30 per litre. However, the price of kerosene oil has been increased by Rs26.38 per litre. New price of Petrol (per litre): Petrol — Rs209.86 Diesel — Rs204.15 Light diesel — 178.31 Kerosene oil — Rs181.94 He acknowledged that the lower-income [&hellip;]
- [Send CNIC number to 786 to avail petrol subsidy: Miftah](https://tax.net.pk/2022/06/02/send-cnic-number-to-786-to-avail-petrol-subsidy-miftah/): Federal Finance Minister Miftah Ismail announced on Saturday the process for the deserving families to avail the subsidies on petrol and diesel under the relief program. He was addressing a press conference in Islamabad. FM said families who are part of the Benazir Income Support Program (BISP) are eligible. They will automatically receive Rs2000 under the “Prime Minister Sasta Petrol Sasta Diesel Scheme.” Petrol Subsidy check by sending message on 786 The households that are not part of the BISP database will have to send their identity cards numbers to 786. It will facilitate to check their eligibility, Ismail added. However, he [&hellip;]
- [Salary Tax Slabs 2021-22 Pakistan | Salary Tax Calculator 2021-22 Pakistan](https://tax.net.pk/2022/05/30/salary-tax-slabs-2021-22-pakistan-salary-tax-calculator-2021-22-pakistan/): Here we are going to discuss everything you should know about the calculation of&nbsp;tax on your salary income&nbsp;according to the latest&nbsp;Salary tax slabs 2021-2022 rates in Pakistan. DIVISION OF SALARY INCOME IN PAKISTAN Salary Income&nbsp;is subject to the following divisions as per the general practices and according to the&nbsp;Income Tax Ordinance, 2001. Have a look: Basic Salary House Rent Allowance (HRA) Conveyance Allowance Medical and Other Allowances BASIC SALARY It’s a fixed amount of money that you may receive without any extra payments or deductions. It doesn’t include any type of allowances, commissions, bonuses, or overtime pay. HOUSE RENT ALLOWANCE (HRA) [&hellip;]
- [40000 Prize Bond List 2022 | Prize Bond Draw Schedule 2022](https://tax.net.pk/2022/05/29/40000-prize-bond-list-2022-prize-bond-draw-schedule-2022/): Premium Prize bond draw of Rs 40000 is held after every three months in different cities of Pakistan. Draw is held under the Directorate of National Savings according to their schedule of prize bonds which is issued every year. Prize Bond Draw Schedule&nbsp;of every year contains information regarding Draw number, City of draw, and Date of draw. According to the representative of National Savings, the worth of Rs 40000 premium prize bond first prize will get by 1 winner of prize of Rs. 80,000,000/-, second prize by 3 winners of Rs. 30,000,000/- each and third prize by 660 winners of Rs. 500,000/- each. Check [&hellip;]
- [25000 Prize Bond List 2022 | Prize Bond Draw Schedule 2022](https://tax.net.pk/2022/05/29/25000-prize-bond-list-2022-prize-bond-draw-schedule-2022/): Premium Prize bond draw of Rs 25000 is held after every three months in different cities of Pakistan. Draw is held under the Directorate of National Savings according to their schedule of prize bonds which is issued every year. Prize Bond Draw Schedule&nbsp;of every year contains information regarding Draw number, City of draw, and Date of draw. According to the representative of National Savings, the worth of Rs 25000 premium prize bond first prize will get by two lucky winners of Rs30,000,000 each, while five prizes of Rs10,000,000 each have been reserved for the second position holders. Similarly, the third prize of Rs300,000 – [&hellip;]
- [How to Check NTN Number Online in Pakistan by CNIC](https://tax.net.pk/2022/05/29/how-to-check-ntn-number-online-in-pakistan-by-cnic/): If you want to check&nbsp;National Tax Number (NTN)&nbsp;by using&nbsp;CNIC&nbsp;Number&nbsp;then follow the below method: Open the website of FBR&nbsp;https://e.fbr.gov.pk/ Click on the tab “Search Taxpayers“ Click on the tab “NTN Inquiry“ To&nbsp;check NTN number in Pakistan, click on the “Taxpayer Profile Inquiry” option from the left sidebar. Select your relevant option from the drop-down. Provide your “Registration No” in the registration field. (Number Provided by FBR while taxpayer’s registration of&nbsp;National Taxation Number (NTN). Provide your “CNIC” in the CNIC field. Provide captcha against the “Captcha” field. Providing information click the “Submit” button. You will get all the details of taxpayer Here, Reference [&hellip;]
- [100 Prize Bond List 2022 | Prize Bond Draw Schedule 2022](https://tax.net.pk/2022/05/28/100-prize-bond-list-2022-prize-bond-draw-schedule-2022/): Prize bond draw of Rupees 100 is held after every three months in different cities of Pakistan. Draw is held under the&nbsp;Directorate of National Savings&nbsp;according to their schedule of prize bonds which is issued every year. We have given here Rupees 100 Prize Bond List 2022 and Prize Bond Draw Schedule 2022. Prize Bond Draw Schedule&nbsp;of every year contains information regarding Draw number, City of draw, and Date of draw. According to the representative of National Savings, the worth of Rs 100 prize bond 1st prize is Rs.700,000 will be awarded to the single winner while second prize of the prize [&hellip;]
- [1500 Prize Bond List 2022 | Prize Bond Draw Schedule 2022](https://tax.net.pk/2022/05/28/1500-prize-bond-list-2022-prize-bond-draw-schedule-2022/): Prize bond draw of Rs 1500 is held after every three months in different cities of Pakistan. Draw is held under the Directorate of National Savings according to their schedule of prize bonds which is issued every year. Prize Bond Draw Schedule of every year contains information regarding Draw number, City of draw, and Date of draw. According to the representative of National Savings, the worth of Rs 1500 prize bond 1st prize is Rs 3000000 PKR, the worth of 2nd prize is Rs 1000000 PKR, and the worth of 3rd prize is Rs 18500 PKR. Check 1500 Prize Bond List [&hellip;]
- [How to Download LESCO Withholding Tax Certificate Online 2025](https://tax.net.pk/2022/05/28/lesco-withholding-tax-certificate-2025/): How to Download LESCO Withholding Tax Certificate Online 2025 All those taxpayers who are residents of district Lahore they may need LESCO Withholding Tax Certificate while filing their annual income tax returns. Lesco withholding Tax certificate requires to claim the tax deducted and paid on your electricity bills. On Lesco website you can easily download your LESCO tax certificate online very easily. Step-by-Step Guide to Download LESCO Withholding Tax Certificate 2025 To obtain LESCO electricity bill tax deduction certificate under section 235 of income tax ordinance 2001 you have to follow the following steps:
- [State Bank of Pakistan Extends Banking Hours for Tax Collection | FBR Tax Recovery Target](https://tax.net.pk/2022/05/28/state-bank-of-pakistan-extends-banking-hours-for-tax-collection-fbr-tax-recovery-target/): In order to facilitate the recovery of Government receipts, duties, and taxes at May 2022 end. State Bank of Pakistan decided that the field offices of SBP Banking Services Corporation (SBP-BSC) and authorized branches of the National Bank of Pakistan (NBP) will observe extended banking hours. till 8:00 P.M. and 10:00 P.M. on 30th and 31st May 2022 respectively. Accordingly, NIFT also advised to arrange a special clearing at 8:00 P.M. on 31st May 2022 (Tuesday). NIFT will facilitate for same-day clearing of payment instruments. All banks also advised to keep their concerned branches open on 31st May 2022 till such [&hellip;]
- [Govt announces increase in petrol price by Rs30 | Petrol Notification](https://tax.net.pk/2022/05/26/govt-announces-increase-in-petrol-price-by-rs30/): Finance Minister of Pakistan Mr Miftah Ismail announces here on Thursday an increase in the price of petroleum products. Government decided this after the IMF stressed the end of subsidies on petroleum products to initiate the bailout programme. According to Miftah Islamil, the decision of increase in prices of petroleum products taken to revive the IMF programme. The Finance Minister elaborated that despite the huge increase in the price of petroleum products internationally. The government was still bearing losses in shape of subsidy on petroleum products. New Petrol Prices in Pakistan Today The finance minister said that after the increase, the [&hellip;]
- [How to Download Lesco Bill Advance Income Tax Certificate Online Under Section 235 in 2022](https://tax.net.pk/2022/05/23/how-to-download-lesco-bill-advance-income-tax-certificate-online-under-section-235-in-2022/): What is Lesco Bill Advance Income Tax Certificate Under Section 235 ? According to Section 235 of The Income Tax Ordinance, 2001: (1)&nbsp;&nbsp;&nbsp;&nbsp;There shall be collected advance tax at the rates specified in Part-IV of the First Schedule on the amount of electricity bill of a commercial or industrial consumer.&nbsp;&nbsp; (2)&nbsp;&nbsp;&nbsp;&nbsp;The person preparing electricity consumption bill shall charge advance tax under sub-section (1) in the manner electricity consumption charges are charged.&nbsp;&nbsp; (3)&nbsp;&nbsp;&nbsp;&nbsp;Advance tax under this section shall not be collected from a person who produces a certificate from the Commissioner that his income during tax year is exempt from tax. (4) [&hellip;]
- [How to get Weboc Login ID and Password | Weboc Registration Documents Required](https://tax.net.pk/2022/05/23/how-to-get-weboc-login-id-and-password-weboc-registration-documents-required/): What is Weboc Login Registration ? WeBOC&nbsp;is&nbsp;locally developed, digital and web-based computerized customs goods clearance system. It is facilitating end to end automated customs goods clearance at&nbsp;import and export&nbsp;stages. Weboc system was developed jointly by the Pakistan Customs and&nbsp;Pakistan Revenue Automation&nbsp;(Private) Limited (PRAL). It was firstly launched on trial basis at Port Muhammad Bin Qasim in 2011. It is playing a vital role to facilitate not only traders but also custom officers and agents. This digital system is assisting the traders, custom officers, and agents. It has made the filing process very easy. It also helped out in online Goods declaration, [&hellip;]
- [How to Get Weboc Login Registration in Pakistan | Import Export License](https://tax.net.pk/2022/05/22/how-to-get-weboc-login-registration-in-pakistan-import-export-license/): How to get an Import &amp; Export License In Pakistan (Pakistan Single Window Act 2021) ? The Pakistan Single Window system started by rolling out in July 2021 with Phase 1 estimated for completion in June 2022. Pakistan Single Window (PSW) is presently have started and offering: online customs registration, integration of the commercial banks with PSW system, online processing of import permits, and Phyto-sanitary certificates on import, export of agricultural commodities by the Department of Plant Protection. More than 44,000 traders are now currently registered with such system and by using it they can access the WeBOC system as well [&hellip;]
- [LESCO Bill Check Online 2026 – How to View and Download Duplicate LESCO Bill](https://tax.net.pk/2022/05/22/lesco-bill-check-online-duplicate-bill/): How to Check LESCO Bill Online and Download Duplicate Bill by Reference Number Lesco is the Lahore Electric Supply company which provides electricity in the Lahore division. If you miss place your LESCO electricity bill or want to check it online then complete step is given here which you can follow to take print and download it very easily. How to Check LESCO Bill Online TAGS duplicate electricity bill online | electricity bill by reference number | online bill check Pakistan | LESCO bill by customer ID | LESCO duplicate bill download | utility bill online check | print duplicate electricity [&hellip;]
- [Pakistan Bans Imports | List of Banned Imported Goods](https://tax.net.pk/2022/05/20/pakistan-bans-imports-list-of-banned-imported-goods/): Information Minister Marriyum Aurangzeb announced on Thursday that the Pakistan bans Imports of 38 non-essential luxury items under an “emergency economic plan”. She made the announcement while addressing a press conference in Islamabad. List of banned Imported items Automobiles Mobile phones Home appliances Fruits and dry fruits (except from Afghanistan) Crockery Private weapons and ammunition Shoes Chandeliers and lighting (except energy savers) Headphones and loudspeakers Sauces Doors and window frames Travelling bags and suitcases Sanitary ware Fish and frozen fish Carpets (except from Afghanistan) Preserved fruits Tissue paper Furniture Shampoos Confectionary Luxury mattresses and sleeping bags Jams and jelly Cornflakes Toiletries [&hellip;]
- [State Banks Issues Advisory Against Illegal Trading Apps](https://tax.net.pk/2022/05/20/state-banks-issues-advisory-against-illegal-trading-apps/): State Banks Issues Advisory Against Illegal Trading Apps State Bank of Pakistan (SBP) has issued an advisory against offshore foreign exchange trading websites and apps and has cautioned people against buying products or services from these platforms. SBP, in a statement, said that the central bank has noticed that an increasing number of offshore foreign exchange trading websites, mobile applications and platforms such as OctaFX Trading App, Easy Forex, etc. are offering their products and services to residents of Pakistan.  These digital platforms lure people through social media advertisements to buy/invest in their products or services. Examples of such products include [&hellip;]
- [Dollar Hits Double Century against Pakistani Rupee 2022](https://tax.net.pk/2022/05/20/dollar-hits-double-century-against-pakistani-rupee-2022/): Dollar Hits Double Century against Pakistani Rupee 2022 The Pakistani rupee slumped to a new historic low against US dollar in the interbank market on Thursday as the greenback gained Rs1.61 in intraday trading to reach an all-time high of Rs200. According to the Forex Association of Pakistan (FAP), the US gained Rs1.61 in the interbank market from the previous day’s close of Rs198.39 and climbed to Rs200 around 11:30am. The forex dealers said that US dollar in the open market is also trading at over Rs200. When the PM Shehbaz Sharif-led coalition government took over on April 11, the dollar [&hellip;]
- [Govt Bans Import of Non-Essential Luxury Items](https://tax.net.pk/2022/05/20/govt-bans-import-of-non-essential-luxury-items/): Information Minister Marriyum Aurangzeb announced on Thursday that the government has imposed a ban on the import of 38 non-essential luxury items under an &#8220;emergency economic plan&#8221;. She made the announcement while addressing a press conference in Islamabad. Shortly after, Prime Minister Shehbaz Sharif took to Twitter to say that the decision would &#8220;save the country precious foreign exchange&#8221;. &#8220;We will practice austerity and financially stronger people must lead in this effort so that the less privileged among us do not have to bear this burden inflicted on them by the PTI government,&#8221; he said, adding that the nation would overcome [&hellip;]
- [Rs 1500 Prize Bond List 2022 | 16 May 2022 | Prize Bond Draw Schedule 2022](https://tax.net.pk/2022/05/17/rs-1500-prize-bond-list-2022-16-may-2022-prize-bond-draw-schedule-2022/): Prize bond draw 90 of Rs 1500 was held at Rawalpindi on 16-05-2022. According to the representative of National Savings, the worth of Rs 1500 prize bond 1st prize is Rs 3000000 PKR, the worth of 2nd prize is Rs 1000000 PKR, and the worth of 3rd prize is Rs 18500 PKR. Check draw 90 of Rs 1500 prize bond by following below link, and also schedule of prize bond for 2022. Click Here to View Winners List
- [FBR POS Invoice Lucky Draw Winners Result List May 2022](https://tax.net.pk/2022/05/17/fbr-pos-invoice-lucky-draw-winners-result-list-may-2022/): List of Prize winners of point of sales prize Scheme of FBR lucky draw held on 16th May 2022&nbsp;Monday. The Federal Board of Revenue has announced a FBR POS Prize Scheme in which you can win prizes of Rs 1,000,000, Rs 500,000, Rs 250,000 and Rs 50,000 every month. FBR Announces prizes for purchasing any item from the Shops/Retailers/CSD and Superstores affiliated with FBR POS System. 5th FBR Lucky Draw Winner List announced on 16 May 2022. In a Press release FBR congratulated the winners of FBR Lucky Draw Winners of 16 May 2022. &#8220;FBR congratulates 1017 lucky winners of 5th [&hellip;]
- [Government Says Fuel Prices to Remain Unchanged](https://tax.net.pk/2022/05/16/government-says-fuel-prices-to-remain-unchanged/): Finance Minister Miftah Ismail on Sunday said the government was not increasing the prices of petroleum products “for now”. Addressing a news conference in Islamabad, Miftah said Prime Minister Shehbaz Sharif opposing hike in POL rates. The Finance Minister also said that a summary for this purpose already sent to the Prime Minister for decision. However, the Finance Minister also explained about fuel prices adjustment: &#8220;adjusted anytime in the future&#8221; due to growing international oil prices. &#8220;I am not saying we will never increase the prices. The point is we are not increasing them today, but we can adjust them at [&hellip;]
- [FBR Lucky Draw of POS Prize Scheme will Held on 16th May 2022 | 5th Lucky Draw 15 May 2022](https://tax.net.pk/2022/05/15/fbr-lucky-draw-of-pos-prize-scheme-will-held-on-16th-may-2022-5th-lucky-draw-15-may-2022/): According to press release communicated by FBR via it&#8217;s tweeter account, now the POS Prize Scheme 5th lucky draw will be held on 16th May 2022 instead of 15th May 2022. &#8220;FBR is all set to hold 5th POS Computerised Ballot tomorrow at 7.00 pm in Lahore. Over 48000 customers who verified around 3,70,000 invoices during April are eligible to participate in this draw. You may be one of the 1007 lucky winners, winning prizes worth Rs.53 Million.&#8220; Time of balloting will be at 7:00 pm on 16 May 2022. FBR also told that Over 48000 customers who verified around 3,70,000 [&hellip;]
- [Online NTN Verification by CNIC | How to Check NTN Number? | NTN Inquiry | NTN Verification](https://tax.net.pk/2022/05/11/online-ntn-verification-by-cnic-how-to-check-ntn-number-ntn-inquiry-ntn-verification/): If you want to check&nbsp;National Tax Number (NTN)&nbsp;by using&nbsp;CNIC&nbsp;Number&nbsp;then follow the below method: Open the website of FBR&nbsp;https://e.fbr.gov.pk/ Click on the tab “Search Taxpayers“ Click on the tab “NTN Inquiry“ To&nbsp;check NTN number in Pakistan, click on the “Taxpayer Profile Inquiry” option from the left sidebar. Select your relevant option from the drop-down. Provide your “Registration No” in the registration field. (Number Provided by FBR while taxpayer’s registration of&nbsp;National Taxation Number (NTN). Provide your “CNIC” in the CNIC field. Provide captcha against the “Captcha” field. Providing information click the “Submit” button. You will get all the details of taxpayer Here, Reference [&hellip;]
- [How to Make Money on Amazon in Pakistan](https://tax.net.pk/2022/05/11/how-to-make-money-on-amazon-in-pakistan/): In Pakistan now a days everyone wants to know How to earn money from Amazon in Pakistan? here we will explain you ways to earn money from Amazon in Pakistan. Making earning online is very popular topic nowadays. Amazon is one at the top of the list. ABOUT AMAZON? Amazon is a website that is one of the largest online company. Now, you can sell anything by using platform of Amazon. Amazon is considered to be world’s most popular platform for making money online and people linked with this business are getting rich because now there are millions of amazing products are on [&hellip;]
- [Govt urged to withdraw 17% Sales Tax on agriculture seeds](https://tax.net.pk/2022/05/08/govt-urged-to-withdraw-17-sales-tax-on-agriculture-seeds/): Pakistan Hi-Tech Hybrid Seed Association Sunday demanded of the government immediate withdrawal of 17% Sales Tax on all kinds of agricultural seeds to avoid shifting of its burden on poor people. According to him, agriculture along with agro based products brings sizeable chunk of country’s total exports earnings. He also told that Pakistan is in direct competition with the top agricultural produce exporting countries of the world and levy of 17% ST on agriculture seeds will result in a sharp decrease in Pakistan’s agricultural yields and exports. He informed that this tax would force farmers and growers to use local home [&hellip;]
- [Gold Rate and Price Today In Pakistan, 8th May 2022 | Live Gold Rate](https://tax.net.pk/2022/05/08/gold-rate-and-price-today-in-pakistan-8th-may-2022-live-gold-rate/): Gold Rate and Price today in Pakistan on 8 May 2022 is being sold for Rs. 114,460 per 10 grams, and the price / rate of Gold is Rs. 133500 per tola in Pakistan today. Gold Rate In Pakistan Today Karachi is the main hub of the gold market, in Pakistan, Karachi is leading for the gold price, every city follows Karachi Sarafa Bazar Association for the gold price, Today gold rates for different cities including Karachi, Lahore, Islamabad, Peshawar, and Quetta are the same. Gold Rate and Price Today In Pakistan, 8 May 2022 Gold Rate 24K Gold 22K Gold [&hellip;]
- [Apple iPhone 14 Pro Max Price and PTA Tax in Pakistan 2022 | List of PTA Mobile Tax and Calculator](https://tax.net.pk/2022/05/08/apple-iphone-14-pro-max-price-and-pta-tax-in-pakistan-list-of-pta-mobile-tax-and-calculator/): A lot of sources confirmed about the design and key features of the upcoming iPhone 14 series (Coming soon). However now, a new leak has suggested the Apple iPhone 14 Pro Max price leak of the series. According to the prominent LeaksApplePro, iPhone 14 Pro Max will land for $1199. Expected Specification of the Apple iPhone 14 Pro Max Only two Pro models would upgrade to the A16 processor, while the 14 &amp; 14 Max will remain the A15. All four new models will likely come with 6GB RAM, with the difference being LPDDR 5 (14 Pro &amp; 14 Pro Max) [&hellip;]
- [How to Verify Vehicle Ownership &amp; Registration Online in Pakistan (2025 Guide)](https://tax.net.pk/2022/05/07/vehicle-ownership-verification-2025/): Each of Pakistan’s provinces has a different Vehicle Registration, renewal and vehicle verification systems. However, the Excise Department has developed a Motor Transport Information Management System — MTMIS Punjab — that provides the status of the vehicle registration with complete details. Punjab Vehicle Verification of Registered Vehicles via MTMIS – Online Method Punjab Vehicle Verification of Registered Vehicles via MTMIS&nbsp;—&nbsp;SMS Method If you are not comfortable visiting the excise office or don’t want to check online for some reason, there’s an option to do it via SMS. All you have to do is follow these simple steps: How To Verify / [&hellip;]
- [New Office Timings Notification 6 May 2022](https://tax.net.pk/2022/05/07/new-office-timings-notification-6-may-2022/): The government has reduced office timings for federally administered public departments across the country. New office timings notification 6 May 2022 is available here with 6 days working hours and Friday Half day. According to a notification issued by the Cabinet Secretariat Establishment Division on Friday. All federal government offices will work 6 days a week, with Friday being a half day. According to New office timings notification 6 May 2022 the offices will operate from 08:00 AM to 03:00 PM from Monday to Thursday, and Saturday, with a 30-minute prayer break from 01:00 PM to 01:30 PM. On Fridays, the [&hellip;]
- [25000 Premium Prize Bond List Draw 6 Result 10 June 2022 | Prize Bond Schedule 2022](https://tax.net.pk/2022/05/07/25000-premium-prize-bond-list-draw-6-result-10-june-2022-prize-bond-schedule-2022/): The draw no.6 for the prize bond, worth Rs25,000, will be held&nbsp;on June 10, 2022 in Hyderabad. The first prize will get by two lucky winners of Rs30,000,000 each, while five prizes of Rs10,000,000 each have been reserved for the second position holders. Similarly, the third prize of Rs300,000 – will be awarded to each of the 700&nbsp;lucky winners. Bond Worth City Date First Prize Second Prize Third Prize Rs 25000 premium Hyderabad 10-06-2022 30,000,000 PKR 10,000,000 PKR 300,000 PKR Rs25,000 Premium Prize Bond draw result&nbsp;drawn on 10 June 2022 and is given here: 1st Prize Bond Number, Prize Amount 30000000 [&hellip;]
- [FBR Lucky Draw Result 15 May 2022 Winners List | FBR Point of Sales (POS) Prize Scheme](https://tax.net.pk/2022/05/06/fbr-lucky-draw-result-15-may-2022-winners-list-fbr-point-of-sales-pos-prize-scheme/): The&nbsp;Federal Board of Revenue&nbsp;has announced a very interesting&nbsp;FBR POS Prize Scheme&nbsp;in which you can win 10,00,000 Rupees every month.&nbsp;FBR&nbsp;Announces prizes for purchasing any item from the Shops/Retailers/ Superstores affiliated with FBR POS System.&nbsp;5th FBR Lucky Draw Winner List&nbsp;expected to announce on 15 May 2022 for the&nbsp;5th&nbsp;Lucky Draw of FBR. The&nbsp;first&nbsp;prize&nbsp;of Rs.1 Million to the&nbsp;winner&nbsp;of lucky draw who buys&nbsp;from the retailers&nbsp;integrated&nbsp;with the POS&nbsp;machines and verify / register his invoice for lucky draw. Four&nbsp;prizes / third prize&nbsp;valued&nbsp;at Rs.250,000 each, and&nbsp;two prizes / second prize&nbsp;of Rs.500,000 each. There will also be a long list of general prizes of Rs 50,000 each for 1,000 persons. [&hellip;]
- [100 Prize Bond Draw List 2022 16th May 2022 – Prize Bond Draw Schedule Dates and Results](https://tax.net.pk/2022/05/06/100-prize-bond-draw-list-2022-16th-may-2022-prize-bond-draw-schedule-dates-and-results/): You can check the&nbsp;Draw No. 38 Rupees 100/- Prize Bond List Result&nbsp;here online. Balloting for Lucky Draw No. 38 of Rs. 100 prize bond will held in Faisalabad city on 16th May 2022. You can also&nbsp;check the 100 Rupees prize bond list results of date 16 May 2022&nbsp;as per schedule provided by the Central Directorate of National Savings, Islamabad. State bank do the balloting for the&nbsp;100 Rs. Prize bonds. 1st prize of the prize bond 100 worth Rs.700,000 will be awarded to the single winner while second prize of the prize bond 100 worth Rs.200,000 will be awarded to 3 lucky [&hellip;]
- [1500 Prize Bond Draw List 2022 16th May 2022 – Prize Bond Draw Schedule Dates and Results](https://tax.net.pk/2022/05/06/1500-prize-bond-draw-list-2022-16th-may-2022-prize-bond-draw-schedule-dates-and-results/): You can check the&nbsp;Draw No. 90 Rupees 1,500/- Prize Bond List Result&nbsp;here online. Balloting for Lucky Draw No. 90 of Rs. 1500 prize bond will held in Rawalpindi city on 16th May 2022. You can also&nbsp;check the 1500 prize bond list results of date 15 May 2022&nbsp;as per schedule provided by Central Directorate of National Savings. State bank do the balloting for the&nbsp;1500 Rs. Prize bonds. 1st prize of the 1500 Rs. prize bond of value 3,000,000 PRK is awarded to 1 lucky winner, while second prize of the 1500 prize bond of amount Rs. 1,000,000 is awarded to 3 lucky [&hellip;]
- [How to Check Assets and Tax Deductions Details via FBR Maloomat Portal](https://tax.net.pk/2022/05/01/how-to-check-assets-and-tax-deductions-details-via-fbr-maloomat-portal/): FBR ASSETS &amp; TAX DEDUCTIONS INQUIRY SYSTEM The FBR Assets Inquiry or FBR Maloomat portal allows citizens of Pakistan to access information about their assets and Tax payment activities without any hassle. The information on this portal can be accessed free of charge. However, you will be required to register your account on the FBR Iris Maloomat portal by using a system-generated code on your cell / mobile number. You can use this FBR Iris Maloomat portal to check your asset details online regardless of where you live. WHO CAN CHECK THEIR ASSET INFORMATION? Here are some conditions you must fulfil [&hellip;]
- [How to Reset and Recover FBR IRIS Password with Mobile Number](https://tax.net.pk/2022/05/01/how-to-reset-and-recover-fbr-iris-password-with-mobile-number/): After the e-filing of Income Tax Return method for the taxpayers introduced by Federal Board of Revenue (FBR). A new problem has been experienced by some taxpayers that either taxpayer forgets his / her password of FBR (IRIS) account or if their registration particulars (FBR Iris Password) is with their tax consultant. For salary and business individuals, FBR has helped out the registration and password retrieval procedure, while without visiting FBR local office you can reset your ID password for your FBR (IRIS) account. There are five steps involved to reset and recover your FBR (IRIS) account Password: 1st Step – Go to FBR Maloomat TaxRay [&hellip;]
- [How to Pay FBR Taxes Through Standard Chartered Online Banking](https://tax.net.pk/2022/04/30/how-to-pay-fbr-taxes-through-standard-chartered-online-banking/): You can pay FBR (Federal Board of Revenue) income tax, sales tax, customs duty and excise duty online through Standard Chartered Online internet banking, mobile banking and ATM. It is the round-the-clock facility provided to pay customs duties, taxes and other dues electronically from his bank account through internet banking, ATMs or bank’s mobile applications. Taxpayers can use this facility to pay taxes directly from their bank accounts. Procedure for Online Payment of Taxes through Standard Chartered Online Banking: Step 1: Creating PSID from FBR&#8217;s Website In order to pay your tax dues, the person has to log into&nbsp;FBR’s efile system&nbsp;by [&hellip;]
- [How to Make Money Online with WhatsApp](https://tax.net.pk/2022/04/29/how-to-make-money-online-with-whatsapp/): Social media platforms like Facebook, Instagram, Twitter and Linkedin have become a way of life in present times. With the user engagement on these platforms at these escalated levels, the natural question is: Can these interactions be monetized? While WhatsApp itself doesn’t allow ads or commercial transactions, there are still plenty of ways to take advantage of its unique format and earn small sums of money here and there. Following are the few ways how you can make money through using WhatsApp: 1. Viral content There are millions of websites on the Internet flooded with articles, ads and contents. There is [&hellip;]
- [Elon Musk To Buy Twitter For $44 Billion](https://tax.net.pk/2022/04/29/elon-musk-to-buy-twitter-for-44-billion/): Elon Musk agreed a deal to buy Twitter for $44 billion on Monday in a transaction. That will shift control of the social media platform twitter to the world’s richest person. Discussions over the deal, which last week appeared uncertain, accelerated over the weekend. After Musk wooed Twitter shareholders with financing details of his offer. Under pressure, Twitter started negotiating with Musk to buy the company at the proposed $54.20 per share price. read more The deal ends Twitter’s run as a public company since its 2013 initial public offering. “Free speech is the bedrock of a functioning democracy, and Twitter [&hellip;]
- [Eid Holidays 2022 in Pakistan Notification | Eid Ul Fitr](https://tax.net.pk/2022/04/29/eid-holidays-2022-in-pakistan-notification-eid-ul-fitr/): The Government of Pakistan here on Tuesday, 26th April 2022 issued notification for the schedule of the Eid ul Fitr 2022 holidays. According to notification the Eid holidays will start on May 2nd 2022 (Monday), according to a notification issued in this regard. The 4-day Eid holidays will begin on May 2 and will continue till May 5 (Thursday), the notification said after Prime Minister Shehbaz Sharif&#8217;s approval. According to media reports, a summary was moved seeking three holidays, however, PM Shehbaz Sharif granted four holidays.
- [Asim Ahmad Appointed As New Chairman FBR](https://tax.net.pk/2022/04/27/asim-ahmad-appointed-as-new-chairman-fbr/): The federal government on Wednesday appointed Muhammad Asim Ahmad as Chairman Federal Board of Revenue (FBR). Asim Ahmad appointed in replacement of Dr. Ashfaq Ahmed as new FBR Chairman. A notification to this effect also issued by Establishment Division. “With the approval of the federal government, Mr Asim Ahmad, a BS-21 officer of Inland Revenue Service (IRS), is appointed as chairman, Federal Board of Revenue under Section 10 of the Civil Servants Act, 1970, with immediate effect and until further orders,” the notification issued by the Establishment Division read. His appointment comes after the federal cabinet which met in Islamabad under [&hellip;]
- [Govt likely to Appoint Asim Ahmed as New FBR Chairman](https://tax.net.pk/2022/04/27/govt-likely-to-appoint-asim-ahmed-as-new-fbr-chairman/): The Federal Government has decided to change Federal Board of Revenue (FBR) Chairman Ashfaq Ahmed, ARY News reported, quoting informed sources. Asim Ahmed, an officer from the Inland Revenue Service (IRS), has been proposed for the post of new FBR chairman. Mr Asim Ahmed has already served as the FBR Chairman from April 2021 till August 2021. He also held the additional charge of a member of the information technology (IT) in the FBR. According to media reports, a summary seeking appointment of the new FBR chief has been readied. Last year in August, the federal government had appointed Dr Muhammad [&hellip;]
- [OPPO F21 Pro Price and PTA Tax In Pakistan](https://tax.net.pk/2022/04/18/oppo-f21-pro-price-and-pta-tax-in-pakistan/): OPPO, a leading mobile company has recently launched its newly smartphone under the ‘F’ series, the OPPO F21 Pro. This OPPO F21 Pro offers a amazing design and flagship level camera coupled with the country’s first ever Sony IMX709 ultra-sensing selfie sensor. It also offers a first and only Microlens feature for amazing photography experience. The OPPO F21 Pro comes with the durable fiber-glass leather back in Sunset Orange color. Oppo F21 Pro Price in Pakistan is Rs. 52,999 as of 18th April 2022. The price of this&nbsp;Oppo latest mobile phone&nbsp;in USA is about $410 USD. PTA Tax on Oppo F21 [&hellip;]
- [How to Pay FBR Income Tax and Sales Tax through Online Banking](https://tax.net.pk/2022/04/17/how-to-pay-fbr-income-tax-and-sales-tax-through-online-banking/): Federal Board of Revenue (FBR) has taken initiative to pay income tax, sales tax, customs duty and excise duty online through internet banking, mobile banking and ATM. It is 24/7 facility provided to pay customs duties, taxes and other dues electronically from his bank account through internet banking, ATMs or bank’s mobile applications. Step by Step Procedure for Online Payment of Taxes Step 1: Create PSID Tax Challan from FBR&#8217;s Website Log into FBR’s efile system by using the same credentials you used to log into Iris. After logging, access the e-Payments tab.  In the e-Payments tab, access Create Payment and Then select [&hellip;]
- [List of ADC Enabled Banks for Online Payment of FBR Taxes](https://tax.net.pk/2022/04/17/list-of-adc-enabled-banks-for-online-payment-of-fbr-taxes/): Federal Board of Revenue (FBR) has facilitated to taxpayers to pay duty and taxes through alternate delivery channels (ADC). The taxpayers had facility to make payment of following types of taxes through ADC: Customs Duty, Income Tax, Sales Tax and Federal Excise Duty What is ADC Online Banking Facility for Payment of Taxes The taxpayers have option to make payment through ADCs by availing options, included: internet banking, ATMs, mobile banking (Jazz cash etc.), and over the counter from all the branches of online Banks of Pakistan via their online banking facilities available. Following are different options for Alternate Delivery Channels (ADC): [&hellip;]
- [How To Register and Verify Invoice for FBR POS Lucky Draw Prize Scheme](https://tax.net.pk/2022/04/16/how-to-register-and-verify-invoice-for-fbr-pos-lucky-draw-prize-scheme/): How To Register for FBR’s Lucky Draw / Prize Scheme There is a very simple way to Register for FBR Point of Sale (POS) Lucky Draw (Via SMS): Buy anything from POS Retailer Shop / Super Store / Any Shop (Having integrated with FBR&#8217;s Point of Sales System). You will be given a printed slip (Sales Tax Invoice). Type in Your mobile in SMS as: INV(space)CNIC(space)FBR Invoice Number Then Send it to 9966 You will receive back confirmation message either (Verified or not verified) How To Verify FBR Point of Sales (POS) Invoice Slip for Prize Scheme People can also verify FBR POS Invoice Slip and send [&hellip;]
- [Govt Rejects Proposal to Increase Petrol Prices | OGRA Petrol Prices](https://tax.net.pk/2022/04/15/govt-rejects-proposal-to-increase-petrol-prices-ogra-petrol-prices/): Government has rejected the Oil and Gas Regulatory Authority&#8217;s (OGRA) proposal to increase the prices of petroleum products in Pakistan. PM Shehbaz Sharif, while addressing the dinner of the coalition government leaders, said the government rejected the proposal to increase the prices of petroleum products. It is also to be noted that the OGRA had sent a proposal to the Finance Division to increase the price of petrol by Rs21.50 and diesel by Rs51.30 (based on existing/current petroleum levy and GST). On February 28, former prime minister Imran Khan had already announced a reduction of Rs10 per litre in petrol and [&hellip;]
- [How to Calculate Income Tax on Salary in Pakistan in 2022](https://tax.net.pk/2022/04/13/how-to-calculate-income-tax-on-salary-in-pakistan-in-2022/): Here we are going to discuss everything you should know about the calculation of&nbsp;tax on your salary income&nbsp;according to the latest&nbsp;Salary tax slabs 2021-2022 rates in Pakistan. DIVISION OF SALARY INCOME IN PAKISTAN Salary Income is subject to the following divisions as per the general practices and according to the Income Tax Ordinance, 2001. Have a look: Basic Salary House Rent Allowance (HRA) Conveyance Allowance Medical and Other Allowances BASIC SALARY It’s a fixed amount of money that you may receive without any extra payments or deductions. It doesn’t include any type of allowances, commissions, bonuses, or overtime pay. HOUSE RENT ALLOWANCE [&hellip;]
- [How to Verify FBR Active Taxpayer Status in Pakistan](https://tax.net.pk/2022/04/13/how-to-verify-fbr-active-taxpayer-status-in-pakistan/): Steps to Check Active Taxpayer Status Here we will explain that&nbsp;how a taxpayer can check tax filer status online&nbsp;and even download the updated&nbsp;active taxpayer list (ATL).&nbsp;Active Taxpayer status&nbsp;/&nbsp;Tax Filer status&nbsp;can be checked in the following three (3) ways: HOW TO VERIFY TAX FILER STATUS THROUGH FBR ONLINE PORTAL / WEBSITE? The ATL status check allows you to check your Active Taxpayer status through online portal of FBR i.e., e.fbr.gov.pk Open FBR Website (e.fbr.gov.pk) Go on “Search Taxpayer” Tab Click on “Active Taxpayer (IT)” A New Window will open now Click on “Active Taxpayer List (Income Tax)” on Left Side top A new window will open Provide [&hellip;]
- [PM Imran Khan Ousted As Opposition’s No-Confidence Motion Succeeds](https://tax.net.pk/2022/04/09/pm-imran-khan-ousted-as-oppositions-no-confidence-motion-succeeds/): Imran Khan has been ousted as prime minister (PM) as the no-confidence motion moved by opposition parties against him succeeded on Sunday. As many as 174 votes were cast in the favour of a no-confidence motion against PM Imran Khan. This is the first time in the history of Pakistan that a no-confidence motion against an elected prime minister has succeeded. Earlier the process of voting on the no-confidence motion against Prime Minister Imran Khan has been completed. Following the resignation of the NA speaker and deputy speaker, PML-N’s Ayaz Sadiq as a panel of the chairman of the house began [&hellip;]
- [National Assembly Speaker, Deputy Speaker Resign](https://tax.net.pk/2022/04/09/national-assembly-speaker-deputy-speaker-resign/): ISLAMABAD: National Assembly (NA) speaker Asad Qaiser and Deputy Speaker Qasim Suri on Saturday have resigned from their post.  As per details, both the National Assembly (NA) speaker and deputy speaker have resigned from their post rather than holding voting on the no-confidence motion against Imran Khan. Speaking in the session of NA, Asad Qaiser said he was shown the ‘threat letter’ and he cannot hold the voting after seeing the letter. Asad Qaiser said he is bound to his oath. He announced that he cannot carry as NA speaker and announced to resign from his post. He also announced that [&hellip;]
- [How to Check ATL Status with FBR Online in Pakistan (2026 Guide)](https://tax.net.pk/2022/04/06/fbr-atl-status-check/): How to Check ATL Status Online Through FBR IRIS Portal Sometime you check that bank deducts tax on your some transactions, or a car dealer invoiced you with a higher tax rate as compare to one of your friend, the matter is very clear that it is due to the reason that your name is not on the FBR&#8217;s Active Taxpayer List, which is known as the ATL status. There are methods which you can use to check your FBR active taxpayer status online before doing any transaction in the bank or transferring any asset in your name. What Is the [&hellip;]
- [How to Download Taxpayer Registration Certificate from FBR Online in Pakistan – Complete Guide 2026](https://tax.net.pk/2022/04/05/download-taxpayer-registration-certificate-fbr-online/): How to Download Taxpayer Registration Certificate FBR Online FBR issues Taxpayer Registration Certificate at the time of his/her registration. This certificate contains the information related to the taxpayer like his name, registration number, date of registration, type of person, address, tax office, activity type, and a bar code. Taxpayer needs this certificate at various places like at banks, government contracts, business registration with any department, visa application, tenders, and many other official purposes. Displaying of National Tax Number (NTN) Under section 181C of the Income Tax Ordinance 2001, every business individual registered with Federal Board of Revenue (FBR) and earning business [&hellip;]
- [Taxpayer Profile Inquiry Online FBR – Online NTN Verification via CNIC Number in Pakistan](https://tax.net.pk/2022/04/04/taxpayer-profile-inquiry-online-fbr-online-ntn-verification-via-cnic-number/): How to Use Taxpayer Profile Inquiry Online FBR for NTN Verification via CNIC Number The Taxpayer Profile Inquiry facility available at FBR online services portal (FBR Iris) allows individuals and businesses to verify their National Tax Number (NTN) and taxpayer registration details online. Through this Federal Board of Revenue (FBR) portal, taxpayers can easily check their tax profile, registration status, and NTN information using a CNIC number. This online verification facility of FBR helps taxpayers, employers, banks, financial institutions, and businesses to confirm taxpayers registration details without visiting an FBR office. Benefits of Taxpayer Profile Inquiry? Taxpayer Profile Inquiry has many [&hellip;]
- [List of Sehat Insaf Card Panel Hospitals | How to Check Sehat Card](https://tax.net.pk/2022/04/03/list-of-sehat-insaf-card-panel-hospitals-how-to-check-sehat-card/): Here is the complete list of Sehat Insaf Card panel hospitals across Pakistan. Citizens eligible for Sehat Insaf Card can avail of free medical treatment in various panel hospitals across different districts of Punjab, KP, and Islamabad Capital Territory. How to Check Eligibility for Sehat Insaf Card? You can check eligibility for Sehat Card via the following methods: Check your Eligibility via SMS:&nbsp;To check eligibility, send an SMS with your National Identity Card number (without dashes) to&nbsp;8500&nbsp;or&nbsp;9780&nbsp;for KP. Through Online:&nbsp;You can also check your Sehat Insaf Card eligibility by using this&nbsp;online tool Check Eligibility via Mobile App:&nbsp;You can also check your [&hellip;]
- [Official Bank timings for Ramadan Kareem 2022 in Pakistan](https://tax.net.pk/2022/04/02/official-bank-timings-for-ramadan-kareem-2022-in-pakistan/): During the Holy Month of Ramadan-ul-Mubarak 2022, the following office hours will be observed in the State Bank of Pakistan, which will also be followed by all banks / DFIs / MFBs. Banks / MFBs are further advised to observe the following minimum business (banking) hours for public dealing. Days Business (Banking) Hours&nbsp;for Public Dealing Monday to Thursday 10:00 a.m. to 1:30 p.m. (without break) Friday 10:00 a.m. to 1:00 p.m. (without break) However, except Friday, banks / MFBs may observe extended business (banking) hours as per the following schedule: Days Office Hours Monday to Thursday 10:00 a.m. to 4:00 p.m. [&hellip;]
- [Ramadan Kareem Mubarak 2022 | Sehar and Iftar Timings 2022](https://tax.net.pk/2022/04/02/ramadan-kareem-mubarak-2022-sehar-and-iftar-timings-2022/): Happy Ramadan 2022: Ramzan Mubarak Wishes, Images, Status, Quotes, Messages and WhatsApp Greetings to Share Alhamdulilah ! Once again Ramzan Kareem has begin and Happy Ramadan 2022: Ramadan Kareem is one of the most important month of the Islamic religion. During this month of Ramadan, people observe hours-long fasts and after 29-30 days of fasting, they end the celebrations with feasting called Eid-ul-Fitr. Ramadan is the ninth month of the Islamic calendar Hijri and a pious month occasion to spiritually connect with the beloved Prophet Hazrat Mohammad (PBUH). People also recite the lessons of the Holy Quran and spend time praying [&hellip;]
- [How to Renew Lahore Driving License](https://tax.net.pk/2022/04/01/how-to-renew-lahore-driving-license/): Having a valid driving license is basically a public responsibility. The process of getting driving license renewal for the residents of Lahore is now very easy now. We will guide you on how to renew Lahore driving license with required documents and fee for different types of vehicles. Apply for Driving License and it&#8217;s renewal through Digital System of Punjab DLIMS Thanks to Pakistan Information Technology Board (PITB), you can now apply for the license through the very convenient Driving License Information Management System (DLIMS) that works for all parts of Punjab. Applying for the renewal of a driving license in [&hellip;]
- [How to Register and login at FBR IRIS ? How to Get NTN Registration ?](https://tax.net.pk/2022/04/01/how-to-register-and-login-at-fbr-iris-how-to-get-ntn-registration/): Online NTN registration facility is available for unregistered taxpayers through FBR Iris portal of FBR. Only taxpayers with a registered account on Iris can file their annual Income Tax Return through FBR Iris portal. Taxpayers who already have NTN issued to them by FBR can also apply for the online account of FBR Iris through E-Enrollment option available on Iris main login screen. Once the process of registration with FBR IRIS account is completed, taxpayer also gets registration with NTN at the same time. Registration for Unregistered Person at FBR IRIS Portal | NTN Registration Access FBR Iris through this link or from [&hellip;]
- [Minimum Nisab of Zakat deduction in 2022](https://tax.net.pk/2022/03/31/minimum-nisab-of-zakat-deduction-in-2022/): The State Bank of Pakistan (SBP) has fixed the Nisab for Zakat deduction on bank accounts at Rs88,927 for the ongoing year. According to a statement issued by the Poverty Alleviation and Social Division Wednesday, minimum Nisab of Zakat deduction in 2022 has been explained. As per notification, Zakat will be deducted from saving accounts, profit and loss sharing accounts and other similar accounts having a balance of Rs88,927 or above, on the first of Ramazan. Under the Zakat and Ushr Ordinance 1980, no Zakat would be deducted in case a bank account has less than Rs88,927, the statement added. The [&hellip;]
- [How to Calculate Percentage?](https://tax.net.pk/2022/03/31/how-to-calculate-percentage/): Percentages The term &#8220;percentage&#8221; was adapted from the Latin word &#8220;per centum&#8221;, which means &#8220;by the hundred&#8221;. Percentages are fractions with 100 as the denominator. In other words, it is the relation between part and whole where the value of whole is always taken as 100. Here, we will see that how to calculate Percentage? What is Percentage? Percentage is a fraction or a ratio in which the value of whole is always 100. For example, if Sam scored 30% marks in his math test, it means that he scored 30 marks out of 100. It is written as 30/100 in the fraction [&hellip;]
- [How to Earn Money Online In Pakistan Without Investment Free at Home](https://tax.net.pk/2022/03/30/how-to-earn-money-online-in-pakistan-without-investment-free-at-home/): Online money making isn’t difficult at all. “How to make money online without investment in Pakistan?” is a common query on Google. They become in doubt when they see a lot of results and different opportunities. Doubt in a sense that which way is true? What should I do? What is the best platform for Online Earning in Pakistan? So much more. A lot of online earning opportunities are available in Pakistan market. What are our next steps? You have come to the right place if you are one of those people. We will discuss everything in detail here. Therefore, I [&hellip;]
- [What is the Latest News about the Extension in the Last Date for Filing Tax Return 2022](https://tax.net.pk/2022/09/26/what-is-the-latest-news-about-the-extension-in-the-last-date-for-filing-tax-return-2022/): What is the Latest News about the Extension in the Last Date for Filing Tax Return 2022 What is the Latest News about the Extension on the Last Date for Filing Tax returns in 2022? Income Tax Return Filing Date Expires on September 30, 2022. We are a few days away from the deadline for filing our income tax returns (ITRs) for the financial year 2021-22 (FY22). The last date for filing income tax returns for different taxpayers: Type of Taxpayer Last Date to File Income Tax Returns Individual / Sole Proprietor On or before 30th September Association of Person (AOP) / Partnership On [&hellip;]
- [FBR Imposes New Currency Declaration Requirements for Incoming and Outbound Passengers](https://tax.net.pk/2022/09/26/fbr-imposes-new-currency-declaration-requirements-for-incoming-and-outbound-passengers/): FBR Imposes New Currency Declaration Requirements for Incoming and Outbound Passengers FBR Imposes New Currency Declaration Requirements for Incoming and Outbound Passengers. The Federal Board of Revenue (FBR) has recently imposed a new restriction on the incoming international passengers to declare foreign currency of $10,000 or above at the time of arrival at the airports. In this regard, the FBR has issued the draft of the new “Customs Declaration form“ for the incoming international passengers for declaration of foreign currency worth $10,000 or above. The FBR issued an SRO.1751(I)/2022 here on Tuesday to amend the Baggage Rules, 2006. According to the [&hellip;]
- [How to Download Online Tax Brackets Tax Year 2022](https://tax.net.pk/2022/09/25/how-to-download-online-tax-brackets-tax-year-2022/): How to Download Online Tax Brackets Tax Year 2022 How to Download Online Tax Brackets Tax Year 2022. The Tax Rates for a particular tax year is very important when we perform any calculation. Some Tax rates may change every year after the announcement of the Finance Act / Budget for a particular tax year. This is the reason that caution is taken while performing any calculation. Here we have given&nbsp;tax cards&nbsp;/ &amp; important&nbsp;tax rates for the tax year 2022. Purpose / Uses of Tax Card, Tax Rates You can easily download it here and can use it for your tax calculations. Tax cards [&hellip;]
- [Tax Card for Tax Year 2019 Download Online PDF](https://tax.net.pk/2022/09/23/tax-card-for-tax-year-2019-download-online-pdf/): Tax Card for Tax Year 2019 Download Online PDF Tax Card for Tax Year 2019 Download Online PDF. The Tax Rates for a particular tax year is very important when we perform any calculation. Some Tax rates may change yearly after the Finance Act / Budget announcement for a specific tax year. This is the reason that caution is taken while performing any calculation. Here we have given tax cards / &amp; important tax rates for the tax year 2019. Purpose / Uses of Tax Card, Tax Rates You can easily download it here and can use it for your tax calculations. Tax cards /&nbsp;tax rates&nbsp;can be [&hellip;]
- [New Petroleum Prices in Pakistan Effective from September 21 2022](https://tax.net.pk/2022/09/21/new-petroleum-prices-in-pakistan-effective-from-september-21-2022/): New petroleum prices in Pakistan effective from September 21, 2022 New petroleum prices in Pakistan are effective from September 21, 2022. The government of Pakistan on Wednesday revised the prices of petroleum products. New prices of petroleum products will be effective from September 21, 2022. According to a statement issued by the Finance Division, the government decided: to increase petrol prices by Rs1.45 per liter to Rs237.43 from the previous rate of Rs235.98. Government kept the price of high-speed diesel (HSD) unchanged at Rs247.43 per liter. The price of kerosene oil has been reduced by Rs8.30 per liter to Rs202.02 from [&hellip;]
- [How to Download Online PTCL Withholding Tax Certificate in 2024](https://tax.net.pk/2022/09/21/how-to-download-online-ptcl-withholding-tax-certificate-in-2024/): How to Download Online PTCL Withholding Tax Certificate in 2024 How to Download Online PTCL Withholding Tax Certificate in 2024. PTCL stands for Pakistan Telecommunication Company Limited. It is the national telecommunication company in Pakistan. At the time of submission of the annual income tax return if you want to download your PTCL Tax certificate then you can follow the steps given here. The PTCL Withholding Income Tax certificate is available for landline and EVO / Charji services. What is Withholding Tax Certificate? In the case of income tax on PTCL bill a withholding income tax, is an income tax to be paid to [&hellip;]
- [FBR directed the Integration of Big Retailers with POS System](https://tax.net.pk/2022/09/21/fbr-directed-the-integration-of-big-retailers-with-pos-system/): FBR directed the Integration of Big Retailers with POS System FBR directed the Integration of Big Retailers with the POS System. The Federal Board of Revenue (FBR) on Tuesday directed the chief commissioners of the Regional Tax Offices (RTOs) to take steps to enhance the number of big retailers&#8217; integration with the FBR&#8217;s point of sale (POS) invoicing system. Current Progress of POS Scheme and Integration FBR Chairman Mr. Asim Ahmad analyzed the integration status of the retailers with the POS system. He was interacting with the chief commissioners of the RTOs over video conferencing. The Chief Commissioner informed that the [&hellip;]
- [List of Active Manufacturers under Different Export Facilitation Schemes](https://tax.net.pk/2022/09/19/list-of-active-manufacturers-under-different-export-facilitation-schemes/): List of Active Manufacturers under Different Export Facilitation Schemes The Federal Board of Revenue (FBR) has recently issued a list of 854 active manufacturers under various export facilitation schemes to extend duties and taxes exemption to only registered manufacturers-cum-exporters. In this regard, the Federal Board of Revenue (FBR) has uploaded the list of active manufacturers under various export facilitation schemes on the FBR’s website. Now, the manufacturers-cum-exporters can verify their active status from the list. The schemes covered: duty and tax remission for export scheme (DTRE); export facilitation scheme, manufacturing bonds scheme and Export Oriented Unit (EOU) scheme. The list covered: [&hellip;]
- [How to Download Online NTN Verification by CNIC?](https://tax.net.pk/2022/09/18/how-to-download-online-ntn-verification-by-cnic/): How to Download Online NTN Verification by CNIC? How to Download Online NTN Verification by CNIC? In the case of individuals, 13 digits Computerized National Identity Card (CNIC) will be used as NTN or Registration Number. NTN or Registration Number for AOP and Company is the 7 digits NTN received after e-enrollment. However, in the case of an Individual (Salaried / Sole Proprietor) taxpayer, if particularly seven-digit NTN needs then the Reference number as given in NTN Inquiry can be used. What is the purpose of NTN? We use National Tax Number (NTN) from the Federal Board of Revenue (FBR): to make taxable [&hellip;]
- [Tax Card for Tax Year 2020 Download Online PDF](https://tax.net.pk/2022/09/18/tax-card-for-tax-year-2020-download-online-pdf/): Tax Card for Tax Year 2020 Download Online PDF Tax Card for Tax Year 2020 Download Online PDF. The Tax Rates for a particular tax year is very important when we perform any calculation. Some Tax rates may change yearly after the Finance Act / Budget announcement for a specific tax year. This is the reason that caution is taken while performing any calculation. Here we have given tax cards / &amp; important tax rates for the tax year 2020. Purpose / Uses of Tax Card, Tax Rates You can easily download it here and can use it for your tax calculations. Tax cards /&nbsp;tax rates&nbsp;can be [&hellip;]
- [Latest FBR POS Lucky Draw 15 September 2022](https://tax.net.pk/2022/09/15/latest-fbr-pos-lucky-draw-15-september-2022/): Latest FBR POS Lucky Draw 15 September 2022 Latest FBR POS Lucky Draw 15 September 2022. Federal Board of Revenue (FBR)&nbsp;draws it’s lucky draw of&nbsp;Point of Sales (POS)&nbsp;Prize Scheme on 15th of every month for the previous month’s Sales Tax Invoices verified by the buyers of goods. Last month,&nbsp;8th Lucky Draw of this POS Prize Scheme&nbsp;held on 15 August 2022. Where about 54 million worth prizes announced to buyers of goods at point of sales integrated with&nbsp;FBR. Every Person can participate in this FBR Lucky Draw by verifying it’s sales tax invoice on&nbsp;Tax Asaan App&nbsp;or by sending message at 9966. FBR [&hellip;]
- [Today 200 Prize Bond List Online Check - 15 September 2022](https://tax.net.pk/2022/09/15/today-200-prize-bond-list-online-check-15-september-2022/): Today 200 Prize Bond List Online Check &#8211; 15 September 2022 Today 200 Prize Bond List Online Check &#8211; 15 September 2022. Premium Prize bond draw of Rs 200&nbsp;held after every three months in different cities of Pakistan.&nbsp;The directorate of National Savings&nbsp;holds prize bond draw according to the schedule of prize bonds. Prize Bond Draw Schedule&nbsp;of every year contains information regarding the Draw number, City of the draw, and Date of the draw. Different Prizes of 200 Prize Bond Draw The worth of Rs 200 prize bond first prize will get by one lucky winner of Rs750,000, while five prizes of [&hellip;]
- [Income Tax Return Filing Date Expires on September 30, 2022](https://tax.net.pk/2022/09/14/income-tax-return-filing-date-expires-on-september-30-2022/): Income Tax Return Filing Date Expires on September 30 2022 Income Tax Return Filing Date Expires on September 30 2022. We are a few days away from the deadline for filing our income tax returns (ITRs) for the financial year 2021-22 (FY22). The last date for filing income tax returns for different taxpayers is as follows: Type of Taxpayer Last Date to File Income Tax Returns Individual / Sole Proprietor On or before 30th September Association of Person (AOP) / Partnership On or before 30th September Salaried Taxpayer On or before 30th September Company / Corporate Sector On or before 31st December Company having [&hellip;]
- [US Dollar Trading Above 231](https://tax.net.pk/2022/09/13/us-dollar-trading-above-231/): US Dollar Trading Above 231 US Dollar Trading Above 231. Pakistan’s rupee continued to more diminish against the US dollar in the inter-bank market and was around the 231-232 level on Tuesday. Moreover, on Monday the rupee closed lower against the US dollar for the seventh successive session. On Tuesday, US Dollar currently featuring in Pakistan at: US Dollar trading above 231 Current Spot Rate &#8211; PKR 231.500/US$ Day&#8217;s High &#8211; PKR 231.500/US$ Day&#8217;s Low &#8211; PKR 230.000/US$ Open &#8211; PKR 231.000/US$
- [25000 Premium Prize Bonds Lucky Draw September 12 2022 | Download Prize Bond Draw Results](https://tax.net.pk/2022/09/12/25000-premium-prize-bonds-lucky-draw-september-12-2022-download-prize-bond-draw-results%ef%bf%bc/): 25000 Premium Prize Bonds Lucky Draw September 12 2022 | Download Prize Bond Draw Results 25000 Premium Prize Bonds Lucky Draw September 12 2022 | Download Prize Bond Draw Results. Premium Prize bond draw of Rs 25000&nbsp;is held after every three months in different cities of Pakistan. Draw is held under the&nbsp;Directorate of National Savings&nbsp;according to their schedule of prize bonds which is issued every year. Prize Bond Draw Schedule&nbsp;of every year contains information regarding Draw number, City of draw, and Date of draw. Different Prizes of 25000 Prize Bond According to the representative of National Savings, the worth of Rs [&hellip;]
- [40000 Premium Prize Bonds Lucky Draw September 12 2022 | Download Prize Bond Draw Results](https://tax.net.pk/2022/09/12/40000-premium-prize-bonds-lucky-draw-september-12-2022-download-prize-bond-draw-results/): 40000 Premium Prize Bonds Lucky Draw September 12 2022 | Download Prize Bond Draw Results 40000 Premium Prize Bonds Lucky Draw September 12 2022 | Download Prize Bond Draw Results.&nbsp;Premium Prize bond draw of Rs 40000&nbsp;held after every three months in different cities of Pakistan.&nbsp;Directorate of National Savings&nbsp;helds prize bond draw according to schedule of prize bonds. Prize Bond Draw Schedule&nbsp;of every year contains information regarding the Draw number, City of the draw, and Date of the draw. Different Prizes of 40000 Prize Bond The worth of Rs 40000 premium prize bond first prize will get by one lucky winner of [&hellip;]
- [How to Export US Dollars on Consignment Basis - SBP Directs](https://tax.net.pk/2022/09/07/how-to-export-us-dollars-on-consignment-basis-sbp-directs/): How to Export US Dollars on Consignment Basis &#8211; SBP Directs How to Export US Dollars on Consignment Basis &#8211; SBP Directs. On Tuesday, the State Bank of Pakistan (SBP) directed Foreign exchange companies to take prior approval before exporting US dollars (USD) on a consignment basis. Last month, the SBP allowed exchange companies to export USD current notes on a consignment basis through cargo or security companies to divert the flow of foreign exchange mobilized by them towards the interbank market. However, now the central bank has directed Foreign Exchange Companies in Pakistan to take prior approval from the State [&hellip;]
- [Tax Card for Tax Year 2021 Download Online PDF](https://tax.net.pk/2022/09/05/tax-card-for-tax-year-2021-download-online-pdf/): Tax Card for Tax Year 2021 Download Online PDF Tax Card for Tax Year 2021 Download Online PDF. The Tax Rates for a particular tax year is very important when we perform any calculation. Some Tax rates may change yearly after the Finance Act / Budget announcement for a specific tax year. This is the reason that caution is taken while performing any calculation. Here we have given tax cards / &amp; important tax rates for the tax year 2021. Purpose / Uses of Tax Card, Tax Rates You can easily download it here and can use it for your tax calculations. Tax cards / tax rates can be [&hellip;]
- [How to Live Watch Pakistan VS India Asia Cup 2022](https://tax.net.pk/2022/09/04/how-to-live-watch-pakistan-vs-india-asia-cup-2022/): How to Live Watch Pakistan VS India Asia Cup 2022 How to Live Watch Pakistan VS India Asia Cup 2022. Asia Cup 2022 is being held among the Asian cricket playing countries at Dubai. Let us see how you can watch live Asia Cup 2022: India Star Sports Network is the official broadcaster of Asia Cup 2022 in India. Match will be available on Star Sports Channels. Disney+ Hotstar will present the live streaming. Pakistan PTV and Ten Sports are the official broadcasters of the match in Pakistan. Bangladesh In Bangladesh, Gazi TV will telecast the match. Afghanistan Ariana TV will [&hellip;]
- [How to Check Online 200 Prize Bond Draw List September 15, 2022](https://tax.net.pk/2022/09/04/how-to-check-online-200-prize-bond-draw-list-september-15-2022/): How to Check Online 200 Prize Bond Draw List September 15, 2022 How to Check Online 200 Prize Bond Draw List September 15, 2022. Premium Prize bond draw of Rs 200 held after every three months in different cities of Pakistan. The directorate of National Savings holds prize bond draw according to the schedule of prize bonds. Prize Bond Draw Schedule&nbsp;of every year contains information regarding the Draw number, City of the draw, and Date of the draw. Different Prizes of 200 Prize Bond Draw The worth of Rs 200 prize bond first prize will get by one lucky winner of Rs750,000, while five prizes [&hellip;]
- [How to Online Check 40000 Prize Bond Draw List September 12](https://tax.net.pk/2022/09/04/how-to-online-check-40000-prize-bond-draw-list-september-12/): How to Online Check 40000 Prize Bond Draw List September 12 How to Online Check 40000 Prize Bond Draw List September 12. Premium Prize bond draw of Rs 40000 held after every three months in different cities of Pakistan. Directorate of National Savings helds prize bond draw according to schedule of prize bonds. Prize Bond Draw Schedule&nbsp;of every year contains information regarding the Draw number, City of the draw, and Date of the draw. Different Prizes of 40000 Prize Bond The worth of Rs 40000 premium prize bond first prize will get by one lucky winner of Rs80,000,000, while three prizes of Rs30,000,000 [&hellip;]
- [How to Online Check 25000 Prize Bond Draw List September 12 2022](https://tax.net.pk/2022/09/04/how-to-online-check-25000-prize-bond-draw-list-september-12-2022/): How to Online Check 25000 Prize Bond Draw List September 12 2022 How to Online Check 25000 Prize Bond Draw List September 12 2022. Premium Prize bond draw of Rs 25000 is held after every three months in different cities of Pakistan. Draw is held under the Directorate of National Savings according to their schedule of prize bonds which is issued every year. Prize Bond Draw Schedule&nbsp;of every year contains information regarding Draw number, City of draw, and Date of draw. Different Prizes of 25000 Prize Bond According to the representative of National Savings, the worth of Rs 25000 premium prize bond first prize [&hellip;]
- [Used Car Mela in Karachi](https://tax.net.pk/2022/09/04/used-car-mela-in-karachi/): Used Car Mela in Karachi Used Car Mela in Karachi. Car prices have increased a lot and that is the reason that people are thinking now to purchase used cars instead of a new one. Pakwheels a renowned name in the auto industry has arranged a Mela of Used cars in Karachi city on Sunday, September 4th, 2022. Where you can buy and sell your used cars. Timing of the Event Used car Mela organized by Pakwheels.com will start at 12:00 PM till 8:00 PM. Place of Event Pakwheels.com used car mela in Karachi will hold at Expo Centre Hall 6. [&hellip;]
- [What is the Latest Prize Bond Schedule 2022](https://tax.net.pk/2022/09/03/what-is-the-latest-prize-bond-schedule-2022/): What is the Latest Prize Bond Schedule 2022 What is the Latest Prize Bond Schedule for 2022:. Prize bonds in Pakistan are a type of investment where people invest and also get a chance to win a prize in draws held periodically. Central Directorate of National Savings, Islamabad issues a Schedule of Prize Bonds every year for all types of Prize Bonds. Which Prize Bonds are available Now? There are the following prize bonds of different denominations: 25,000 Prize Bond 40,000 Prize Bond 1,500 Prize Bond 750 Prize Bond 200 Prize Bond 100 Prize Bond How many times prize bond draws [&hellip;]
- [What is the Latest FBR Property Valuation Rates 2022](https://tax.net.pk/2022/09/02/what-is-the-latest-fbr-property-valuation-rates-2022/): What is the Latest FBR Property Valuation Rates 2022 What is the Latest FBR Property Valuation Rates 2022:. Federal Board of Revenue (FBR) issues Immovable Property valuation rates of different cities of Pakistan. FBR&#8217;s these property valuation rates are near to market rates in those cities. Separate SROs are issued by FBR, for each city&#8217;s updated FBR Property Valuation rates. SRO contains the following information: Area wise Valuation ( place, town, circle, road side area, market area, shops area ) Value of Commercial property per Marla ( in Rupees ) Value of Residential property per Marla ( in Rupees ) What [&hellip;]
- [New Latest Petrol Diesel Prices in Pakistan from September 1](https://tax.net.pk/2022/09/02/new-latest-petrol-diesel-prices-in-pakistan-from-september-1/): New Latest Petrol, Diesel Prices in Pakistan from September 1 New Latest Petrol, Diesel Prices in Pakistan from September 1:. The government of Pakistan has recently increased the prices of petroleum products. The new price of petrol will be Rs235.98 per liter. In this regard, the Finance Division issued a statement on September 1, 2022. Revised Prices of Petroleum Products An increase of Rs2.07 per liter has increased the price of petrol. As per the notification, Rs2.99 has also been increased in the price of high-speed diesel, after which the new price of Diesel will be Rs247.43 per liter. The price [&hellip;]
- [Sindh Revenue Board Contributed to the Flood Relief Fund](https://tax.net.pk/2022/08/28/sindh-revenue-board-contributed-to-the-flood-relief-fund/): Sindh Revenue Board Contributed to the Flood Relief Fund Sindh Revenue Board Contributed to the Flood Relief Fund:. Currently, Pakistan is affecting a great loss of important human causalities along with infrastructure damage due to floods. In this difficult time, everyone has started to contribute donations. Millions of Pakistanis have been affected by floods in the country and hundreds have been martyred. This is the reason that the Government of Pakistan has declared a national emergency. Sindh Revenue Board (SRB) has also participated in this campaign to compensate the peoples of Pakistan who have been affected by this natural disaster. For [&hellip;]
- [Tax Card for Tax Year 2022 Download Online PDF](https://tax.net.pk/2022/08/28/tax-card-for-tax-year-2022-download-online-pdf/): Tax Card for Tax Year 2022 Download Online PDF Tax Card for Tax Year 2022 Download Online PDF. The Tax Rates for a particular tax year is very important when we perform any calculation. Some Tax rates may change every year after the announcement of the Finance Act / Budget for a particular tax year. This is the reason that caution is taken while performing any calculation. Here we have given tax cards / &amp; important tax rates for the tax year 2022. Purpose / Uses of Tax Card, Tax Rates You can easily download it here and can use it [&hellip;]
- [What is the Weekly Sensitive Price Indicator August 2022](https://tax.net.pk/2022/08/27/what-is-the-weekly-sensitive-price-indicator-august-2022/): Weekly Sensitive Price Indicator (SPI) for the week ended on August 25 2022 Weekly Sensitive Price Indicator (SPI) for the week ended on August 25 2022:. The inflation based on the Sensitive Price Indicator (SPI) has surged by around 45 percent by the week ended August 25, 2022, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday. Sensitive Price Indicator (SPI) &#8211; Year on Year Basis The Pakistan Bureau of Statistics (PBS) said that prices of essential items had recorded an increase of 44.58 percent year on year for the week ended August 25, 2022. The essential items [&hellip;]
- [Government Says not to Pay Electricity Bills and Wait for New](https://tax.net.pk/2022/08/26/government-says-not-to-pay-electricity-bills-and-wait-for-new/): Government Says not to Pay Electricity Bills and Wait for New Government Says not to Pay Electricity Bills and Wait for New:. Recent Electricity Bills of August 2022 in Pakistan has worried to the public. Because, Fuel Cost Adjustment (FCA) was added in the electricity bills which inflated the bills amount a lot. Now, government has told the public that do not pay the electricity bills if consumption is fewer than 200 units and new / revised electricity bills will be issued with reduced Fuel Cost Adjustment (FCA). Miftah Ismail announced this in a press conference. He said that cost of [&hellip;]
- [How to Cancel Jazz Cash Transactions in 2022](https://tax.net.pk/2022/08/26/how-to-cancel-jazz-cash-transactions-in-2022/): How to Cancel Jazz Cash Transactions in 2022 How to Cancel Jazz Cash transactions Manually? How to Cancel Jazz Cash Transactions in 2022:. If you want to cancel the Jazz Cash transaction then you can easily cancel the transaction by dialing this code: *786*1*1*4# However, if you want to cancel the Jazz Cash transaction by manually then you have to follow the instruction mentioned below then you can cancel the Jazz Cash payment within 30 minutes: Step by Step Procedure to Reverse Jazz Cash Transaction Dial from your Jazz Number *786# Then type 1 to select the “Send Money” option and then [&hellip;]
- [How to Check Sim Owner Details by Sending SMS to 667](https://tax.net.pk/2022/08/26/how-to-check-sim-owner-details-by-sending-sms-to-667/): How to Check Sim Owner Details by Sending SMS to 667 How to Check Sim Owner Details by Sending SMS to 667:. In case you are worry about how you can check SIM owner details with a mobile number? then here we will provide you complete procedure of this. How to Check SIM Owner Details using 667 &#8211; step by step? Let us check a method that how you can check all details even CNIC number of SIM owner. Details include owner name, CNIC number and&nbsp;IMSI&nbsp;and Activation date. Important Notes Here are some important facts you must know if you use 667 code:
- [Tax Exemption Granted to Donations for Prime Minister Flood Relief Fund](https://tax.net.pk/2022/08/24/tax-exemption-granted-to-donations-for-prime-minister-flood-relief-fund/): Tax Exemption Granted to Donations for Prime Minister Flood Relief Fund Tax Exemption Granted to Donations for Prime Minister Flood Relief Fund:. Flood conditions has badly affected many parts of Pakistan, especially rural areas of the country. In this regard, the federal government on Tuesday granted tax exemptions to donations made for Prime Minister’s Flood Relief Fund 2022. Moreover, Federal Board of Revenue (FBR) issued SRO 1590(I)/2022 dated August 23, 2022. To exempts deduction of tax under various provisions of Income Tax Ordinance, 2001. Amendments made in Law regarding Exemption to donations made for Prime Minister’s Flood Relief Fund 2022 According to the [&hellip;]
- [Download Online List of HS Codes in Excel in 2022](https://tax.net.pk/2022/08/23/download-online-list-of-hs-codes-in-excel-in-2022/): Download Online List of HS Codes in Excel in 2022 Download Online List of HS Codes in Excel in 2022:. Pakistan Customs&nbsp;follow the HS Code (Harmonized System Codes) or PCT Codes ( Pakistan Customs Tariff Codes) for Classification of Goods. Functions Of Pakistan Customs Pakistan Customs perform the following activities in the legal prescribed manner: Import &amp; Export of legal cargo Trade Facilitation Trade Regulator Preventive (Control of contraband Goods) Revenue Collection What is Harmonized System? The Harmonized System is:  a standardized numerical method of distributing traded products. Customs authorities use to identify products. When assessing goods for charging duties and [&hellip;]
- [How to Download LESCO Bill Tax Certificate Online](https://tax.net.pk/2022/08/21/how-to-download-lesco-bill-tax-certificate-online/): How to Download LESCO Bill Tax Certificate Online How to Download LESCO Bill Tax Certificate Online:. LESCO Bill is issued by Lahore Electric Supply Company against consumption of electricity in Lahore region. Currently many taxes &amp; charges are included in the LESCO bill of electricity like: Different Taxes / Charges on LESCO Bill Electricity Duty, General Sales Tax, Income Tax, Fuel Price Adjustment, E-Tax, F-Tax, etc., Energy / Fixed Charges PTV Fee QTR-TRF-Adj LESCO Bill Electricity Tariff LESCO Electricity Bill tariff also depends on the Peak and Off-Peak timings. These, timings are changed by LESCO according to schedule given below: Season [&hellip;]
- [How to Verify Online NTN Verification by CNIC](https://tax.net.pk/2022/08/20/how-to-verify-online-ntn-verification-by-cnic/): How to Verify Online NTN Verification by CNIC How to Verify Online NTN Verification by CNIC:. NTN stands for National Tax Number, tax authority issues it to every taxpayer at the time of registration with tax authority. It is a unique identification number which is issued to the taxpayer. He can use and quote it wherever he wants to use. He can use to to check his NTN Verification, to check active taxpayer status with tax authority and at time of payment of taxes. In Pakistan, National Tax Number (NTN) replaced by FBR with CNIC No of taxpayer. Now, CNIC no [&hellip;]
- [Government Lifts Ban on Import of Luxury Items](https://tax.net.pk/2022/08/20/government-lifts-ban-on-import-of-luxury-items/): Government Lifts Ban on Import of Luxury Items Government Lifts Ban on Import of Luxury Items:. Here is a good news for importers in Pakistan that Government on Friday lifted ban on all imports of luxury and non-essential items. This import ban was imposed in May 2022, due to foreign exchange reserves crisis. There was also major devaluation in Pak Rupee at that time and Dollar reached at record breaking point. In this regard, ministry of commerce issued SRO 1562(I)/2022 for lifting the ban on luxury and non-essential items. Such imported goods include motor vehicles, mobile phones and home appliances. Previously, Government on [&hellip;]
- [FBR decides penal action against tax officials on Non-Declaration of Assets](https://tax.net.pk/2022/08/19/fbr-decides-penal-action-against-tax-officials-on-non-declaration-of-assets/): FBR decides penal action against tax officials on Non-Declaration of Assets FBR decides penal action against tax officials on Non-Declaration of Assets:. Federal Board of Revenue (FBR) has decided penal action against tax officials who failed to submit their asset declarations. A statement issued on Thursday said that the FBR chairman had taken a serious note that many officers remained non-filer of asset declaration despite clear instructions. Moreover, FBR circular No. 01/2015 which provides guidelines for performance allowance, state vide para 7 under “heading de-notification of performance allowance.” According to the para 7: “vii) Non-filing of annual declaration of assets and [&hellip;]
- [State Bank of Pakistan Appointed Jameel Ahmad as New Governor](https://tax.net.pk/2022/08/19/state-bank-of-pakistan-appointed-jameel-ahmad-as-new-governor/): State Bank of Pakistan Appointed Jameel Ahmad as New Governor According to Notification of Finance Division on Friday the government has appointed Jameel Ahmad as Governor of the State Bank of Pakistan (SBP). Jameel Ahmad ha been appointed with immediate effect for a period of five years. Dr Reza Baqir was previous Governor of State Bank of Pakistan. He completed his term in May 2022. Dr Murtaza Syed assumed responsibility of the role as acting Governor. Biography of New Governor State Bank of Pakistan &#8211; Jameel Ahmad As per information available on the SBP website, Jameel Ahmad was serving as the [&hellip;]
- [Major Internet Service Providers Across Pakistan Faced Internet Down Today](https://tax.net.pk/2022/08/19/major-internet-service-providers-across-pakistan-faced-internet-down-today/): Major Internet Service Providers Across Pakistan Faced Internet Down Today Major Internet Service Providers Across Pakistan Faced Internet Down Today and internet service remained disable for many hours. This major Internet blackout in Pakistan started around 7 am, Major Internet Service Providers, for example, (Pakistan Telecommunication Limited) PTCL, Stormfiber supported by Cybernet, Ufone, and Mobilink Jazz went down today. PTCL informed the public via tweeter today morning that due to heavy rains and floods PTCL&#8217;s optical fiber network experienced technical faults. Due to this, in Northern and Central regions of country faced internet shut down. Pakistan Telecommunication Authority also informed via [&hellip;]
- [Today's gold rates in Pakistan – 18 August 2022](https://tax.net.pk/2022/08/18/todays-gold-rates-in-pakistan-18-august-2022/): Today&#8217;s gold rates in Pakistan – 18 August 2022 Today&#8217;s Gold Rates in Pakistan &#8211; 18 August 2022: The price of a single tola of 24-karat gold in Pakistan is Rs 141,200 on Thursday, 18 August 2022. The price of 10 grams of 24k gold was recorded at Rs 121,000. Likewise,10 grams of 22k gold were being traded for Rs 110,916 while a single tola of 22-karat gold was being sold at Rs 129,432. City Gold Silver Lahore PKR 141,200 PKR 1,581 Karachi PKR 141,200 PKR 1,581 Islamabad PKR 141,200 PKR 1,581 Peshawar PKR 141,200 PKR 1,581 Quetta PKR 141,200 PKR [&hellip;]
- [Good News for Car Buyers](https://tax.net.pk/2022/08/18/good-news-for-car-buyers/): Good News for Car Buyers:. In recent past days, renowned car makers Toyota, Honda and Suzuki increased prices of their car variants. This increase was due to inflation in the country. Inflation increased massively and break out all previous records. This happened due to devaluation of Pak Rupees and Increase in record breaking petrol prices. Now, first of all Toyota and Suzuki announced decrease in prices of cars. By following this initiative by the Honda Atlas Cars Pakistan, they have also announced to decrease the prices of cars. Honda Atlas Cars Limited (HACL) sent a notification to its dealerships informing them [&hellip;]
- [How to Check Your Bank Balance Online](https://tax.net.pk/2022/08/17/how-to-check-your-bank-balance-online/): How to Check Your Bank Balance Online How to Check Your Bank Balance Online:. We often try to check bank balance of our bank account. Because we may intend to pay Loan, pay utility bills or payment of educational expenses. Sometime, after the usage of ATM card during shopping we want to check available balance in the bank account. Purpose behind the checking of balance is to reconcile the balances after junk of transactions. On and off checking of bank balance is extremely necessary to control on the funds movement. You can take Bank balance from many sources. We sometime, use [&hellip;]
- [FBR Rebuts News Story Published by a Newspaper](https://tax.net.pk/2022/08/17/fbr-rebuts-news-story-published-by-a-newspaper/): FBR Rebuts News Story Published by a Newspaper FBR Rebuts News Story Published by a Newspaper:. Federal Board of Revenue(FBR) has categorically rejected the news item published in a newspaper that FBR system is under a major &#8216;cyber attack&#8216;. This news item was published as on August 15, 2022. However, FBR clarified that some of it&#8217;s system was stopped to work for maintenance purpose on week holidays. However, rest of the services were still working and no payment system was stopped and custom system (GDs etc.,) was working very smoothly. Only a Misleading to the Taxpayers FBR also highlighted that it [&hellip;]
- [100 Prize Bond List 15 August 2022](https://tax.net.pk/2022/08/16/100-prize-bond-list-15-august-2022/): 100 Prize Bond List 15 August 2022:. Prize bond draw of Rs 100&nbsp;is held after every three months in different cities of Pakistan. Draw is held under the&nbsp;Directorate of National Savings&nbsp;according to their schedule of prize bonds which is issued every year. Prize Bond Draw Schedule&nbsp;of every year contains information regarding Draw number, City of draw, and Date of draw. According to the representative of National Savings, the worth of Rs 100 prize bond 1st prize is Rs 700000 (One Prize only), the worth of 2nd prize is Rs 200000 PKR (total 3 prizes), and the worth of 3rd prize is [&hellip;]
- [1500 Prize Bond List 15 August 2022](https://tax.net.pk/2022/08/16/1500-prize-bond-list-15-august-2022/): 1500 Prize Bond List 15 August 2022 1500 Prize Bond List 15 August 2022:. Prize bond draw of Rs 1500&nbsp;is held after every three months in different cities of Pakistan. Draw is held under the&nbsp;Directorate of National Savings&nbsp;according to their schedule of prize bonds which is issued every year. Prize Bond Draw Schedule&nbsp;of every year contains information regarding Draw number, City of draw, and Date of draw. According to the representative of National Savings, the worth of Rs 1500 prize bond 1st prize is Rs 3000000 PKR, the worth of 2nd prize is Rs 1000000 PKR, and the worth of 3rd [&hellip;]
- [Happy Independence Day Pakistan 14 August 2022](https://tax.net.pk/2022/08/14/happy-independence-day-pakistan-14-august-2022/): On which Day Pakistan Got Independence? Happy Independence Day Pakistan 14 August 2022: 14 August Independence Day is Pakistan&#8217;s national day. Pakistan got freedom on 14th August 1947. On this day in 1947, Pakistan is a very proud country because it became the world&#8217;s first Islamic republic after independence from British rule. History of Pakistani Independence Day Pakistan had been part of the colony of India since the 18th century, firstly as part of the East India company and then as part of the British Indian Empire. In 1947, when Pakistan got independence then it divided into two different geographic areas [&hellip;]
- [Latest FBR Lucky Draw 15 August 2022](https://tax.net.pk/2022/08/09/latest-fbr-lucky-draw-15-august-2022/): Latest FBR Lucky Draw 15 August 2022 Federal Board of Revenue (FBR)&nbsp;draws it’s lucky draw of&nbsp;Point of Sales (POS)&nbsp;Prize Scheme on 15th of every month for the previous month’s Sales Tax Invoices verified by the buyers of goods. Last month,&nbsp;7th Lucky Draw of this POS Prize Scheme&nbsp;held in Peshawar. Where about 54 million worth prizes announced to buyers of goods at point of sales integrated with&nbsp;FBR. Every Person can participate in this FBR Lucky Draw by verifying it’s sales tax invoice on&nbsp;Tax Asaan App&nbsp;or by sending message at 9966. FBR sends confirmation message after verification of invoice and then includes in [&hellip;]
- [Latest Mobile Price in Pakistan and PTA Tax Calculator](https://tax.net.pk/2022/08/09/latest-mobile-price-in-pakistan-and-pta-tax-calculator/): Latest Mobile Price in Pakistan and PTA Tax Calculator What a Mobile Price in Pakistan is a very common question which everyone often search on google, yahoo, and Bing. Taxes on Mobiles are also linked to their latest Prices. After import of Mobile Phone user has to pay tax to PTA before start of usage of his Mobile. Because, when PTA tax will be paid then PTA will register the mobile phone device and user can start it&#8217;s use. PTA Tax is very common in Pakistan. Every user of mobile in Pakistan first registers his Mobile Device with PTA and then [&hellip;]
- [What are Latest Tax Accountant Job Description in 2022](https://tax.net.pk/2022/08/08/what-are-latest-tax-accountant-job-description-in-2022/): What are Latest Tax Accountant Job Description in 2022 Tax Accountant is very responsible job. He should be well equipped with tax laws of their country as well as accounting concepts. Tax Accountant is normally considered to be knowledgeable in the field of taxation of Salaried, Individual, Partnership Business and for corporate Sector. Tax Accountant Job Description is one of the key role in any organization. Tax Accountant Job description includes registration matters, compliance (both monthly and annually), and dealing with tax audits, tax assessments etc., What is the difference between an accountant and a tax accountant? A tax accountant job [&hellip;]
- [LESCO Duplicate Bill Online – Check, View and Download Electricity Bill Copy](https://tax.net.pk/2022/08/08/lesco-bill-check-online-duplicate-bill-download/): How to Download LESCO Duplicate Bill Online by Reference Number or Customer ID LESCO Billis issued by Lahore Electric Supply Company against electricity consumed by LESCO connection holders on the monthly basis. It is electricity supplier in Lahore region. LESCO provides facility to check online / view and even download in PDF to duplicate LESCO bill. Lahore Electric Supply Company supplies electricity in Lahore division. LESCO bill contains information about different charges, tax and government duties like, cost of electricity, meter rent, service rent, fuel price adjustment, FC surcharge, quarterly tarif adjustment, electricity duty, GST, Income tax, Extra tax, further tax, RS [&hellip;]
- [How Can I Download my PTCL Tax Certificate?](https://tax.net.pk/2022/08/06/how-can-i-download-my-ptcl-tax-certificate/): How Can I Download my PTCL Tax Certificate? How Can I Download my PTCL Tax Certificate? Every year Taxpayer needs his tax deduction certificate when he files his annual income tax return. Telecommunication Companies deduct Tax on the provision of services. The number of charges paid for services includes tax. Such tax is also named &#8216;Advance Income Tax&#8217;, and has the nature of &#8216;Adjustable tax&#8217;. It means you can adjust your tax liability against the such amount of Advance Income Tax deducted by telecommunication companies on mobile and internet services. In the same way, PTCL also charges you Advance Income Tax [&hellip;]
- [Today Iris FBR is going to update it's System](https://tax.net.pk/2022/08/06/today-iris-fbr-is-going-to-update-its-system/): Today Iris FBR is going to update it&#8217;s System Federal Board of Revenue is a premier organization for management of tax system in Pakistan. FBR has some portals for this purpose like, www.e.fbr.gov.pk , FBR Maloomat and Iris FBR portal. Iris FBR is it&#8217;s main portal of tax collection agency in Pakistan. Issues in Iris FBR Portal In last few years many issues were highlighted especially in accessing FBR portal for submission of tax returns. These issues were highlighted mainly in last days of filing tax returns when due dates are near. This is because when financial year ends and all [&hellip;]
- [How Much Income Tax on Salary in Pakistan 2022-23](https://tax.net.pk/2022/08/04/how-much-income-tax-on-salary-in-pakistan-2022-23/): How Much Income Tax on Salary in Pakistan 2022-23 Here we are going to discuss everything you should know about the calculation of tax on your salary income according to the latest Salary tax slabs 2022-23 rates in Pakistan. There are different Income Tax Slabs for FY 2022-2023 year in Pakistan on Salary Income. DIVISION OF SALARY INCOME IN PAKISTAN Salary Income&nbsp;is subject to the following divisions as per the general practices and according to the&nbsp;Income Tax Ordinance, 2001. Have a look: Basic Salary House Rent Allowance (HRA) Conveyance Allowance Medical and Other Allowances BASIC SALARY It’s a fixed amount of money that you may [&hellip;]
- [Prize Bond 750 list 2022 | Prize Bond Schedule 2022](https://tax.net.pk/2022/08/04/prize-bond-750-list-2022-prize-bond-schedule-2022/): Prize Bond 750 list 2022 | Prize Bond Schedule 2022 Prize bond draw 92 of Rs 750 will held at Quetta on Monday 17-10-2022. According to the representative of National Savings, the worth of Rs 750 prize bond 1st prize is Rs 1500000 PKR, the worth of 2nd prize is Rs 500000 PKR, and the worth of 3rd prize is Rs 9300 PKR. Check draw result of Rs 750 prize bond on this page. Winners of these prize bond numbers for year 2022 are given here. 750 Prize Bond Draw List Year 2022 – Download Here Prize bond Draw Schedule 2022 [&hellip;]
- [Pakistani Rupee Made Recovery against US Dollar](https://tax.net.pk/2022/08/03/pakistani-rupee-made-recovery-against-us-dollar-3-august/): Pakistani Rupee Made Recovery against US Dollar Good news is here as after a huge devaluation of Pakistani Rupee in recent days against dollar now rupee appreciated more than Rs9 in the intraday trade and is being reported at Rs228 per USD on Wednesday. The Pak Rupee has shown recovery after weeks of continuous decline in its value which has been largely due to ease in import payments. The State Bank of Pakistan (SBP) interbank closing rate recorded at Rs228.80 per USD, rupee appreciated 4.19%. According to Pakistan Bureau of Statistics, Pakistan’s merchandise trade deficit for the month of July 2022 [&hellip;]
- [Latest Revised Pay Scale Chart 2022-23 Salary Increase 2022 | Good News](https://tax.net.pk/2022/08/02/latest-revised-pay-scale-chart-2022-23-salary-increase-2022-good-news/): Latest Revised Pay Scale Chart 2022-23 Salary Increase 2022 Government of Pakistan Finance Division (Regulation Wing) issued Notification regarding revised basic Pay Scales 2022-23 and Allowances on 01-07-2022. Further, Federal Government has merged five adhoc relief allowances 2016, 2017, 2018, 2019 and 2021 into basic pay and introduced Basic Pay Scales 2022. However, Federal Government previously revised pay scales in 2017. Now in 2022 after about five years Federal Government again revised it. The details of which are as under: Notification of Revised Basic Pay Scales 2022 and Allowances Federal Moreover, President has been pleased to sanction the revision of Basic [&hellip;]
- [Revised Petrol Prices in Pakistan | Latest Good News](https://tax.net.pk/2022/08/01/revised-petrol-prices-in-pakistan-1-august/): Revised Petrol Prices in Pakistan A good news for the public of Pakistan that Government has reduced petrol prices for first half of August 2022. Government of Pakistan decided on Sunday and announced relief in the price of petrol by Rs3.05 per litre. A statement issued by the Finance Division in this regard on Sunday. New price of petrol in Pakistan will now Rs227.19 per litre. Previous price of petrol was Rs230.34 per litre. However, Government has increased Rs8.95 in the price of high speed diesel oil, so, new price of diesel will Rs244.95 per litre. Revised Petrol Prices in Pakistan [&hellip;]
- [Tax on Agricultural Income in Pakistan 2022 | Easy Latest Tax Calculator](https://tax.net.pk/2022/08/01/tax-on-agricultural-income-in-pakistan-2022/): Tax on Agricultural Income in Pakistan 2022 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 41 &amp; section 111(1)(d) ), is available only when agriculture income is charged to tax under provincial law. Tax on Agricultural Income in Pakistan 2022 (THE PUNJAB AGRICULTURAL INCOME TAX ACT 1997) In Punjab, the taxation of agriculture income is administered under the provincial law of &#8220;The Agriculture Income Tax Act 1997&#8220;. Under such Act, Agriculture Income is taxed by any of the following two methods; AREA or LAND BASED: Agriculture [&hellip;]
- [All Country Code Number List Pdf Download 2022 | Enjoy Calling](https://tax.net.pk/2022/07/31/all-country-code-number-list-pdf-download/): International Phone Calling Code Country Wise About International Country Calling Phone codes The country calling codes are number prefixes ( three digit long ) which is used to dial a phone number of another country from the country you are living. It is also known as country dial-in codes. These country codes are assigned and managed by International Telecommunication Union (ITU) and defined in the ITU-T ISO standards: E.123 and E.164. All Country Code Number List PDF download link is available here in this article. You can download Pdf file here of Calling Codes for Countries List using the direct link [&hellip;]
- [Pakistan Auto Show 2022 a Popular Event](https://tax.net.pk/2022/07/30/pakistan-auto-show-2022-timing/): Pakistan Auto Show 2022 Pakistan Auto Show 2022 is scheduled to start from 29th till 31st of July, 2022. The venue of Pakistan Auto Show 2022 is at the Expo Centre Lahore. This initiative has been taken by Pakistan Association of Automotive Parts &amp; Accessories Manufacturers (PAAPAM). In Auto Show more than 3000 large, medium and small industries from all over the Pakistan will participate. This year theme of the Auto Show 2022 is named as “MADE IN PAKISTAN”. It is expected that more than 100,000 visitors will visit the Auto how this year. Many items will be there for visitors [&hellip;]
- [E-Payment System Introduced for PPSC Online Job Applications](https://tax.net.pk/2022/07/28/e-payment-system-introduced-for-ppsc-online-job-applications/): E-Payment System Introduced for PPSC Online Job Applications Punjab Public Service Commission (PPSC) spokesperson introduced that the e-payment system recently developed for online job applications for PPSC. This has been done with the help of Punjab Information Technology Board (PITB). How to Use e-payment system for PPSC Job Applications From 1 August 2022 onwards, when you will apply on PPSC’s online job portal, applicants will get a 17-digit Payment Slip ID (PSID). They can then pay the fee against that PSID No through: ATM, Internet Banking, Mobile Banking, Microfinance Banks, or over the counter of the nearest 1Link member banks and [&hellip;]
- [1500 Prize Bond List 2022 | Prize Bond Schedule](https://tax.net.pk/2022/07/28/1500-prize-bond-list-2022-prize-bond-schedule-2022/): 1500 Prize Bond List 2022 | Prize Bond Schedule Prize bond draw of Rs 1500&nbsp;is held after every three months in different cities of Pakistan. Draw is held under the&nbsp;Directorate of National Savings&nbsp;according to their schedule of prize bonds which is issued every year. Prize Bond Draw Schedule&nbsp;of every year contains information regarding Draw number, City of draw, and Date of draw. According to the representative of National Savings, the worth of Rs 1500 prize bond 1st prize is Rs 3000000 PKR, the worth of 2nd prize is Rs 1000000 PKR, and the worth of 3rd prize is Rs 18500 PKR. [&hellip;]
- [Prize Bond 100 Draw List Online check 2022](https://tax.net.pk/2022/07/27/prize-bond-100-draw-list-online-check-2022/): Prize Bond 100 Draw List Online check 2022 Prize bond draw of Rs 100&nbsp;is held after every three months in different cities of Pakistan. Draw is held under the&nbsp;Directorate of National Savings&nbsp;according to their schedule of prize bonds which is issued every year. Prize Bond Draw Schedule&nbsp;of every year contains information regarding Draw number, City of draw, and Date of draw. According to the representative of National Savings, the worth of Rs 100 prize bond 1st prize is Rs 700000 (One Prize only), the worth of 2nd prize is Rs 200000 PKR (total 3 prizes), and the worth of 3rd prize [&hellip;]
- [Surcharge Imposed for Clearance of Banned Consignments](https://tax.net.pk/2022/07/26/surcharge-imposed-for-clearance-of-banned-consignments/): Surcharge Imposed for Clearance of Banned Consignments Government has allowed release of banned consignments subject to imposition of 15% surcharge. This is in terms of paragraph 20 of the Import Policy Order, 2022. These consignments are those which banned previously vide SRO 598(I)/2022 dated 19th May, 2022 and are pending for Customs Clearance. Provided such consignments landed at any port including sea, air or dry port on or before 30th June 2022. Subject to payment of surcharge to impose on the C&amp;F value of goods at the following rates: Shipments arrived within two weeks of issuance of the SRO 598(1)/2022 dated [&hellip;]
- [No More Income Tax on Educational Fees Under Section 236I](https://tax.net.pk/2022/07/25/no-more-income-tax-on-educational-fees-under-section-236i/): No More Income Tax on Educational Fees Under Section 236I Previously FBR charged Advance Income Tax @5% on educational / Tuition fees of students. Chargeable to students whose parents or guardians were inactive tax filer in FBR. Moreover this Advance Income Tax previously charged at the time of preparation of fees challans Under Section 236I if fees was more than Rs 200,000 per annum. Omission of Section 236I of Income Tax Ordinance 2001 Now, Income Tax Ordinance amended and this Section 236I related to tax on Educational Fees omitted from Ordinance. Educational institutes now not required to charge this 5% Advance [&hellip;]
- [Jobs by Pakistan Single Window PSW](https://tax.net.pk/2022/07/24/jobs-by-pakistan-single-window-psw/): Jobs by Pakistan Single Window PSW About PSW Pakistan Customs&#8217; project named, Pakistan Single Window (PSW) initiated to decrease the time and cost of doing business by digitalizing Pakistan’s Import and export activities. The Pakistan Single Window Company (PSWC), is a public sector company. It is incorporated under Section 42 of the companies Act, 2017 by Pakistan Customs with SECP. It&#8217;s operations are performed under the provisions of the Pakistan Single Window (PSW) Act, 2021. Pakistan Single Window (PSW) has announced many Jobs. Detail of all those announced jobs of PSW as given in Pakistan Job Portal is given here: Pakistan [&hellip;]
- [Prize Bond List 2022 Online Check](https://tax.net.pk/2022/07/24/prize-bond-list-2022-online-check/): Prize Bond List 2022 Online Check Prize bond is a type of investment in Pakistan. A large population consider it a safe investment due to it&#8217;s control in the hands of Government of Pakistan. Central Directorate of National Savings in Pakistan is responsible for Prize Bond draws and issuance of Prize Bond Schedules and it&#8217;s other matters. Investment in Prize Bonds has many advantages like: Easy to Invest Easy to Encash Winning Prizes More chances of winning prize Profit on Premium Prize Bonds Small Investment It&#8217;s a bearer Investment (Only Premium Prize bond is issued by Name) It can be used just [&hellip;]
- [Last Date of Income Tax Return 2022](https://tax.net.pk/2022/07/22/last-date-of-income-tax-return-2022/): Last Date of Income Tax Return 2022 Income Tax Return (ITR) Filing for financial year 2021-22 (Tax Year 2022): We are a few days away from the deadline for filing our income tax returns (ITRs) for the financial year 2021-22 (FY22). The last date for filing income tax returns for different taxpayers is as follows: Type of Taxpayer Last Date to File Income Tax Returns Individual / Sole Proprietor On or before 30th September Association of Person (AOP) / Partnership On or before 30th September Salaried Taxpayer On or before 30th September Company / Corporate Sector On or before 31st December [&hellip;]
- [Hyundai SUV Price Hike](https://tax.net.pk/2022/07/22/hyundai-suv-price-hike/): Hyundai SUV Price Hike By joining the club of automakers who have already increased prices of it&#8217;s vehicles due to current inflation situation, Hyundai Nishat Motors Private Limited (HNMPL) has also increased price of its SUV Hyundai Tucson. This is the biggest increase in price by Hyundai and third in year 2022. The prices of both Hyundai Tucson variants are given below and are effective immediately: List of Hyundai SUV Price Hike Variants Previous Prices (in Rs.) New Prices (in Rs.) Increase in Price (in Rs.) Tucson GLS Sport FWD 5,856,990 6,899,000 1,042,010 Tucson Ultimate AWD 6,361,990 7,399,000 1,037,010 Reasons of [&hellip;]
- [100 Prize Bond Draw List 15 August 2022](https://tax.net.pk/2022/07/21/100-prize-bond-draw-list-15-august-2022/): 100 Prize Bond Draw List 15 August 2022 Prize bond draw of Rs 100&nbsp;is held after every three months in different cities of Pakistan. Draw is held under the&nbsp;Directorate of National Savings&nbsp;according to their schedule of prize bonds which is issued every year. Prize Bond Draw Schedule&nbsp;of every year contains information regarding Draw number, City of draw, and Date of draw. According to the representative of National Savings, the worth of Rs 100 prize bond 1st prize is Rs 700000 (One Prize only), the worth of 2nd prize is Rs 200000 PKR (total 3 prizes), and the worth of 3rd prize [&hellip;]
- [Income Tax Returns 2022](https://tax.net.pk/2022/07/21/income-tax-returns-2022/): Federal Board of Revenue (FBR) in July 2022, made available Income Tax Returns Forms for tax return filing of Tax Year 2022. As per the previous year practice FBR facilitated taxpayers by providing the tax return form for tax year 2022 in July. It will help the taxpayers to make their compliance of submission of annual income tax returns on time. This was the reason that last year FBR did not extend last date beyond October 15 2021 for tax year 2021 tax return. Income Tax Returns Form for tax year 2022 is available for Salaried, Individuals, Sole Proprietors, Partnership businesses [&hellip;]
- [1500 Prize Bond Draw List 15 August 2022](https://tax.net.pk/2022/07/20/1500-prize-bond-draw-list-15-august-2022/): 1500 Prize Bond Draw List 15 August 2022 Prize bond draw of Rs 1500&nbsp;is held after every three months in different cities of Pakistan. Draw is held under the&nbsp;Directorate of National Savings&nbsp;according to their schedule of prize bonds which is issued every year. Prize Bond Draw Schedule&nbsp;of every year contains information regarding Draw number, City of draw, and Date of draw. According to the representative of National Savings, the worth of Rs 1500 prize bond 1st prize is Rs 3000000 PKR, the worth of 2nd prize is Rs 1000000 PKR, and the worth of 3rd prize is Rs 18500 PKR. Upcoming [&hellip;]
- [KIA Price Increase for Cars](https://tax.net.pk/2022/07/20/kia-price-increase-for-cars/): Kia Announces Price Increase for Cars Lucky Motor Corporation Limited (LMCL) reputed for it&#8217;s stability in vehicle prices in the past two years. But, instability in the local currency and increase in import costs have motivated the automaker to increase it&#8217;s car prices. KIA has increased the prices of all vehicles in Pakistan namely Sportage, Stonic, and Picanto. KIA new prices are effective with immediate effect, list of new prices are given below: KIA Price Increase for Cars Cars Previous Price (in Rs.) New Price (Rs.) Difference (Increase) (in Rs.) Picanto M/T 2,600,000 3,100,000 500,000 Picanto A/T 2,700,000 3,200,000 500,000 Sportage [&hellip;]
- [Best Grocery Stores in Pakistan](https://tax.net.pk/2022/07/20/best-grocery-store-in-pakistan-difference-between-departmental-store-supermarket-and-hypermarket-difference/): Best Grocery Stores in Pakistan and Difference between Departmental Store, Supermarket and Hypermarket. Every month we all go to the supermarket, today the supermarket is becoming our need because people have busy schedules. As women have entered the workplace, so they didn’t have time to stop at four different places. Moreover, food is needed everywhere for everyone and this is where supermarkets come in. A Supermarket is the most important aspect of food production and distribution because they are the interference between supply and demand. Supermarkets also play a vital role in strengthening communities. It is a very convenient way of [&hellip;]
- [NTN Verification by CNIC](https://tax.net.pk/2022/07/18/ntn-verification-by-cnic-ntn-certificate-download/): NTN Verification by CNIC How to check NTN Verification by CNIC ? If you want to check&nbsp;National Tax Number (NTN)&nbsp;by using&nbsp;CNIC&nbsp;Number&nbsp;then follow the below method: Open the website of FBR&nbsp;https://e.fbr.gov.pk/ Click on the tab “Search Taxpayers“ Click on the tab “NTN Inquiry“ To&nbsp;Check&nbsp;Taxpayer Profile Inquiry, click on the “Taxpayer Profile Inquiry” option from the left sidebar. Select your relevant option from the drop-down i.e.,&nbsp;Parameter Type, Which may be&nbsp;CNIC Number&nbsp;/&nbsp;NTN Number&nbsp;/&nbsp;Passport Number&nbsp;/&nbsp;Registration Number&nbsp;/&nbsp;Incorporation Number. Provide your “Registration No” in the registration field. (Number Provided by FBR while taxpayer’s registration of&nbsp;National Taxation Number (NTN), but according to Selection of “Parameter Type”). If You selected [&hellip;]
- [Taxpayer NTN Profile Inquiry](https://tax.net.pk/2022/07/18/taxpayer-ntn-profile-inquiry-online-ntn-verification-by-cnic/): Taxpayer NTN Profile Inquiry How to check Taxpayer NTN Profile Inquiry Online FBR&nbsp;? If you want to check&nbsp;National Tax Number (NTN)&nbsp;by using&nbsp;CNIC&nbsp;Number&nbsp;then follow the below method: Open the website of FBR&nbsp;https://e.fbr.gov.pk/ Click on the tab “Search Taxpayers“ Click on the tab “NTN Inquiry“ To&nbsp;Check&nbsp;Taxpayer Profile Inquiry, click on the “Taxpayer Profile Inquiry” option from the left sidebar. Select your relevant option from the drop-down i.e.,&nbsp;Parameter Type, Which may be&nbsp;CNIC Number&nbsp;/&nbsp;NTN Number&nbsp;/&nbsp;Passport Number&nbsp;/&nbsp;Registration Number&nbsp;/&nbsp;Incorporation Number. Provide your “Registration No” in the registration field. (Number Provided by FBR while taxpayer’s registration of&nbsp;National Taxation Number (NTN), but according to Selection of “Parameter Type”). If [&hellip;]
- [Prize Bond Draw Schedule 2022](https://tax.net.pk/2022/07/16/prize-bond-draw-schedule-2022/): Prize bond Draw Schedule 2022 Here you can find the complete list of Prize bond Draw Schedule 2022 given by the Directorate of National Savings. National saving&nbsp;of Pakistan organizes the Qura andazi of 100, 200, 750, 1500, 40,000 and 25000 rupee prize bond four times a year. You can buy Prize bonds easily and encashed in any quantity at all field offices of SBP BSC (State Bank of Pakistan Banking Services Corporation Bank), offices of National Saving Centers, and designated branches of all commercial banks. PRIZE BOND DRAW DATE DAY CITY Rs. 750/- 17 January 2022 Monday Peshawar Rs. 100/- 15 February 2022 Tuesday [&hellip;]
- [Nothing Phone 1 Price and PTA Tax in Pakistan](https://tax.net.pk/2022/07/16/nothing-phone-1-price-and-pta-tax-in-pakistan/): Nothing Phone 1 Price and PTA Tax in Pakistan Nothing Phone 1 price in Pakistan is Rs 99,999 PKR (Expected and $474 currently). The smartphone has 8GB / 12GB RAM and 128GB / 256GB built in Storage. Phone 1 have two color options White, Black. Nothing&nbsp;latest mobile&nbsp;Phone 1&nbsp;officially&nbsp; launched on July 12, 2022 in country. The smartphone has amazing specs, screen size, camera setup, good battery timing, and mobile performance.&nbsp;Phone 1&nbsp;feature 50MP dual rear camera and 16MP front camera. The device display supports up-to 1080 x 2400 pixels Resolution and screen size of 6.55″ inches. The Performance of&nbsp;Phone 1&nbsp;is based on Snapdragon 778G+ 5G Chipset and Adreno [&hellip;]
- [What is Article 6 in Pakistan](https://tax.net.pk/2022/07/16/what-is-article-6-in-pakistan/): Article 6 of the Constitution of the Islamic Republic of Pakistan. Here is a look at what Article 6 of Pakistan says: “Any person who abrogates or subverts or suspends or holds in abeyance, or attempts or conspires to abrogate or subvert or suspend or hold in abeyance, the Constitution by use of force or show of force or by any other unconstitutional means shall be guilty of high treason.” Article 6 Says The second clause adds that any person aiding, abetting or collaborating in the acts will also be considered guilty of high treason. Clause 2A says that an act of high [&hellip;]
- [Extension in Date of Submission of Sales Tax Return](https://tax.net.pk/2022/07/15/extension-in-date-of-submission-of-sales-tax-return/): Extension in Date of Submission of Sales Tax Return Federal Board of Revenue (FBR) extended last date to file sale tax return for the month of June 2022. Last date for payment and submission of sales tax and federal excise return extended up to July 20th 2022. FBR issued notification vide No. C.No.9( I I )ST-LPE/Miscl2016/1535 1 7-R dated: July 15, 2022 for extension in date. &#8220;.&#8230;&#8230;.. in exercise of the powers conferred under section 74 of the Sales Tax Act, 1990 and section 43 of the Federal Excise Act,2005, the Federal Board of Revenue is pleased to extend the date [&hellip;]
- [FBR POS Lucky Draw Today 15 July 2022](https://tax.net.pk/2022/07/15/fbr-pos-lucky-draw-today-15-july-2022/): FBR POS Lucky Draw Today 15 July 2022 Federal Board of Revenue (FBR)&nbsp;draws it’s lucky draw of&nbsp;Point of Sales (POS)&nbsp;Prize Scheme on 15th of every month for the previous month’s Sales Tax Invoices verified by the buyers of goods. Last month,&nbsp;6th Lucky Draw of this POS Prize Scheme&nbsp;held in Karachi. Where about 54 million worth prizes announced to buyers of goods at point of sales integrated with&nbsp;FBR. Every Person can participate in this FBR Lucky Draw by verifying it’s sales tax invoice on&nbsp;Tax Asaan App&nbsp;or by sending message at 9966. FBR sends confirmation message after verification of invoice and then includes [&hellip;]
- [750 Prize Bond Draw List 15 July 2022 | Prize Bond Schedule 2022](https://tax.net.pk/2022/07/15/750-prize-bond-draw-list-15-july-2022-prize-bond-schedule-2022/): 750 Prize Bond Draw List 15 July 2022 | Prize Bond Schedule 2022 Prize bond draw 91 of Rs 750 will held at Lahore on 15-07-2022. According to the representative of National Savings, the worth of Rs 750 prize bond 1st prize is Rs 1500000 PKR, the worth of 2nd prize is Rs 500000 PKR, and the worth of 3rd prize is Rs 9300 PKR. Check draw 91 of Rs 750 prize bond on this page. Winners of these prize bond numbers will be announced on July 15 2022 and are given here: 1st Prize of Rupees 750 Prize Bond (Winners [&hellip;]
- [Countdown Begins for FBR Lucky Draw 15 July 2022](https://tax.net.pk/2022/07/15/countdown-begins-for-fbr-lucky-draw-15-july-2022/): Countdown Begins for FBR Lucky Draw 15 July 2022 Federal Board of Revenue (FBR)&nbsp;draws it’s lucky draw of&nbsp;Point of Sales (POS)&nbsp;Prize Scheme on 15th of every month for the previous month’s Sales Tax Invoices verified by the buyers of goods. Last month,&nbsp;6th Lucky Draw of this POS Prize Scheme&nbsp;held in Karachi. Where about 54 million worth prizes announced to buyers of goods at point of sales integrated with&nbsp;FBR. Every Person can participate in this FBR Lucky Draw by verifying it’s sales tax invoice on&nbsp;Tax Asaan App&nbsp;or by sending message at 9966. FBR sends confirmation message after verification of invoice and then [&hellip;]
- [Petrol Price Reduced by Government](https://tax.net.pk/2022/07/14/petrol-price-reduced-by-government/): As per the speech of Shehbaz Sharif on Television, Government has reduced the current price of petrol and diesel. According to Speech, prices of petrol reduced by Rs.18.5 and Diesel by Rs.40.54. The new petrol and diesel prices will apply with immediate effect from today at 12:00 AM. Prime Minister Shehbaz Sharif Thursday announced reducing the price of petrol by Rs18.50 per litre after the oil rate in the international market witnessed a reduction. Previously, Prime Minister Shehbaz Sharif on Tuesday summoned a summary from the Ministries of Finance and Petroleum recommending a reduction in the price of petroleum products after [&hellip;]
- [GS Pay Scale 2022](https://tax.net.pk/2022/07/14/gs-pay-scale-2022/): A pay grade or salary grade scale (e.g., GS Pay Scale 2022), a structured pay format where new employees places at a given pay level based on their level of education and work experience regarding the position. Appointments in the organizations are at a specific pay grade with purpose to balance both internal and external equity. A basic pay grade structure has several pay grade levels and a range of steps or placements at each level. This allows for higher pay for a job with more experience. An organization may have 10 to 12 grade levels and three to five steps [&hellip;]
- [How to Withdraw Payoneer Money from JazzCash](https://tax.net.pk/2022/07/12/how-to-withdraw-payoneer-money-from-jazzcash/): How to Withdraw Payoneer Money from JazzCash. We will learn here that how to withdraw Payoneer amount from JazzCash by reading below text. what you will learn here? 1st Topic: How to Link Payoneer Account with JazzCash 2nd Topic: How to Withdraw Payoneer Money from JazzCash 3rd Topic: How to Create JazzCash Account JazzCash and Payoneer have agreed to facilitate the Pakistani freelancers in receiving payments in different currencies. This partnership of JazzCash and Payoneer will allow the freelancers to link their JazzCash mobile account with Payoneer account to receive payments globally. However, In Pakistan Paypal&#8217;s Financial Services are restricted and are not available [&hellip;]
- [Minimum Wage in UK 2022 | Salary Increase](https://tax.net.pk/2022/07/11/minimum-wage-in-uk-2022-salary-calculator/): What is the Minimum Wage in UK 2022? The minimum wage rate per hour in UK increased with effect from 1 April 2022: National Living Wage for over-23s: from £8.91 to £9.50 an hour 21-22 Year Old Rate: from £8.36 to £9.18 18-20 Year Old Rate: from £6.56 to £6.83 16-17 Year Old Rate: from £4.62 to £4.81 The Apprentice rate: from £4.30 to £4.81 The apprentice rate applies to people aged under 19, or people over 19 but in the first year of their apprenticeship. Further, if apprentices are older than 19 and have finished the first year of their [&hellip;]
- [Eid Ul Adha Mubarak 2022 Image](https://tax.net.pk/2022/07/09/eid-ul-adha-mubarak-2022-image/): Eid Ul Adha Mubarak 2022 Image The festival of Eid Ul-Adha 2022 in Pakistan is celebrated by all Muslims and everyone wants to send Eid Mubarak wishes 2022 to their loved ones, family, relatives, friends and cousins. Bakra Eid 2022 one of the holiest festival of Muslims. Muslims celebrate it with great joy. Muslims celebrate Eid twice in a year with Eid al-Adha 2022 and Eid Ul-Fitar 2022. Below you can see some Eid Ul Adha Eid Mubarak Wishes 2022. It will include images, quotes and whatsapp status etc. May your feast be the best this eid. Eid Mubarak! May this day bring [&hellip;]
- [Income Tax Slabs 2022-23 Pakistan | Salary Tax Calculator](https://tax.net.pk/2022/07/09/income-tax-slabs-2022-23-pakistan-salary-tax-calculator/): Income Tax Slabs 2022-23 Pakistan | Salary Tax Calculator Here we are going to discuss everything you should know about the calculation of tax on your salary income according to the latest Salary tax slabs 2022-23 rates in Pakistan. There are different Income Tax Slabs for 2022-2023 year in Pakistan on Salary Income. DIVISION OF SALARY INCOME IN PAKISTAN Salary Income&nbsp;is subject to the following divisions as per the general practices and according to the&nbsp;Income Tax Ordinance, 2001. Have a look: Basic Salary House Rent Allowance (HRA) Conveyance Allowance Medical and Other Allowances BASIC SALARY It’s a fixed amount of money that you may receive [&hellip;]
- [Online NTN Verification through CNIC](https://tax.net.pk/2022/07/09/online-ntn-verification-through-cnic-taxpayer-ntn-profile-inquiry/): How to check Online NTN Verification by CNIC? If you want to check&nbsp;National Tax Number (NTN)&nbsp;by using&nbsp;CNIC&nbsp;Number&nbsp;then follow the below method: Open the website of FBR&nbsp;https://e.fbr.gov.pk/ Click on the tab “Search Taxpayers“ Click on the tab “NTN Inquiry“ To&nbsp;check NTN number in Pakistan, click on the “Taxpayer Profile Inquiry” option from the left sidebar. Select your relevant option from the drop-down. Provide your “Registration No” in the registration field. (Number Provided by FBR while taxpayer’s registration of&nbsp;National Taxation Number (NTN). Provide your “CNIC” in the CNIC field. Provide captcha against the “Captcha” field. Providing information click the “Submit” button. You will [&hellip;]
- [Steps to Perform Hajj](https://tax.net.pk/2022/07/08/steps-to-perform-hajj/): Steps to Perform Hajj Seven (7) Steps of Hajj 1 Step – Ihram and Intentions 2 Step – Mina aka “City of tents” 3 Step – Mina to Arafat, 9th day of Dhul-Hijjah 4 Step – Muzdalifah 5 Step – Rami – Stoning the devil 6 Step – Nahr 7 Step – Farewell Tawaf 1st Step – Ihram and Intentions Making a pure intention and wearing the Ihram are the two of the first essential steps when going for Hajj. After making the niyat, Muslim pilgrims wear the Ihram. 2nd Step – Mina aka “City of Tents” Situated 5 to 6 [&hellip;]
- [Hajj Package 2022 Pakistan Price](https://tax.net.pk/2022/07/07/hajj-package-2022-pakistan-price/): Hajj Package 2022 Pakistan Price Govt approved a subsidy of Rs150,000 for each pilgrim. Hajj expenses for northern region are up to Rs851,000. Expenses for southern region are up to Rs860,000. Government approved a subsidy of Rs150,000 for each pilgrim. The Hajj expenses for the northern region are up to Rs851,000 while the expenses for the southern region are up to Rs860,000. Minister informed that the mandatory expenses are 52%,&nbsp;airfare 21% and other expenses 27%. The Hajj package announced after the approval from the cabinet. Pakistan&#8217;s quota reduced from 180,000 to 81,210 because of COVID-19. The per head residence cost reduced from SAR2,600 [&hellip;]
- [Latest Pay Scale Chart 2022-23 | Notification of Salary Increase 2022](https://tax.net.pk/2022/07/07/latest-pay-scale-chart-2022-23-notification-of-salary-increase-2022/): Latest Pay Scale Chart 2022-23 | Notification of Salary Increase 2022. Government of Pakistan Finance Division (Regulation Wing) issued Notification regarding revised basic Pay Scales 2022-23 and Allowances on 01-07-2022. Further, Federal Government has merged five adhoc relief allowances 2016, 2017, 2018, 2019 and 2021 into basic pay and introduced Basic Pay Scales 2022. However, Federal Government previously revised pay scales in 2017. Now in 2022 after about five years Federal Government again revised it. The details of which are as under: Notification of Revised Basic Pay Scales 2022 and Allowances Federal Moreover, President has been pleased to sanction the revision [&hellip;]
- [FBR Lucky Draw 15 July 2022](https://tax.net.pk/2022/07/06/fbr-lucky-draw-15-july-2022/): FBR Lucky Draw 15 July 2022 Federal Board of Revenue (FBR)&nbsp;draws it’s lucky draw of&nbsp;Point of Sales (POS)&nbsp;Prize Scheme on 15th of every month for the previous month&#8217;s Sales Tax Invoices verified by the buyers of goods. Last month, 6th Lucky Draw of this POS Prize Scheme&nbsp;held in Karachi. Where about 54 million worth prizes announced to buyers of goods at point of sales integrated with&nbsp;FBR. Every Person can participate in this FBR Lucky Draw by verifying it’s sales tax invoice on&nbsp;Tax Asaan App&nbsp;or by sending message at 9966. FBR sends confirmation message after verification of invoice and then includes in [&hellip;]
- [Pension Increase Notification 2022 | Federal Budget 2022-23](https://tax.net.pk/2022/07/05/pension-increase-notification-2022-federal-budget-2022-23/): Pension Increase Notification 2022 Federal Budget 2022-23. Recently, Government of Pakistan, Finance Division 2022, issued an Office Memorandum dated: July 1st 2022. Notification issued regarding Increase in Pension in Federal Budget 2022-23. Notification says, the pensioners will get an increase in Pension @15% with effect from July 1st 2022. The detail of which is as under: Pension Increase Notification 2022 Sr. No Pension Increase Rate of pension 1 Increase in Pension with effect from 1st&nbsp;April 2022&nbsp; @ 10% 2 Increase in Pension with effect from 1st&nbsp;July 2022 @ 05%&nbsp; 3 Total Increase in Pension wef 1st&nbsp;July 2022 15% of net pension [&hellip;]
- [Revised Pay Scales 2022-23 | Budget 2022-23 Pakistan Salary Increase](https://tax.net.pk/2022/07/04/revised-pay-scales-2022-23-budget-2022-23-pakistan-salary-increase/): Revised Pay Scales 2022-23 and Budget 2022-23 Pakistan Salary Increase. Government of Pakistan Finance Division (Regulation Wing) issued Notification regarding revised basic Pay Scales 2022-23 and Allowances on 01-07-2022. Further, Federal Government has merged five adhoc relief allowances 2016, 2017, 2018, 2019 and 2021 into basic pay and introduced Basic Pay Scales 2022. However, Federal Government previously revised pay scales in 2017. Now in 2022 after about five years Federal Government again revised it. The details of which are as under: Notification of Revised Basic Pay Scales 2022 and Allowances Federal Moreover, President has been pleased to sanction the revision of [&hellip;]
- [750 Prize Bond List 2022 | Prize Bond Schedule 2022](https://tax.net.pk/2022/07/03/750-prize-bond-list-2022-prize-bond-schedule-2022/): 750 Prize Bond List 2022. Prize Bond Schedule 2022. Prize bond draw 91 of Rs 750 will held at Lahore on 15-07-2022. According to the representative of National Savings, the worth of Rs 750 prize bond 1st prize is Rs 1500000 PKR, the worth of 2nd prize is Rs 500000 PKR, and the worth of 3rd prize is Rs 9300 PKR. Check draw 91 of Rs 750 prize bond on this page. Winners of these prize bond numbers will be announced on July 15 2022 and will be given here also. 750 Prize Bond Draw List 15 July 2022 &#8211; Download [&hellip;]
- [Eid Ul Adha 2022 Holidays in Pakistan Notification](https://tax.net.pk/2022/07/03/eid-ul-adha-2022-holidays-in-pakistan-notification/): Eid Ul Adha 2022 Holidays in Pakistan Notification Government announces Eid Ul Adha Holidays in 2022 in Pakistan, Notification Issued. The federal government on Sunday announced a holiday of five days for Eidul Adha in the country. According to a notification from PM Office, Pakistanis will enjoy Eid Ul Adha with holidays from July 8 to 12. Moreover, on June 29, the Central Ruet-e-Hilal Committee announced that the Zil-Hajj moon not sighted in Pakistan. Furthermore, committee announced Eid ul Adha in Pakistan on July 10 (Sunday). Eid Ul Adha 2022 Holidays in Pakistan | Eid Ul Adha 2022 Holidays | Eid [&hellip;]
- [Public National Holidays in Pakistan 2022 | Calendar 2022](https://tax.net.pk/2022/07/02/public-national-holidays-in-pakistan-2022-calendar-2022/): The Cabinet Division has already issued the schedule of public and National holidays for the year 2022. Public Holidays in Pakistan 2022: October 9 (Eid Miladun Nabi PBUH) February 5 (Kashmir Solidarity Day), March 23 (Pakistan Day), May 1 (Labour Day), May 3, 4 and 5 (Eidul Fitr), July 10, 11 and 12 (Eidul Azha), August 7 and 8 (Ashura), August 14 (Independence Day), December 25 (Quaid-e-Azam Day) December 26 (Day after Christmas Day, for Christians only ) Bank Holidays In Pakistan 2022 Moreover, the following will be Bank Holidays. However, on these days the Banks/DFIs/MFBs will remain closed for public. [&hellip;]
- [Prize bond 750 16 Jan 2023 | All about prize bond](https://tax.net.pk/2023/01/18/prize-bond-750-16-jan-2023-all-about-prize-bond/): Prize bond 750 16 Jan 2023 | All about prize bond  Prize bond 750 16 Jan 2023 | All about prize bond. The Prize bond draw of Rs750 was announced on 16 January 2023. No 93 Prize bond draw of Rs 750 was scheduled at Karachi on 16 January 2023. Moreover, the worth of the Rs&nbsp;750 prize bond&nbsp;1st prize is PKR 1,500,000, the 2nd prize is PKR 500,000, and the 3rd prize is PKR 9,300. Value of Prize Bond Rs 750 Draw City Karachi Draw Date 16-01-2023 First Prize 1,500,000 PKR (1 Prize) Second Prize 500,000 PKR (3 Prizes) Third Prize 9,300 [&hellip;]
- [Prize bond draw no 93 of Rs750 announce on 16th Jan 2023](https://tax.net.pk/2023/01/17/prize-bond-draw-no-93-of-rs750-announce-on-16th-jan-2023/): Prize bond draw no 93 of Rs750 announce on 16th Jan 2023 Prize bond draw no 93 of Rs750 announce on 16th Jan 2023. Prize bond draw of Rs750 was announced on 16 January, 2023. No 93 Prize bond draw of Rs 750 was scheduled at Karachi on 16 January 2023. Moreover, the worth of the Rs&nbsp;750 prize bond&nbsp;1st prize is PKR 1,500,000, the 2nd prize is PKR 500,000, and the 3rd prize is PKR 9,300. Value of Prize Bond Rs 750 Draw City Karachi Draw Date 16-01-2023 First Prize 1,500,000 PKR (1 Prize) Second Prize 500,000 PKR (3 Prizes) Third [&hellip;]
- [Revised profit rates of National Savings Schemes 2023](https://tax.net.pk/2023/01/16/revised-profit-rates-of-national-savings-schemes-2023/): Revised profit rates of National Savings Schemes 2023 Revised profit rates of National Savings Schemes 2023. The government has increased the profit rate on national savings schemes including regular income certificates and short-term certificates. National Savings Department has said that the rate of profit on regular income certificates and short-term certificates has been increased. National Savings Profit Rates Today Rates of profit on National Savings Schemes have been revised w.e.f. 12th January, 2023 except: Monthly Profit on Regular Income Certificates Monthly profit payable on the Regular Income Certificates issued with effect from 12th January, 2023 till further notification shall be as [&hellip;]
- [Today Rs 750 Prize Bond Draw Result | 16 January 2023](https://tax.net.pk/2023/01/16/today-rs-750-prize-bond-draw-result-16-january-2023/): Today Rs 750 Prize Bond Draw Result | 16 January 2023 Today Rs 750 Prize Bond Draw Result | 16 January 2023. Rs 750 prize bond draw result is scheduled today on 16 January 2023. No 93 Prize bond draw of Rs 750 is scheduled at Karachi city of Pakistan on 16 January 2023. Moreover, the worth of the Rs&nbsp;750 prize bond&nbsp;1st prize is PKR 1,500,000, the 2nd prize is PKR 500,000, and the 3rd prize is PKR 9,300. Value of Prize Bond Rs 750 Draw City Karachi Draw Date 16-01-2023 First Prize 1,500,000 PKR (1 Prize) Second Prize 500,000 PKR [&hellip;]
- [Prize bond list 750 online check](https://tax.net.pk/2023/01/15/prize-bond-list-750-online-check/): Prize bond list 750 online check Prize bond list 750 online check. Rs 750 prize bond draw is held after every three months. On the same pattern, all other prize bonds of different denominations are also drawn with a gap of three months. A new prize bond draw schedule for the year 2023 was issued by the Directorate of National Savings. According to the schedule of the prize, bond draws the first draw of the year 2023 is for a Rs 750 prize bond. No 93 Prize bond draw of Rs 750 is scheduled at Karachi city of Pakistan on 16 [&hellip;]
- [Prize Bond List 2023 Schedule Pakistan](https://tax.net.pk/2023/01/15/prize-bond-list-2023-schedule-pakistan/): Prize Bond List 2023 Schedule Pakistan Prize Bond List 2023 Schedule Pakistan. Here in Pakistan we consider Prize bonds a secured investment. Its such type of investment which can be easily encashed at any time. Prize Bonds in Pakistan are endorsable without any documentary process. However, a new type of Prize bond is also available where you can invest your savings and named as &#8220;Premium Prize Bond&#8221;. Premium Prize bonds are issued in the name of investor and are non transferable. Currently premium prize bonds are issued by State Bank of Pakistan for Rupees 25000 and 40000 prize bonds. Moreover, prize [&hellip;]
- [Good News for Startups: UAE reduced age limit to start a business](https://tax.net.pk/2023/01/14/good-news-for-startups-uae-reduced-age-limit-to-start-a-business/): Good News for Startups: UAE reduced age limit to start a business Good News for Startups: UAE reduced age limit to start a business. There is good news for startups in UAE, the United Arab Emirates (UAE) Ministry of Economy (MoE) has revised the age limit for the start of business. Moreover as per new law, the age limit reduced from 21 years to 18 years for starting a business. The Commercial Transactions Law, a new legislation in UAE focused on promoting business culture in the country. READ ALSO: Best Metaverse Business Ideas 2023 While Speaking at a presser, the Undersecretary [&hellip;]
- [750 Prize Bond List 2023 Schedule | 16 January 2023](https://tax.net.pk/2023/01/12/750-prize-bond-list-2023-schedule-16-january-2023/): 750 Prize Bond List 2023 Schedule | 16 January 2023 750 Prize Bond List 2023 Schedule | 16 January 2023. Next Prize bond draws No 93 of Rs 750 will be held at Karachi city of Pakistan on January 16, 2023. Moreover, the worth of the Rs 750 prize bond 1st prize is PKR 1,500,000, the 2nd prize is PKR 500,000, and the 3rd prize is PKR 9,300. Value of Prize Bond Rs 750 Draw City Karachi Draw Date 16-01-2023 First Prize 1,500,000 PKR (1 Prize) Second Prize 500,000 PKR (3 Prizes) Third Prize 9,300 PKR (1,696 Prizes) Further, check to draw no 93 [&hellip;]
- [What is section 7e of the Income Tax Ordinance 2001](https://tax.net.pk/2023/01/10/what-is-section-7e-of-the-income-tax-ordinance-2001/): What is section 7e of the Income Tax Ordinance 2001 What is section 7e of the Income Tax Ordinance 2001. According to the FBR, a new section 7E was introduced through Finance Act, 2022. Whereby for the tax year 2022 and onwards, a resident person treated to have derived income equal to five percent of the fair market value of the capital assets situated in Pakistan which will be chargeable to tax at the rate of 20 percent under Division VIIIC of Part I of First Schedule of the Ordinance. Following exclusions have been provided to which this section will not [&hellip;]
- [How to check number of sims on ID card online](https://tax.net.pk/2023/01/09/how-to-check-number-of-sims-on-id-card-online/): How to check number of sims on ID card online How to check number of sims on ID card online. In Pakistan mobile sim cards issue against the CNIC number of the sim holder. Here we will explain to you the method to check how many&nbsp;SIM cards issued against your CNIC. How many Mobile SIMs can we register against one CNIC Number? Here we in Pakistan cannot issue in our name limitless mobile sims. The government imposed a limit to the number of sims that telecom companies can issue in the name of a person. As per the law regulated by [&hellip;]
- [When will the IRS accept 2023 Tax Returns](https://tax.net.pk/2023/01/05/when-will-the-irs-accept-2023-tax-returns/): When will the IRS accept 2023 Tax Returns When will the IRS accept 2023 Tax Returns. The first formal day to file your tax year 2022 tax return is from January 23, 2023. Moreover, one thing to remember is that a lot of tax software programs allow you to fill up your return and “file” it before that date. Like, For IRS Free File, which allows you as of January 13 but they will then retain the tax returns till the IRS starts accepting those tax returns. The tax Year 2023 starts from January 1 until December 31, 2023. You can [&hellip;]
- [When do tax refunds come 2023](https://tax.net.pk/2023/01/05/when-do-tax-refunds-come-2023/): When do tax refunds come 2023 When do tax refunds come 2023. As you know that due to changes in the system of IRS auditing, they now no more issue a complete schedule of tax refunds. However, they were doing it in previous years. It is also explained here that no chart is final for tax refunds but the given chart here is based on IRS statements, published guidelines, and estimates from past years. This IRS refund schedule of 2023 should only be utilized as a rough idea. The given tax refund schedule is based on previous tax refund tables issued [&hellip;]
- [FBR revised commercial and residential property rates in Lahore](https://tax.net.pk/2023/01/04/fbr-revised-commercial-and-residential-property-rates-in-lahore/): FBR revised commercial and residential property rates in Lahore FBR revised commercial and residential property rates in Lahore. The Federal Board of Revenue (FBR) has revised immovable property rates in Lahore. It is a downward revision in the valuation of property in Lahore. This immovable property is located in 1,271 areas and towns of Lahore. FBR has taken this step to bring them at par with the district (DC) rates from January 1, 2023. For this purpose, the FBR issued SRO 2300(I)/2022 here on Tuesday. Moreover, the FBR has also superseded SRO 348(1)12022, dated March 2, 2022. This revision in property [&hellip;]
- [Faysal Bank gets Islamic Banking License](https://tax.net.pk/2023/01/04/faysal-bank-gets-islamic-banking-license/): Faysal Bank gets Islamic Banking License Faysal Bank gets Islamic Banking License. The State Bank of Pakistan (SBP) has issued another Islamic banking license to Faysal Bank Limited (FBL). Now it has become the second-largest complete Islamic bank in Pakistan. The shifting of Faysal Bank from commercial banking to Islamic banking is a distinctive example globally as per its size and operational structure. It has at this time about 700 branch networks in Pakistan. Jameel Ahmed, Governor State Bank of Pakistan said: “Conversion of Faysal Bank is first of its kind in the banking history of Pakistan. This is a groundbreaking [&hellip;]
- [How Can I Check NTN Status Online by CNIC in Pakistan?](https://tax.net.pk/2023/01/04/check-ntn-status-online-by-cnic-pakistan/): How to Check NTN Status Online by CNIC in Pakistan NTN stands for &#8220;National Tax Number&#8221;. We frequently use it in tax discussions and work. An individual, a company, or an association of persons (AOP) or foreign national when registered with FBR then it provides you with a National Tax Number (NTN) or Registration Number and password. In the case of salaried persons/individuals/sole proprietors, 13 digits Computerized National Identity Card (CNIC) uses as NTN or Registration Number. NTN or Registration Number for AOP and Company is the 7 digits NTN issued by FBR after registration. By using this information on the [&hellip;]
- [Download Online Prize Bond List 2023](https://tax.net.pk/2023/01/04/download-online-prize-bond-list-2023/): Download Online Prize Bond List 2023 Download Online Prize Bond List 2023. In Pakistan Prize bond is a type of investment. Its draw is held every month for different denominations of prize bonds. A prize bond is also issued in the name of the investor and its called a premium prize bond. Nowadays premium prize bond is issued for the value of Rupees 25000 and 40000 only. Prize bonds are also issued in addition to premium prize bonds for different types of denominations like, for Rupees 100, 200, 750, and 1500. You can check here prize bond list for 2022 and [&hellip;]
- [FBR issues rules for subscribing Pakistan Single Window system](https://tax.net.pk/2023/01/04/fbr-issues-rules-for-subscribing-pakistan-single-window-system/): FBR issues rules for subscribing Pakistan Single Window system FBR issues rules for subscribing Pakistan Single Window system. Federal Board of Revenue (FBR) on Thursday notified rules for subscribing Pakistan Single Window (PSW) system for conducting cross-border trade. WHAT IS PAKISTAN SINGLE WINDOW (PSW)? READ ALSO: All about Pakistan Single Window and step by step registration procedure Pakistan Single Window (PSW) will connect all government departments and with economic operators like importers, exporters, customs agents, shipping agents, transporters, etc, in Pakistan for effective management of cross-border trade. It will provide ease and transparency in achieving compliance with relevant regulatory requirements, through [&hellip;]
- [FBR achieves record growth in tax collections](https://tax.net.pk/2023/01/03/fbr-achieves-record-growth-in-tax-collections/): FBR achieves record growth in tax collections FBR achieves record growth in tax collections. Federal Board of Revenue has reported a record revenue collection performance in the first six months of the current financial year 2022-23. According to FBR: FBR also said that this increase is despite huge import compression and zero rating on petroleum. Federal Board of Revenue (FBR) also reported: FBR says that:, &#8220;This was achieved despite the fact that certain policy interventions having revenue impact of Rs. 250 billion introduced through Finance Act 2022 could not be implemented as these are subjudice in the courts. Target for the [&hellip;]
- [Sindh Revenue Board collects record revenue in December](https://tax.net.pk/2023/01/03/sindh-revenue-board-collects-record-revenue-in-december/): Sindh Revenue Board collects record revenue in December Sindh Revenue Board collects record revenue in December. Here is a good news that Sindh Revenue Board (SRB) has made a record revenue collection of Rs 17.6 billion in December 2022. According to the media news, during the month of December 2022, the SRB collected: It is important to mention here that revenue collection during December 2022 is the highest-ever collection in any of the months in the first half of the financial year since SRB started collecting the Sindh sales tax in 2011-12. Moreover, in the first six months of the financial [&hellip;]
- [FBR Reduces Additional Customs Duty on Import of Agriculture Tractors](https://tax.net.pk/2023/01/03/fbr-reduces-additional-customs-duty-on-import-of-agriculture-tractors/): FBR Reduces Additional Customs Duty on Import of Agriculture Tractors FBR Reduces Additional Customs Duty on Import of Agriculture Tractors. The Federal Board of Revenue (FBR) has announced to reduce additional customs duty from 35 per cent to 15pc on the import of agricultural tractors. The Board amended SRO 693(I)/2006 through an SRO 2305(I) 2022. Through the new SRO, the FBR will charge 15pc additional customs duty for existing manufacturers of Agricultural Tractors, new entrants in tractor manufacturing for manufacturing of new and old make and models of agricultural tractors, regardless of HP.
- [Best Metaverse Business Ideas 2023](https://tax.net.pk/2023/01/02/best-metaverse-business-ideas-2023/): Best Metaverse Business Ideas 2023 Best Metaverse Business Ideas 2023. Do you know what is the biggest new advancement in the digital world now, reply is &#8216;Metaverse&#8217;. It will bring a boom in the globe of digital technology. Its economic impact is massive and is the next big thing that can be expected in the digital arena. We will discuss here a lot of business ideas that can be started in 2023 due to Metaverse which will allow you to make a lot of money. What is Metaverse? What is Metaverse? Metaverse is a 3D Digital space that can be shared [&hellip;]
- [Happy New Year 2023 | Events, Wishes, Quotes, Images](https://tax.net.pk/2022/12/31/happy-new-year-2023-events-wishes-quotes-images/): Happy New Year 2023 | Events, Wishes, Quotes, Images Happy New Year 2023 | Events, Wishes, Quotes, Images. New year festivity is at its peak. The year 2022 has come to an end and the year 2023 is ahead to welcome. The last year is going to end with a lot of joys and with some sorrows also. We have achieved a lot of things in the year and many loved ones have left us. Nothing is impossible in this world, and we are always hopeful for a better future. Let us hope a better year ahead. What Best things happened [&hellip;]
- [What is the Last Date to File Corporate Tax Return](https://tax.net.pk/2022/12/30/what-is-the-last-date-to-file-corporate-tax-return/): What is the Last Date to File Corporate Tax Return What is the Last Date to File Corporate Tax Return. Corporate sector business means an entity that is registered as a private/public limited company in a country. Like in Pakistan, companies are registered with the Securities and Exchange Commission (SECP) of Pakistan under the Companies Act 2017. Types of Businesses There are mainly three types of businesses based on their legal framework: Tax Calendar In Pakistan, the following is the schedule for tax return filing for all three types of businesses. Penalty for Late filing of Tax Return If any taxpayer [&hellip;]
- [Toyota's November Global Vehicle Production Rises](https://tax.net.pk/2022/12/30/toyotas-november-global-vehicle-production-rises/): Toyota&#8217;s November Global Vehicle Production Rises Toyota&#8217;s November Global Vehicle Production Rises. Here is good news in the auto industry: Toyota Motor Corp reported on Monday a 1.5% rise in November global vehicle production. Whereby Toyota reached a new record of 833,104 units of vehicles. Global sales and production in November increased last year’s levels due to more demand. The auto manufacturer reported it expected to produce 700,000 vehicles in January this month. Moreover, it held to a reduced goal of 9.2 million in the year through March. Toyota had earlier expected to produce 9.7 million vehicles this financial year. However, [&hellip;]
- [Honda 125 Price in Pakistan 2023](https://tax.net.pk/2022/12/27/honda-125-price-in-pakistan-2023/): Honda 125 Price in Pakistan 2023 Honda 125 Price in Pakistan 2023. Welcome to our update here regarding the prices of the latest models of Honda Bikes in Pakistan in the year 2023. We will explain to you all about the latest Honda Model 125 Price in Pakistan. Do you know Honda Motorcycle 125 is one of the most demanding and sold bikes in Pakistan. Such Motorcycle comes with a 125cc engine and other three different variants which are Honda CG 125 2023, Honda CG 125 Special Edition 2023, and Honda CB 125F 2023. The below list will give you the [&hellip;]
- [What is the Raast Payment System?](https://tax.net.pk/2022/12/25/what-is-the-raast-payment-system/): What is the Raast Payment System? What is the Raast Payment System? Do you know &#8220;Raast&#8221; is Pakistan&#8217;s first digital payment processing system that enables end-to-end digital payments among individuals, businesses, and government entities smoothly? This service is available for users with bank accounts to seamlessly transfer of funds to other individuals&#8217; bank accounts. what is the Purpose of Raast ID? There is a very common question what is the purpose of Raast ID? The Raast ID is an identification number for the transfer of funds and currently, it is a mobile number. It is linked to your bank account. Good thing is [&hellip;]
- [Last Date to File ITR of Corporate Sector is December 31](https://tax.net.pk/2022/12/25/last-date-to-file-itr-of-corporate-sector-is-december-31/): Last Date to File ITR of Corporate Sector is December 31 Last Date to File ITR of Corporate Sector is December 31. The last date for filing annual income tax returns for corporate entities is December 31, 2022. By this deadline, the companies that have a financial year ending June 30 are required to file their annual returns. However, individuals and associations of persons (AOPs) were required to file their returns by December 15, 2022, which was already extended three times. The deadline for such taxpayers has already ended and was not extended beyond December 15, 2022 by FBR. Every year [&hellip;]
- [FBR Extends Working Hours on December 30-31 for Tax Collections](https://tax.net.pk/2022/12/25/fbr-extends-working-hours-on-december-30-31-for-tax-collections/): FBR Extends Working Hours on December 30-31 for Tax Collections FBR Extends Working Hours on December 30-31 for Tax Collections. The Federal Board of Revenue (FBR) on Friday directed the offices of Inland Revenue LTO/MTOs/CTOs/RTOs to observe extended working hours to facilitate taxpayers in payment of duties and taxes. The FBR in an office memorandum directed all Large Taxpayers Offices (LTOs)/ Medium Tax Office (MTO)/ Corporate Tax Offices (CTOs)/ Regional Tax Offices (RTOs) to open and observed extended working hours till 08:00 PM on Friday December 30, 2022 and till 10:00 PM on Saturday, December 31, 2022 to facilitate the taxpayers [&hellip;]
- [Prize Bond Schedule 2023](https://tax.net.pk/2022/12/25/prize-bond-schedule-2023/): Prize Bond Schedule 2023 Prize Bond Schedule 2023. People in Pakistan are always interested to investment their spare money into prize bonds issued by the directorate of National Savings of Pakistan. In Pakistan, two types of prize bonds are issued. One is Premium Prize Bonds for Rupees 25000 and 40000. Other one are negotiable prize bonds for denominations of Rupees 100 , 200 , 750 , and for 1500. Premium prize bonds are issued with the name of investor. Moreover, Premium prize bonds are non-transferable to other person and these can only be encashed by investor. Draw of each prize bonds [&hellip;]
- [Top 10 Clothing Brands in Pakistan 2022](https://tax.net.pk/2022/12/24/top-10-clothing-brands-in-pakistan-2022/): Top 10 Clothing Brands in Pakistan 2022 Top 10 Clothing Brands in Pakistan 2022. Every person is always very keen on his clothes. The personality of any person shows from one’s clothing. Sometimes a person’s profession requires one to follow a particular style or fashion. Sometimes one’s culture, religion, environment, and social norms also encourage one to follow a certain fashion and clothing. A person with a sense of trending fashion is always conscious of his clothing selections to meet fashion requirements. Here is provided the list of top clothing brands in Pakistan in 2022. Where you can decide to choose [&hellip;]
- [Balochistan High Court Issues Notices to FBR Regarding Section 7E](https://tax.net.pk/2022/12/21/balochistan-high-court-issues-notices-to-fbr-regarding-section-7e/): Balochistan High Court Issues Notices to FBR Regarding Section 7E Balochistan High Court Issues Notices to FBR Regarding Section 7E. The Balochistan High Court (BHC), on Tuesday, issued notices to the Federal Board of Revenue (FBR) relating to the constitutionality of Section 7E of the Income Tax Ordinance, 2001. Section 7E of the Income Tax Ordinance relates to the tax on deemed income. The Balochistan High Court has also stopped the FBR and Chief Commissioner Inland Revenue, Quetta from taking any action against the petitioners on the basis of Section 7E of the Income Tax Ordinance, 2001. The court has also [&hellip;]
- [Gold Price Shoots Up to Over Rs 174000 Per Tola in Pakistan](https://tax.net.pk/2022/12/20/gold-price-shoots-up-to-over-rs-174000-per-tola-in-pakistan/): Gold Price Shoots Up to Over Rs 174000 Per Tola in Pakistan Gold Price Shoots Up to Over Rs 174000 Per Tola in Pakistan. The prices of both gold and silver rushed up on Monday over conditions about dollar shortages and the country’s current political and financial stability. According to data shared by the All Pakistan Sarafa Gems and Jewelers Association, the gold price in Pakistan increased by Rs. 2,200 per tola and Rs. 1,886 per 10 grams to settle at Rs. 174,900 and Rs149,948, respectively. Silver prices also increase and reached at new level of all-time high. The prices increased [&hellip;]
- [Taxpayers Alert! Time Limit for Filing ITR Passed](https://tax.net.pk/2022/12/20/taxpayers-alert-time-limit-for-filing-itr-passed/): Taxpayers Alert! Time Limit for Filing ITR Passed Taxpayers Alert! Time Limit for Filing ITR Passed. It is informed to all taxpayers that the due date to file an income tax return (ITR) has ended. Now, if taxpayers want to submit tax returns for the tax year 2022 without penalty, they must have filed an extension up to 15th December 2022. The last date to file tax returns for salaried, Individuals and AOPs was September 30, 2022. It was then extended for further 3 times from September 30th, 2022 to November 30th, 2022. Afterward, December 15th, 2022 was the last date [&hellip;]
- [New Prize Bond Draw Schedule 2023](https://tax.net.pk/2022/12/16/new-prize-bond-draw-schedule-2023/): New Prize Bond Draw Schedule 2023 New Prize Bond Draw Schedule 2023. National Savings Pakistan&nbsp;Prize Bond Schedule for year 2023&nbsp;starts from 16 January, 2023 till 15 December, 2023. Prize Bond Schedule has been issued for denominations of PKR 100, 200, 750, 1500, 7500, 15000, and 40000 Premium Prize Bond from January to December. PRIZE BOND DRAW DATE DAY CITY Rs.750/- January 16, 2023 Monday Karachi Rs.1500/- February 15, 2023 Wednesday Quetta Rs.100/- February 15, 2023 Wednesday Rawalpindi Rs.200/- March 15, 2023 Wednesday Faisalabad Rs.750/- April 17, 2023 Monday Peshawar Rs.1500/- May 15, 2023 Monday Lahore Rs.100/- May 15, 2023 Monday Multan [&hellip;]
- [200 Prize Bond List 2022 Download Online | 15 December 2022](https://tax.net.pk/2022/12/16/200-prize-bond-list-2022-download-online-15-december-2022/): 200 Prize Bond List 2022 Download Online | 15 December 2022 200 Prize Bond List 2022 Download Online | 15 December 2022. Directorate of National Savings has issued the list of Rupees 200 Prize bond Draw held at Faisalabad on 15 December 2022. The worth of Rupees 200 prize bond first prize will get by one lucky winner of Rs750000, while five prizes of Rs250000 each reserved for the second position holders. Similarly, the third prize of Rs1250 – will award to each of the 2394&nbsp;lucky winners. How to Check Online Prize Bond Draw List? Here you can find a complete [&hellip;]
- [Taxpayers Alert! Today is Last Date to File Tax Return](https://tax.net.pk/2022/12/15/taxpayers-alert-today-is-last-date-to-file-tax-return/): Taxpayers Alert! Today is Last Date to File Tax Return Taxpayers Alert! Today is Last Date to File Tax Return. Here is an Alert for taxpayers who have still not submitted their annual income tax returns for the tax year 2022. They should file their tax returns immediately as today is the last date to file tax returns for the financial year ending June 30th, 2022. Federal Board of Revenue (FBR) previously issued a circular to relax the income tax return filing deadline up to December 15, 2022. Moreover, the FBR issued Circular No. 18 of 2022 to extend the last date for filing income [&hellip;]
- [200 Prize Bond List 2022 Online Check | 15 December 2022 at Faisalabad](https://tax.net.pk/2022/12/15/200-prize-bond-list-2022-online-check-15-december-2022-at-faisalabad/): 200 Prize Bond List 2022 Online Check | 15 December 2022 at Faisalabad 200 Prize Bond List 2022 Online Check | 15 December 2022 at Faisalabad. Today Rupees 200 Prize bond draw will be a last draw of current year on 12 December 2022. Three Draws of this prize bond held after every three months. Means, four prize bond draws of Rupees 200 held in a year. Today, prize bond draw of 200 will held held at Faisalabad City. Directorate of National Savings issues Prize bond draw schedule every year. Prize Bond Draw Schedule of every year consists of information regarding the Draw number, City [&hellip;]
- [40000 Premium Prize Bond Check Online | 12 December 2022 Result at Lahore](https://tax.net.pk/2022/12/12/40000-premium-prize-bond-check-online-12-december-2022-result-at-lahore/): 40000 Premium Prize Bond Check Online | 12 December 2022 Result at Lahore 40000 Premium Prize Bond Check Online | 12 December 2022 Result at Lahore. Prize bond draw for Rupees 40000 premium prize bond was held today by Directorate of National Savings. Draw list has been issued and is available here. This draw was scheduled on 12 December, 2022 at Lahore. There are three prizes against this premium prize bond of Rupees 40000: First prize will get by one lucky winner of Rs80,000,000, while three prizes of Rs30,000,000 each reserved for the second position holders. Similarly, the third prize of Rs500,000 – [&hellip;]
- [25000 Premium Prize Bond Check Online | 12 December 2022 Result at Lahore](https://tax.net.pk/2022/12/12/25000-premium-prize-bond-check-online-12-december-2022-result-at-lahore/): 25000 Premium Prize Bond Check Online | 12 December 2022 Result at Lahore 25000 Premium Prize Bond Check Online | 12 December 2022 Result at Lahore. Prize bond draw for Rupees 25000 premium prize bond was held today by Directorate of National Savings. Draw list has been issued and is available here. This draw was scheduled on 12 December, 2022 at Lahore. There are three prizes against this premium prize bond of Rupees 25000: First prize will get by two lucky winners of Rs30,000,000 each, Five prizes of Rs10,000,000 each reserved for the second position holders. Third prize of Rs300,000 – [&hellip;]
- [25000 Prize Bond Draw List 12 December 2022 Lahore](https://tax.net.pk/2022/12/12/25000-prize-bond-draw-list-12-december-2022-lahore/): 25000 Prize Bond Draw List 12 December 2022 Lahore 25000 Prize Bond Draw List 12 December 2022 Lahore. It will be a last draw of this year 2022 of Rupees 25000 premium bond scheduled on 12 December 2022. Three Draws of this premium prize bond held after every three months. Means, four prize bond draws of Rupees 25000 held in a year. Today, prize bond draw of 25000 will held held at Lahore City. Directorate of National Savings issues Prize bond draw schedule every year. Prize Bond Draw Schedule of every year consists of information regarding the Draw number, City of the draw, and Date [&hellip;]
- [40000 Prize Bond Draw List 12 December 2022 Multan](https://tax.net.pk/2022/12/12/40000-prize-bond-draw-list-12-december-2022-multan/): 40000 Prize Bond Draw List 12 December 2022 Multan 40000 Prize Bond Draw List 12 December 2022 Multan. Last draw of this year 2022 of Rupees 40000 premium bond will held on 12 December 2022. Draw of this premium prize bond held after every three months. Means, four prize bond draws of Rupees 40000 held in a year. Today, prize bond draw of 40000 will held held at Multan City. Directorate of National Savings issues Prize bond draw schedule every year. Prize Bond Draw Schedule of every year consists of information regarding the Draw number, City of the draw, and Date of [&hellip;]
- [FBR has Corrected Tax Return Form for IT Exporters Under Section 154A](https://tax.net.pk/2022/12/08/fbr-has-corrected-tax-return-form-for-it-exporters-under-section-154a/): FBR has Corrected Tax Return Form for IT Exporters Under Section 154A FBR has Corrected Tax Return Form for IT Exporters Under Section 154A. Here is good news for IT Exporters the Federal Board of Revenue (FBR) has corrected and removed the error in the income tax return form for the tax year 2022. What was the error in Income Tax Return Form? Error in income tax return was related to export services under section 154A of the Income Tax Ordinance, 2001. According to tax practitioners and providers of IT Export Services: Tax liability under section 154A @1% on Export of Services is [&hellip;]
- [IT Exporters Facing Issue in Filing Income Tax Returns | Section 154A @1%](https://tax.net.pk/2022/12/07/it-exporters-facing-issue-in-filing-income-tax-returns-section-154a-1/): IT Exporters Facing Issue in Filing Income Tax Returns | Section 154A @1% IT Exporters Facing Issue in Filing Income Tax Returns | Section 154A @1%. A lot of taxpayers are complaining now a days that tax liability under section 154A @1% on Export of Services is not taking effect in the computation tab of the income tax return form for the tax year 2022. According to tax practitioners and IT exporters: we are facing an issue when we enter foreign income proceeds amount and tax @ 1% on export services under section 154A, in the final tax tab then its impact is not [&hellip;]
- [10 Online Business Ideas that Make Good Money](https://tax.net.pk/2022/12/02/10-online-business-ideas-that-make-good-money/): It is a period to start a startup business. People in post-Coronavirus time are now preferring to start their businesses instead of doing jobs from 9 to 5. Exactly, business is always on the top because a person having a skill can do many things independently and join hands with their employees. This means, an entrepreneur also creates jobs for their employees and a developing country can grow at a tremendous speed. Why Start an Online Business? It is an era of the digital world, where people are doing their jobs from their homes. A lot of online work opportunities are [&hellip;]
- [Who is the No 1 Football Team in World | FIFA World Cup 2022 Schedule](https://tax.net.pk/2022/12/01/who-is-the-no-1-football-team-in-world-fifa-world-cup-2022-schedule/): Who is the No 1 Football Team in World | FIFA World Cup 2022 Schedule Who is the No 1 Football Team in World | FIFA World Cup 2022 Schedule. Football is a very famous sport in the world. It is such a sport that is played by the largest public in the world. Perhaps it is very easy to play with only a football. Get a football and start to play. Many other sports are very costly to manage. Like, cricket, it needs a proper pitch, special ball &amp; bat, and complete kit and every cricketer needs his own sports [&hellip;]
- [What is the New Tax Deadline for 2022 Pakistan](https://tax.net.pk/2022/11/30/what-is-the-new-tax-deadline-for-2022-pakistan/): What is the New Tax Deadline for 2022 Pakistan What is the New Tax Deadline for 2022 Pakistan? Federal Board of Revenue (FBR) has issued a circular to relax the income tax return filing deadline up to December 15, 2022. However, the FBR issued Circular No. 18 of 2022 to extend the last date for filing income tax returns for the tax year 2022 up to December 15, 2022, from November 30, 2022. Further, it is the third date extension for return filing for the tax year 2022 granted by the FBR. Previously, the revenue body issued Circular No. 17 2022 last month. To grant [&hellip;]
- [What is Section 154A 1% Tax on IT Export Services](https://tax.net.pk/2022/11/30/what-is-section-154a-1-tax-on-it-export-services/): What is Section 154A 1% Tax on IT Export Services What is Section 154A 1% Tax on IT Export Services? As you know Income from IT and IT-enabled services were exempt from income tax previously. Then through tax laws (Second Amendment) Ordinance 2021 the tax exemption regime was changed to a tax credit regime. Under this change of law new sections, 65F and 154A were introduced. Under this change of law, now IT and IT-enabled services to have tax credits instead of exemptions after fulfillment of certain conditions. If conditions are not fulfilled then a certain reduced rate of tax @1% [&hellip;]
- [Will FBR Extend the Last Date to file Income Tax Returns](https://tax.net.pk/2022/11/28/will-fbr-extend-the-last-date-to-file-income-tax-returns/): Will FBR Extend the Last Date to file Income Tax Returns? Will FBR Extend the Last Date to file Income Tax Returns? The majority of taxpayers have filed their income tax returns for the tax year 2022. However, Still, tax returns of a lot of taxpayers are still pending filing. FBR extended date of tax returns filing previously The Federal Board of Revenue (FBR) has already extended the last date to November 30, 2022, for filing an income tax return for the tax year 2022. The last date for filing income tax returns was September 30, 2022, for all taxpayers except [&hellip;]
- [New Business Ideas in Pakistan for Females](https://tax.net.pk/2022/11/23/new-business-ideas-in-pakistan-for-females/): New Business Ideas in Pakistan for Females New Business Ideas in Pakistan for Females. Nowadays females are in front of getting a higher education and performing well in practical life also. Getting a good job is a big life achievement in anyone&#8217;s life. But to empower himself in one&#8217;s own business is the dream of every successful person. Females are a big part of our society. They can contribute a lot to the development of any country. In this modern era, a lot of opportunities are available to them which can avail. If you are female and you want to start [&hellip;]
- [What RTO Lahore achieved in Tax Returns and Revenue](https://tax.net.pk/2022/11/21/what-rto-lahore-achieved-in-tax-returns-and-revenue/): What RTO Lahore achieved in Tax Returns and Revenue What RTO Lahore achieved in Tax Returns and Revenue. According to a media report, FBR Regional Tax Office (RTO) Lahore has recently acquired about 477,000 annual Income Tax Returns. Revenue generation is involved in about Rs4 billion. Moreover, according to them, the relevant RTO received 558,123 annual income tax returns during the last fiscal year. Last year, revenue generation involved Rs5.2 billion. They further said that the RTO office will likely achieve a revenue target of a further Rs2 billion up to 30th November. It is also pertinent to mention here court [&hellip;]
- [FBR Iris Website is currently Under Maintenance](https://tax.net.pk/2022/11/19/fbr-iris-website-is-currently-under-maintenance/): FBR Iris Website is currently Under Maintenance FBR Iris Website is currently Under Maintenance. As per FBR&#8216;s information on his IRIS website, the website is currently unavailable and is under maintenance. FBR said, &#8221; We are sorry for the inconvenience, our site is currently under maintenance. Thank you for your patience and support, For further assistance please feel free to contact us at our Call Center at 051-111-772-772.&#8220; Before the shut down of the FBR Iris portal, it was notified there that, it will unavailable from 10:00 PM (Saturday) to 8 AM Sunday. Moreover, It is clarified here that only FBR [&hellip;]
- [FBR Fixes Foreign Currency Limit for International Passengers](https://tax.net.pk/2022/11/18/fbr-fixes-foreign-currency-limit-for-international-passengers/): FBR Fixes Foreign Currency Limit for International Passengers FBR Fixes Foreign Currency Limits for International Passengers. The Federal Board of Revenue (FBR) has decided to fix a maximum limit of $5,000 (per visit) and $30,000 (annually) for outgoing international passengers (18 years and above) aboard. The new annual maximum limit for travelers withdrawing foreign currency would be in effect starting in 2023. Change in Baggage Rules 2006 Moreover, on Wednesday, the FBR issued SRO2043(I)/2022 here by way of proposed amendments to the 2006 Baggage Rules. According to the updated luggage regulations, anyone traveling overseas (apart from Afghanistan) is permitted to bring [&hellip;]
- [10 Best Business Ideas in Pakistan for Students](https://tax.net.pk/2022/11/16/10-best-business-ideas-in-pakistan-for-students/): 10 Best Business Ideas in Pakistan for Students 10 Best Business Ideas in Pakistan for Students. Learning with earning is the dream of every student in this world. Students need money to meet their educational and household expenses. In these modern days of life, students have many opportunities they can follow and convert their ideas into reality. Doing any work for livelihood along with college and university is not an easy task. We will explain here the 10 best business ideas in Pakistan for students in 2022. Students should read this article and get knowledge about opportunities to convert ideas into [&hellip;]
- [FBR Suspended POS Prize Scheme till 31st January 2023](https://tax.net.pk/2022/11/15/fbr-suspended-pos-prize-scheme-till-31st-january-2023/): Federal Board of Revenue (FBR) has suspended it&#8217;s lucky draw of POS prize scheme till 31st January 2023. FBR issued press release and informed that it is suspended for taking more initiatives to increase more participation from the general public. FBR further informed that all invoices verified during intervening period will be included in the next prize draw. New scheme will be launched after discussion with all stake holders, like tier 1 retailers, card acquirers, issuers and other stake holders. It is expected that FBR will introduce new scheme very soon after taking all necessary steps announced by the FBR on [&hellip;]
- [FBR Lucky Draw Result 15 November 2022 Download Online](https://tax.net.pk/2022/11/15/fbr-lucky-draw-result-15-november-2022-download-online/): What is FBR Lucky Draw? To encourage documentation of the economy and increase the tax net FBR initiated a step by integration of Point of Sales (POS) of tier 1 retailers with the FBR system. Under this step, any invoice which is generated through this integrated software is shared with FBR in real-time. It will help both to increase revenue and transparency. Federal board of Revenue (FBR) started a lucky draw scheme to motivate the general public to purchase goods from those tier 1 retailers integrated with the FBR POS invoice system. The&nbsp;first&nbsp;prize&nbsp;of Rs.1 Million will&nbsp;be&nbsp;given&nbsp;to the&nbsp;winner&nbsp;who buys&nbsp;from the retailers&nbsp;integrated&nbsp;with the [&hellip;]
- [100 Prize Bond Draw List 15 November 2022](https://tax.net.pk/2022/11/14/100-prize-bond-draw-list-15-november-2022/): 100 Prize Bond Draw List 15 November 2022 100 Prize Bond Draw List 15 November 2022. A prize bond draw of Rs 100&nbsp;is held after every three months in different cities in Pakistan. The draw is held under the&nbsp;Directorate of National Savings&nbsp;according to their schedule of prize bonds which is issued every year. Every year&#8217;s Prize Bond Draw Schedule&nbsp;Prize Bond Draw Schedule&nbsp;of every year contains information regarding the Draw number, City of the draw, and Date of the draw. According to the representative of National Savings, the worth of the Rs 100 prize bond 1st prize is PKR 700000 (One Prize [&hellip;]
- [1500 Prize Bond Draw List 15 November 2022](https://tax.net.pk/2022/11/14/1500-prize-bond-draw-list-15-november-2022/): 1500 Prize Bond Draw List 15 November 2022 1500 Prize Bond Draw List 15 November 2022. Prize Bond is like an investment type in Pakistan. People do investments to take a chance of winning a prize on a prize bond. The winner gets his prize when his number comes in the drawn list. National Saving centers State Bank of Pakistan encashes the prize bond once the winning prize bond is produced there for prize money. Rupees 1500 prize bond is one of them from different denominations of prize bond. A prize bond draw of Rs 1500&nbsp;is held after every three months [&hellip;]
- [How to Download Online Revised Fee Structure Issued by SECP](https://tax.net.pk/2022/11/13/how-to-download-online-revised-fee-structure-issued-by-secp/): How to Download Online Revised Fee Structure Issued by SECP How to Download Online Revised Fee Structure Issued by SECP. The Securities and Exchange Commission of Pakistan (SECP) has issued a revised fee structure for different companies under the Seventh Schedule of the Companies Act 2017, updated as on November 10, 2022. The updated fee structure has been issued for all categories of companies by the SECP. The fee for submission of documents electronically shall be applicable only for the documents for which the facility of filing or lodging the documents electronically has been provided by the Commission. But Where no [&hellip;]
- [Launch of 5G again Delayed in Pakistan](https://tax.net.pk/2022/11/12/launch-of-5g-again-delayed-in-pakistan/): Launch of 5G again Delayed in Pakistan Launch of 5G again Delayed in Pakistan. The launch of 5G in Pakistan has once again been delayed. Initially, it was expected to be launched around December this year but was further delayed to early 2023. After March 2023, it was again delayed to June, but now it is further expected to launch in July 2023, said Syed Amin ul Haq, IT and Telecommunications Minister. According to him, this step will further help the IT industry as well as exports. He announced this during a ceremony at the UBIT Career Fest 2022, organized by [&hellip;]
- [What is T20 World Cup Final Weather Forecast](https://tax.net.pk/2022/11/12/what-is-t20-world-cup-final-weather-forecast/): What is T20 World Cup Final Weather Forecast. Pakistan v England at the MCG &#8211; it&#8217;s like the 1992 50 Over World Cup all over again as the men&#8217;s T20 World Cup final reaches its peak with event in wait on Sunday night. What is T20 World Cup Final Weather Forecast According to the Bureau of Meteorology: Wet weather is forecast for Sunday’s T20 World Cup final in Melbourne, with rain between 8-20mm expected, along with the chance of a severe thunderstorm. Fortunately Monday representing a reserve day, but weather forecast of Monday is: on Monday weather forecast is expected with [&hellip;]
- [All you need to know about Filer and Non-filer in Pakistan](https://tax.net.pk/2022/11/10/all-you-need-to-know-about-filer-and-non-filer-in-pakistan/): All you need to know about Filer and Non-filer in Pakistan All you need to know about Filer and Non-filer in Pakistan. According to the tax laws of Pakistan, there are many differences between a filer and a non-filer. Common citizens of Pakistan raise many questions about this concept. For instance: what is an income tax filer and a non-filer in Pakistan. What is the process for becoming a tax filer in Pakistan? Why should one become a filer? What are the benefits from becoming a filer? What are the consequences of not becoming tax filer ? This blog here aims to [&hellip;]
- [SBP Revises Limit of Foreign Currency Carrying for Travelers](https://tax.net.pk/2022/11/10/sbp-revises-limit-of-foreign-currency-carrying-for-travelers/): SBP Revises Limit of Foreign Currency Carrying for Travelers SBP Revises Limit of Foreign Currency Carrying for Travelers. The State Bank of Pakistan (SBP) has recently revised the limit of foreign currency carrying for travelers. SBP reduced the foreign currency cash-carrying limits for travel purposes on every visit and an annual basis. Revised Limits of foreign currency Carrying? According to the revised limits of State Bank circular: with age 18 years and above (adults) can now take foreign currency (FCY) equivalent to $5,000 per visit, those below the age of 18 years (minors) can carry foreign currency equivalent to $2,500 per [&hellip;]
- [Pakistan vs New Zealand Start Time and Venue T20 World Cup 1st Semi Final](https://tax.net.pk/2022/11/09/pakistan-vs-new-zealand-start-time-and-venue-t20-world-cup-1st-semi-final/): Pakistan vs New Zealand Start Time and Venue T20 World Cup 1st Semi Final Pakistan vs New Zealand Start Time and Venue T20 World Cup 1st Semi Final. Most awaited Pakistan vs New Zealand T20 World Cup 1st Semi Final match is going to happen on November 09, 2022. Further, Pakistan vs New Zealand Live Score will be started from 01:00 PM (Pakistan Standard Time). Moreover, PAK vs NZ Semi Final will be played on the Sydney Cricket Ground, Let us see some more interesting information here. Live Score of Pakistan vs New Zealand ICC T20 World Cup 2022 started on October 16, [&hellip;]
- [How to check PPSC Upcoming Jobs 2022](https://tax.net.pk/2022/11/08/how-to-check-ppsc-upcoming-jobs-2022/): How to check PPSC Upcoming Jobs 2022 How to check PPSC Upcoming Jobs 2022. Punjab Public Service Commission (PPSC) has announced a list of upcoming jobs in 2022. According to PPSC following jobs are likely to be in the pipeline for advertisement. PPSC Upcoming Jobs 2022 will be announced through the advertisement and applications from suitable persons will be invited on the prescribed application form. The eligible Male/Female candidates from across the country will apply through the procedure defined by the organization and can get these Jobs in Pakistan in 2022 after the complete recruitment process. LIST OF PPSC JOBS 2022 S# [&hellip;]
- [What is Winners Prize Money of 2022 T20 World Cup](https://tax.net.pk/2022/11/07/what-is-winners-prize-money-of-2022-t20-world-cup/): What is Winners Prize Money of 2022 T20 World Cup What is Winners Prize Money of 2022 T20 World Cup. The winners of the 2022 T20 World Cup in Australia will take a prize money of US $1.6 million. Moreover, the runners-up will collect $800,000 and the two losing semi-finalists $400,000 each. Stage Teams $ per team $ Total Winners 1 1,600,000 1,600,000 Runners-up 1 800,000 800,000 Losing semi-finalists 2 400,000 800,000 Super 12s wins 30 40,000 1,200,000 Super 12s exit 8 70,000 560,000 First Round wins 12 40,000 480,000 First Round exit 4 40,000 160,000 There are 16-team tournament, started [&hellip;]
- [All you need to know about Cheapest Cars in Pakistan](https://tax.net.pk/2022/11/06/all-you-need-to-know-about-cheapest-cars-in-pakistan/): All you need to know about Cheapest Cars in Pakistan All you need to know about Cheapest Cars in Pakistan. Pakistan is one of the countries where the auto sector is growing day by day. The automotive industry is producing all types of vehicles and it is developing with time. It is a very good thing that we should more rely on the local auto industry instead of importing costly vehicles. On import of vehicles, we have to pay heavy taxes and a lot of foreign exchange is used for this purpose. We can hope that in future our auto products [&hellip;]
- [Who is the Best Tax Consultants in Lahore Pakistan](https://tax.net.pk/2022/11/05/who-is-the-best-tax-consultants-in-lahore-pakistan/): Who is the Best Tax Consultants in Lahore Pakistan Who is the Best Tax Consultants in Lahore Pakistan? Global Tax Consultants in Lahore Pakistan, a very renowned organization in the field of tax preparation services. They are providing tax, accounting, audit, corporate, and other related services. Qualification Global Tax Consultants in Lahore, Pakistan was established by Fayyaz Ahmed Khan. He is a CA (CAF), MA (Eco.,), B.com, Income tax practitioner (ITP) of FBR, CA articles of ICAP, and a life member Lahore Tax Bar Association (LTBA). Experience He has more than 18 Years of experience in industry and consultancy firms as a [&hellip;]
- [SadaPay Everything you need to know about it](https://tax.net.pk/2022/11/04/sadapay-everything-you-need-to-know-about-it/): What is SadaPay Used for? Everything you need to know about it SadaPay Everything you need to know about it. SadaPay is another digital payment gateway that can be used just like Jazz Cash, and EasyPaisa as already working in Pakistan. It can help you in paying and receiving money through the card in: online business, freelancing services, e-shopping easy allows international payments without any transaction fees online shopping, signing up on Netflix, Amazon, and Scribd can also withdraw cash without any fee great benefit for freelancers in Pakistan Who is the Founder of SadaPay? The founder of SadaPay is Brandon [&hellip;]
- [Latest Oppo A58 5G Price and PTA Tax Calculator](https://tax.net.pk/2022/11/03/latest-oppo-a58-5g-price-and-pta-tax-calculator/): Oppo New Model 2022 &#8211; Latest Oppo A58 5G Price in Pakistan and PTA Tax Calculator Latest Oppo A58 5G Price and PTA Tax Calculator. Oppo has recently launched a budget mobile phone in China named, Oppo A58 5G. The A58 5G has a few new features in specifications as compared to A17 like a new chipset and fast charging. Design and Display of Oppo A58 5G The screen is a 6.56-inch IPS LCD with 720p resolution standard 60Hz refresh rate Selfie camera fingerprint sensor on the right side. Two cameras on the back Internal Hardware &amp; Software of Oppo A58 [&hellip;]
- [Payoneer How Long to Receive Money](https://tax.net.pk/2022/11/02/payoneer-how-long-to-receive-money/): Payoneer How Long to Receive Money. When I started using Payoneer in 2020 to receive money from different digital platforms then I realized that it is very easy to use as well as money can be received in different currencies, like USD, GBP, Euro, etc., It is very beneficial for freelancers, online sellers, and digital marketers and they can avoid heavy service charges, but most people prioritize it due to its time savings feature. Benefits of Using Payoneer I prefer Payoneer digital platform for receiving and sending money across the globe because of the following features: Availability in 200 countries Local [&hellip;]
- [How to Register Mobile in PTA online in 2022](https://tax.net.pk/2022/11/02/how-to-register-mobile-in-pta-online-in-2022/): How to register mobile in PTA online in 2022 How to register mobile in PTA online in 2022. If you are using a mobile device that is not approved by PTA then it is alarming for you that your device will be blocked for this reason. Even if you purchase a new mobile then you have to check the stamp on the mobile is it PTA-approved or not. On the purchase of a used mobile phone you also have to check that is it PTA-approved or not. Imported mobile devices both new and second-hand, cannot be used in Pakistan on local [&hellip;]
- [Is Elon Musk Charging for Twitter](https://tax.net.pk/2022/11/01/is-elon-musk-charging-for-twitter/): Is Elon Musk Charging for Twitter Is Elon Musk Charging for Twitter. Twitter&#8217;s new Owner, Elon Musk, has dissolved the board of directors for the company, becoming himself “sole director.” of the Twitter Company. It was already expected, as Musk immediately removed many top-level executives on Thursday after closing his $44 billion acquisition of twitter. Elon Musk is also planning to introduce subscription-oriented offerings, including potentially a $20-a-month fee for Twitter Blue, to lessen dependence on advertising. &#8220;The whole verification process is being revamped right now,&#8221; Musk tweeted on Sunday.&nbsp; Elon Musk has already planned bold plans for the twitter: to [&hellip;]
- [Where is worst air quality in the world today](https://tax.net.pk/2022/11/01/where-is-worst-air-quality-in-the-world-today/): Where is worst air quality in the world today Where is worst air quality in the world today. Lahore is Pakistan’s second-largest city and the provincial capital of the province of Punjab. Unfortunately, Lahore has been ranked first among major cities with the worst air quality in the world as on 1 November 2022. According to IQAir, Lahore currently has an air quality index (AQI) of 392. It is five points higher than the Indian capital, Delhi, with an AQI of 387. In this regard, citizens of Lahore should wear a mask outside, use an air purifier indoors, close the windows, and [&hellip;]
- [FBR Once again Extended the Last Date to File Income Tax Returns 2022](https://tax.net.pk/2022/11/01/fbr-once-again-extended-the-last-date-to-file-income-tax-returns-2022/): FBR Once again Extended the Last Date to File Income Tax Returns 2022 FBR Once again Extended the Last Date to File Income Tax Returns 2022. On Monday, the government extended the last date for filing annual income tax returns for the tax year 2022 to November 30. Finance Minister Ishaq Dar, while addressing a press conference, informed that Government has decided because the Tax Bar Associations, the business community, and traders had requested to extend the deadline for filing tax returns. However, last Friday, the Federal Board of Revenue (FBR) communicated that it will not further extend the last date [&hellip;]
- [FBR is likely to Extend Last Date for Filing Annual Tax Returns](https://tax.net.pk/2022/10/29/fbr-is-likely-to-extend-last-date-for-filing-annual-tax-returns/): FBR is likely to Extend Last Date for Filing Annual Tax Returns FBR is likely to Extend Last Date for Filing Annual Tax Returns. The Federal Board of Revenue (FBR) to facilitate the business community will likely extend the last date of filing annual income tax returns, Geo News reported on Friday.  The FBR had already extended the last date for tax filing to October 31.  According to media news Chief commissioner of Inland Revenue Lahore, Nasir Iqbal said during a meeting at the Lahore Chamber of Commerce and Industry that, the FBR revenue has increased many times in the last 10 years. Like from [&hellip;]
- [Why WhatsApp Mobile App not Working](https://tax.net.pk/2022/10/25/why-whatsapp-mobile-app-not-working/): WhatsApp Mobile App not Working WhatsApp Mobile App not Working. Instant messaging platform WhatsApp has stopped working for users in Pakistan and other countries on Tuesday. People are not able to use the mobile app for communication purpose. Neighboring India and several other countries like Washington and Paris also facing the same issue. A Meta spokesperson said, they are aware that people in several regions are having trouble sending messages, saying repair work is in process to restore the service. Facebook and WhatsApp Down Last year Last year, Facebook-owned platforms, including WhatsApp went down across the world for about six hours [&hellip;]
- [What is the Difference Between Tax and Zakat](https://tax.net.pk/2022/10/25/what-is-the-difference-between-tax-and-zakat/): What is the Difference Between Tax and Zakat What is the Difference Between Tax and Zakat? The primary objective of Both the Zakat and tax is to collect it from higher income groups of the society and distribute or expense out on the lower side. Unequal distribution of wealth is the main cause of unrest in society. We can use these two for the welfare of the citizens of any country. About Tax Equal distribution of wealth is very important for the welfare of society. It is the state&#8217;s responsibility to provide the basic needs of life to the masses. The [&hellip;]
- [Reasons Why We do Pay Taxes?](https://tax.net.pk/2022/10/24/reasons-why-we-do-pay-taxes/): Reasons Why We do Pay Taxes? Reasons Why We do Pay Taxes? Tax is one of the main sources of income for any Government of a country. Without tax receipts, Governments cannot meet their expenditures of the state. That is the reason that tax collection is the top priority of any country. We will discuss it in detail later at the end. Non Tax Revenue Sources of Income In addition to taxes followings may be other sources of income for any country: Rates Fees License Fees Profits from the State Owned Industries &amp; Businesses Fines &amp; Penalties Gifts &amp; Grants Printing [&hellip;]
- [Pakistan Removed from FATF Grey List](https://tax.net.pk/2022/10/21/pakistan-removed-from-fatf-grey-list/): Pakistan Removed from FATF Grey List. According to media news, Pakistan has been removed from the Grey list of the Financial Action Task Force (FATF). For the last four years, Pakistan was on the FATF Grey List. Now, it is great news that Pakistan has cleared all the points asked by the FATF for such removal. It was already expected that Pakistan is likely to be removed from the list. Pakistan has achieved this after efforts of 4 years. Whereby, it faced scrutiny at each point to reach this success level. Such a grey list is also known as the increased [&hellip;]
- [How to Download RAHBAR Mobile Application Developed by NADRA](https://tax.net.pk/2022/10/21/how-to-download-rahbar-mobile-application-developed-by-nadra/): How to Download RAHBAR Mobile Application Developed by NADRA How to Download RAHBAR Mobile Application Developed by NADRA. NADRA has recently developed a very beneficial mobile application named, &#8220;RAHBAR&#8220;. This App has been launched to guide the citizens of Pakistan regarding their nearest NADRA registration offices. Features of RAHBAR Mobile Application If I download this mobile App then it will provide me the information regarding the following: NADRA registration offices near me Timing of NADRA Registration offices near me Approximate wait time in Queue Address of NADRA Offices near me Phone Number of NADRA offices near me NADRA Center Type People [&hellip;]
- [How to Calculate iPhone 13 Pro Max PTA Tax](https://tax.net.pk/2022/10/20/how-to-calculate-iphone-13-pro-max-pta-tax/): How to Calculate iPhone 13 Pro Max PTA Tax How to Calculate iPhone 13 Pro Max PTA Tax. iPhone 13 Pro Max was officially launched on September 14, 2021. This phone is designed, developed, and marketed by Apple Inc. Apple Inc. launched this phone by succeeding the iPhone 12 and iPhone Pro Max. Besides this phone, apple also launched Apple iPhone 12 and iPhone 12 Pro Max. This phone was discontinued on September 7, 2022, with the launch of the iPhone 14 and iPhone 14 Pro. Features of iPhone 13 Pro Max Some of the main features of this phone are [&hellip;]
- [Prize Bonds Draw Complete Schedule 2022](https://tax.net.pk/2022/10/19/prize-bonds-draw-complete-schedule-2022/): A prize bond is like an investment. In Pakistan, it is very famous in public. Nowadays two types of prize bonds are being issued. One is normal prize bonds which are negotiable. Another one is premium prize bonds, which are issued in the name of a specific person. Premium prize bonds are not negotiable, but these can only be uncashed through Banks. When it is uncashed then your amount is directly transferred into your bank account. Denominations of Prize Bonds Nowadays premium prize bonds are issued in the following denominations: PKR 25,000 and PKR 40,000 Prize bonds other than the premium [&hellip;]
- [How much Mobile Imports Decreased in First Quarter of 2023](https://tax.net.pk/2022/10/19/how-much-mobile-imports-decreased-in-first-quarter-of-2023/): How much Mobile Imports Decreased in First Quarter of 2023 How much Mobile Imports Decreased in First Quarter of 2023. In this environment of inflation, an increase in the prices of every product has drastically reduced the purchasing power of consumers. People are in difficult situations to meet even the necessities of life. This is evident from the fact that mobile imports in Pakistan decreased in the first quarter of the financial year 2023. Facts about Mobile Imports Following are the statistics for mobile phone imports in the first quarter of FY 2023. Pakistan imported mobile phones worth $160.271 million during the [&hellip;]
- [Argentina Government will Give Workers Tax Relief from November](https://tax.net.pk/2022/10/18/argentina-government-will-give-workers-tax-relief-from-november/): Argentina Government will Give Workers Tax Relief from November Argentina Government will Give Workers Tax Relief from November. Due to the high inflation rate in the country, Argentina’s Economy Minister Sergio Massa said on Sunday the government will give workers tax relief from November. This relief will be in the shape of increasing the threshold of taxable income at which income tax will be charged. New threshold for tax chargeability “It will take effect from Nov. 1, it will be above 330,000 pesos ($2,176),” Massa said in an interview, referring to monthly income. This step will help to eliminate inflation in [&hellip;]
- [Big Automaker Honda and Sony will Develop Electric Cars](https://tax.net.pk/2022/10/18/big-automaker-honda-and-sony-will-develop-electric-cars/): Big Automaker Honda and Sony will Develop Electric Cars Big Automaker Honda and Sony will Develop Electric Cars. Sony and Honda have established a joint venture to develop electric cars. After the announcement of a joint venture (JV) previously in June 2022, Sony Honda Mobility (SHM) has now been formally established to develop electric cars. The new company has disclosed its production location and timeline, starting with pre-orders in 2025. About Sony Honda Mobility (SHM) Chairman and CEO Yasuhide Mizuno (from Honda) and president and COO Izumi Kawanishi (from Sony), announced the formal establishment. Let us discuss about this new joint [&hellip;]
- [Latest FBR POS Lucky Draw 15 October 2022](https://tax.net.pk/2022/10/17/latest-fbr-pos-lucky-draw-15-october-2022/): Latest FBR POS Lucky Draw 15 October 2022 Latest FBR POS Lucky Draw 15 October 2022. Federal Board of Revenue (FBR) draws its lucky draw of the Point of Sales (POS) Prize Scheme on the 15th of every month for the previous month’s Sales Tax Invoices verified by the buyers of goods. Where about 54 million worth of prizes announces every month to buyers of goods at the point of sales integrated with FBR. Every Person can participate in this FBR Lucky Draw by verifying their sales tax invoice on Tax Asaan App or by sending a message at 9966. Then, FBR sends a confirmation message after [&hellip;]
- [750 Prize Bond List 2022 Draw Result 17 October](https://tax.net.pk/2022/10/17/750-prize-bond-list-2022-draw-result-17-october/): 750 Prize Bond List 2022 Draw Result 17 October 750 Prize Bond List 2022 Draw Result 17 October. Prize bond draws No 92 of Rs 750 will be held at Quetta on 17-10-2022. The worth of the Rs 750 prize bond 1st prize is PKR 1,500,000, the 2nd prize is PKR 500,000, and the 3rd prize is PKR 9,300. Prize Bond Value Rs 750 City of Draw Quetta Date of Draw 17-10-2022 First Prize 1,500,000 PKR (1 Prize) Second Prize 500,000 PKR (3 Prizes) Third Prize 9,300 PKR (1,696 Prizes) Check draw 92 of the Rs 750 prize bond on this [&hellip;]
- [PHMA Demands Release of Sales Tax Refunds](https://tax.net.pk/2022/10/11/phma-demands-release-of-sales-tax-refunds/): PHMA Demands Release of Sales Tax Refunds PHMA Demands Release of Sales Tax Refunds. Pakistan Hosiery Manufacturers &amp; Exporters Association (PHMA) on Saturday demanded from the FBR to release exporters’ sales tax refunds. A letter was sent by the PHMA to an FBR official showing his concern over the sales tax non-refunds to the exporters. According to letter, exporters are facing inconvenience and delays in the payment of sales tax refund claims, which were filed in the month of July 2022, under FASTER system.
- [Latest About Pakistan Industrial Expo 2022](https://tax.net.pk/2022/10/11/latest-about-pakistan-industrial-expo-2022/): Latest About Pakistan Industrial Expo 2022 Latest About Pakistan Industrial Expo 2022. An Industrial Expo 2022 is going to be held at Lahore Expo Center from 15th to 17th October 2022. It will be the sixth edition of the Industrial Expo in Pakistan. The University of Sargodha and Everest International Expo is going to arrange this mega event. Interestingly, over 120 top Chinese industrial manufacturers will participate in the industrial Expo 2022. At the Expo, advanced technology will be used to reach the customers by approaching through online mediums. General Manager of Everest International Expo Yousuf Fa said: “We attempted an [&hellip;]
- [What is the Current Rupee Value against the Dollar](https://tax.net.pk/2022/10/10/what-is-the-current-rupee-value-against-the-dollar/): What is the Current Rupee Value against the Dollar What is the Current Rupee Value against the Dollar? 10 Oct 2022 &#8211; Today 1 USD to PKR conversion rate is PKR 218.50 in the Interbank exchange rate as an official rate by the State Bank of Pakistan. US Dollar USD to Pakistani Rupee PKR buying and selling rates are different in interbank and currency exchange or open market rates. US Dollar to Pakistani Rupee has decreased PKR 1.75 or 0.795% on trading in Interbank rate. Note: As on October 10, 2022 at 2:00PM.
- [CDA Soon Launching Electric Buses for Public in Islamabad](https://tax.net.pk/2022/10/10/cda-soon-launching-electric-buses-for-public-in-islamabad/): CDA Soon Launching Electric Buses for Public in Islamabad CDA Soon Launching Electric Buses for Public in Islamabad. In Islamabad, Capital Development Authority (CDA) is going to launch electric buses as the public transport facility. According to media news, electric buses will be available on 6 different public transport routes. Charging facilities will also be provided for the buses. Tendered will be opened by CDA for bus consultancy on 12th October. The first batch of electric buses will come to Islamabad by the end of December. For this purpose, CDA will build three base stations for e-buses. The launch of electric [&hellip;]
- [Latest MoU was Signed by HMRC and FBR in 2022](https://tax.net.pk/2022/10/10/latest-mou-was-signed-by-hmrc-and-fbr-in-2022/): Latest MoU was Signed by HMRC and FBR in 2022 Latest MoU was signed by HMRC and FBR in 2022. Recently, the Federal Board of Revenue (FBR) and His Majesty’s Revenue and Customs of the United Kingdom of Great Britain and Northern Ireland (HMRC) signed a Memorandum of Understanding. This MoU has been signed to work together to assist Pakistan in achieving its tax reforms agenda. FBR and HMRC will partnering to work towards: two strategic tax reform objectives-Data utilization and processes for international tax components and improved institutional capacity to different areas these areas include, but are not limited to [&hellip;]
- [What is Latest Tax to GDP Ratio of Pakistan](https://tax.net.pk/2022/10/07/what-is-latest-tax-to-gdp-ratio-of-pakistan/): What is Latest Tax to GDP Ratio of Pakistan What is the Latest Tax to-GDP Ratio of Pakistan? Tax-to-GDP ratio currently is at 9.2 percent according to the Federal Board of Revenue (FBR) report on 2021-22 performance. According to the report, the tax-to-GDP ratio of the country has been low compared to other regional countries. But it has increased significantly in recent years. Previously it was 4.4 percent in 1950 which has now increased to 9.2 percent. FBR Chairman Asim Ahmad said that the fiscal year 2021-22 (FY22) faced: a global wave of inflation, supply chain disruptions, high-interest rates, and devaluation [&hellip;]
- [MTMIS Punjab: How to Verify Vehicle Ownership in 2022](https://tax.net.pk/2022/10/03/mtmis-punjab-how-to-verify-vehicle-ownership-in-2022/): MTMIS Punjab: How to Verify Vehicle Ownership in 2022 We will explain here the way to verify vehicle ownership details in 2022 through the MTMIS system of the Punjab Government. Let us check the step by step procedure: Go to the MTMIS Punjab, official website. Now, enter your vehicle number in the box (Format: LXZ 123, LXZ 0123, LXZ 1111, RIA-07-1111) Select box of ‘I’m not a robot’. Press now ‘Search’. Now, You will receive the following information (Owner&#8217;s Details, Last Payments Details, Vehicle Details, Vehicle application Tracking details) MTMIS Punjab Vehicle Verification of Vehicles — SMS Method We will explain here the way [&hellip;]
- [What FBR achieved in the First Quarter of 2023](https://tax.net.pk/2022/10/01/what-fbr-achieved-in-the-first-quarter-of-2023/): What FBR achieved in the First Quarter of 2023 Tax Year 2023 started in July 2022. Now, the first quarter of the tax year 2023 has ended as of September 2022. FBR recently released stats of what it has achieved in the first quarter of tax year 2023. According to FBR the tax targets achievements are as Under: The Federal Board of Revenue (FBR) has collected Rs. 1.635 trillion during the first quarter (July-September) 2022-23 The target was Rs. 1.609 trillion, reflecting a growth of 17 percent. FBR has collected Rs. 27 billion in excess of the target. The Federal Board [&hellip;]
- [Latest News about Extension in Last Date of Filing Tax Returns 2022](https://tax.net.pk/2022/09/30/latest-news-about-extension-in-last-date-of-filing-tax-returns-2022/): According to media news, In a press conference Finance Minister, Ishaq Dar announced a one-month extension in filing a tax return for the tax year 2022. The last date for filing a tax return was 30th September 2022. A new date has been announced to be 31st October 2022. An extension in Date was demanded by all the stakeholders from FBR. The flood situation was one of the major reasons. However, no of tax filers this year up to 30th September 2022 was also less as compared to the previous year.
- [Latest No of the Taxpayers Filed Tax Returns 2022](https://tax.net.pk/2022/09/30/latest-no-of-the-taxpayers-filed-tax-returns-2022/): Is there any Chance of Date Extension of ITR Filing? Today is 30th September 2022, the last date for filing annual income tax returns for Salaried, Individuals and Sole Proprietors. Still,&nbsp;FBR&nbsp;has not extended the due date for filing tax returns. But FBR will likely extend the deadline for filing income tax returns. This year on the 30th September 2022, the&nbsp;Federal Board of Revenue&nbsp;(FBR) has not announced any of the extended timings of working&nbsp;hours of the field&nbsp;formations of FBR. Further, no extended&nbsp;hours for deposit of tax at banks. It is reason that there is a possibility of&nbsp;extension in the filing of income [&hellip;]
- [Is there any Chance of Date Extension of ITR Filing?](https://tax.net.pk/2022/09/30/is-there-any-chance-of-date-extension-of-itr-filing/): Is there any Chance of Date Extension of ITR Filing? Is there any Chance of Date Extension of ITR Filing? Today is 30th September 2022, the last date for filing annual income tax returns for Salaried, Individuals and Sole Proprietors. Still, FBR has not extended the due date for filing tax returns. But FBR will likely extend the deadline for filing income tax returns. This year on the 30th September 2022, the Federal Board of Revenue (FBR) has not announced any of the extended timings of working hours of the field formations of FBR. Further, no extended hours for deposit of tax at banks. [&hellip;]
- [Good News Taxpayers can now adjust Previous Years' Tax Refunds against the Current Year Liability](https://tax.net.pk/2022/09/28/good-news-taxpayers-can-now-adjust-previous-years-tax-refunds-against-the-current-year-liability/): Good News Taxpayers can now adjust Previous Years&#8217; Tax Refunds against the Current Year Liability Good News Taxpayers can now adjust Previous Years&#8217; Tax Refunds against the Current Year Liability. The great news is here for taxpayers who have previous years&#8217; income tax refunds and they were going to file their current year&#8217;s income tax returns. Now they need not worry about payment of their current year&#8217;s tax liability for the tax year 2022. Because the tab of adjustment of previous years&#8217; refunds recently restored by FBR. Taxpayers can now easily adjust their previous year&#8217;s tax refunds from the current year&#8217;s [&hellip;]
- [Refund Adjustment of Past Years from the Income Tax Returns](https://tax.net.pk/2022/09/26/refund-adjustment-of-past-years-from-the-income-tax-returns/): Refund Adjustment of Past Years from the Income Tax Returns Refund Adjustment of Past Years from the Income Tax Returns. The new tax return form of the Federal Board of Revenue (FBR) challenged in the IHC on Monday. The petition has been filed against the FBR’s move to remove the provision. Provision relates to the refund adjustment of past years from the income tax returns. Islamabad Hugh Court (IHC) has directed the FBR to submit its reply by September 29, 2022. Petition in Islamabad High Court The petitioner, Ejaz Hussain Rathore, a practicing Chartered Accountant, has sought direction from the FBR. [&hellip;]
- [Where Can I find my NTN Number | Online NTN Verification](https://tax.net.pk/2023/03/13/where-can-i-find-my-ntn-number-online-ntn-verification/): Where Can I find my NTN Number | Online NTN Verification Where Can I find my NTN Number | Online NTN Verification. Let us discuss the way to check National Tax Number (NTN) by using CNIC Number. You need to follow the process given below for NTN verification: First of all, you have to 1)- open the website of FBR https://e.fbr.gov.pk/ 2)- Click on the tab “Search Taxpayers“ 3)- Click on the tab “NTN Inquiry“ 4)- To check the NTN number in Pakistan, click on the “Taxpayer Profile Inquiry” option from the left sidebar 5)- Select your relevant option from the drop-down (e.g., NTN, CNIC, Registration No) 6)- [&hellip;]
- [200 Prize Bond Draw Schedule 2023](https://tax.net.pk/2023/03/13/200-prize-bond-draw-schedule-2023/): 200 Prize Bond Draw Schedule 2023 200 Prize Bond Draw Schedule 2023. Here we will explain to you all about the Rs200 prize bond. A rupees 200 Prize bond draw is held 4 times a year. It is held in different cities in Pakistan after every three months according to the prize bond schedule issued by the Directorate of National Savings. Latest Rs200 Prize Bond Schedule 2023 A&nbsp;Prize bond draw of Rupees 200&nbsp;is scheduled on the following dates in the year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.200/- March 15, 2023 Wednesday Faisalabad Rs.200/- June 15, 2023 Thursday Quetta Rs.200/- [&hellip;]
- [The Prize Bond Schedule 2023 State Bank of Pakistan](https://tax.net.pk/2023/03/13/the-prize-bond-schedule-2023-state-bank-of-pakistan/): Prize Bond Schedule 2023 State Bank of Pakistan Prize Bond Schedule 2023 State Bank of Pakistan. The Prize bond schedule is issued by the Directorate of National Savings every year. The latest prize bond schedule for the year 2023 is provided here. Premium prize bonds are also issued by the State Bank of Pakistan for Rupees 25000 and 40000 prize bonds. Moreover, prize bonds for some more denominations are also available, like for Rupees 100, 200, 750, and 1500. Download &amp; Check Online Prize Bonds Draws List 2022 and 2023 You can check &amp; download here prize bond list for 2022 [&hellip;]
- [What is the Surcharge for ATL FBR 2023](https://tax.net.pk/2023/03/11/what-is-the-surcharge-for-atl-fbr-2023/): What is the Surcharge for ATL FBR 2023 What is the Surcharge for ATL FBR 2023. After 1st March, 2023 if a late filer of an income tax return wants to become an active tax filer, he needs to pay a penalty/surcharge for ATL after submitting the tax return for the tax year 2022. For instance, now if one wants to become an active tax filer with FBR then there is a need to submit a tax return for the tax year 2022 along with a penalty/surcharge for ATL for the tax year 2022. The taxpayers who have filed tax returns [&hellip;]
- [25000 Premium Prize Bond Draw Result Today | 10 March 2023](https://tax.net.pk/2023/03/11/25000-premium-prize-bond-draw-result-today-10-march-2023/): 25000 Premium Prize Bond Draw Result Today | 10 March 2023 25000 Premium Prize Bond Draw Result Today | 10 March 2023. Directorate of National Savings issues prize bond draw list for the Rs25000 premium prize bond. The last draw was held on 12 December 2022 in Lahore. List of Prizes of 25000 Premium Prize Bond Following is the list of three prizes against this&nbsp;premium prize bond&nbsp;of Rs25000: Latest 25000 Prize Bond Draw Today is the prize bond draw of Rs25000, No 9th is expected to be held on 10th March 2023 (Friday) at Hyderabad city. Following is the prize bond schedule [&hellip;]
- [40000 Premium Prize Bond Draw Result Today | 10 March 2023](https://tax.net.pk/2023/03/11/40000-premium-prize-bond-draw-result-today-10-march-2023/): 40000 Premium Prize Bond Draw Result Today | 10 March 2023 40000 Premium Prize Bond Draw Result Today | 10 March 2023. Directorate of National Savings issues prizes bond draw list for the Rs40000 premium prize bond. The last draw was held on 12 December 2022 in the Multan city. Prize List of 40000 Premium Prize Bond Following is the list of three prizes against this&nbsp;premium prize bond&nbsp;of Rs40000: Latest 40000 Prize Bond Draw List Download Today is the prize bond draw of Rs40000 No 24th is expected to held on 10th March 2023 (Friday) at Multan city. Following is the table [&hellip;]
- [40000 Prize Bond Result Today | 10 March 2023](https://tax.net.pk/2023/03/10/40000-prize-bond-result-today-10-march-2023/): 40000 Prize Bond Result Today | 10 March 2023 40000 Prize Bond Result Today | 10 March 2023. Directorate of National Savings issues prizes bond draw list for the Rs40000 premium prize bond. The last draw was held on 12 December 2022 in the Multan city. List of Prizes of 40000 Premium Prize Bond Following is the list of three prizes against this&nbsp;premium prize bond&nbsp;of Rs40000: 40000 Prize Bond Draw Today Today is the prize bond draw of Rs40000 No 24th is expected to held on 10th March 2023 (Friday) at Multan city. Following is the table of prize bond schedule [&hellip;]
- [25000 Prize Bond Result Today | 10 March 2023](https://tax.net.pk/2023/03/10/25000-prize-bond-result-today-10-march-2023/): 25000 Prize Bond Result Today | 10 March 2023 25000 Prize Bond Result Today | 10 March 2023. Directorate of National Savings issues prize bond draw list for the Rs25000 premium prize bond. The last draw was held on 12 December 2022 in Lahore. Prizes of 25000 Premium Prize Bond Following is the list of three prizes against this&nbsp;premium prize bond&nbsp;of Rs25000: Today 25000 Prize Bond Draw Today is the prize bond draw of Rs25000, No 9th is expected to be held on 10th March 2023 (Friday) at Hyderabad city. Following is the prize bond schedule 2023 of&nbsp;premium prize bonds&nbsp;of Rs25000 [&hellip;]
- [Salient Features of 40000 and 25000 Premium Prize Bonds](https://tax.net.pk/2023/03/09/salient-features-of-40000-and-25000-premium-prize-bonds/): Salient Features of 40000 and 25000 Premium Prize Bonds Salient Features of 40000 and 25000 Premium Prize Bonds. Premium prize bonds were issued in replacement of negotiable prize bonds for Rs25000 and Rs40000. Now, these are issued specifically in the name of the holder of the premium prize bond. Some of the unique features of premium prize bonds are here described which differentiate these from other prize bonds issued with different denominations. Profit on Premium Prize Bonds Issued It is good news for the holder of premium prize bonds that not only there is a chance of a prize on the [&hellip;]
- [Rs25000 Premium Prize Bond Draw List | 10 March 2023](https://tax.net.pk/2023/03/09/rs25000-premium-prize-bond-draw-list-10-march-2023/): Rs25000 Premium Prize Bond Draw List | 10 March 2023 Rs25000 Premium Prize Bond Draw List | 10 March 2023. The prize bond draw list for the Rs25000 premium prize bond is issued by the Directorate of&nbsp;National Savings. The last draw was held on 12 December 2022 in Lahore. There are three prizes against this&nbsp;premium prize bond&nbsp;of Rs25000: Upcoming Rs25000 Prize Bond Draw The upcoming prize bond draw of Rs25000 No 9th is expected to be held on 10th March 2023 (Friday) at Hyderabad city. Following is the table of prize bond schedule 2023 of&nbsp;premium prize bonds&nbsp;of Rs25000 and Rs40000: DATE [&hellip;]
- [Rs40000 Premium Prize Bond Draw List | 10 March 2023](https://tax.net.pk/2023/03/09/rs40000-premium-prize-bond-draw-list-10-march-2023/): Rs40000 Premium Prize Bond Draw List | 10 March 2023 Rs40000 Premium Prize Bond Draw List | 10 March 2023. The prize bond draw list for the Rs40000 premium prize bond is issued by the Directorate of National Savings. The last draw was held on 12 December 2022 in Multan city. There are three prizes against this premium prize bond of Rs40000: Upcoming Rs40000 Prize Bond Draw Upcoming prize bond draw of Rs40000 No 24th is expected to held on 10th March 2023 (Friday) at Multan city. Following is the table of prize bond schedule 2023 of premium prize bonds of [&hellip;]
- [How to Create ATL Surcharge Payment Challan](https://tax.net.pk/2023/03/06/how-to-create-atl-surcharge-payment-challan/): How to Create ATL Surcharge Payment Challan How to Create ATL Surcharge Payment Challan. Every year there is a deadline for filing a tax return with a due date. As per tax laws of Pakistan following are the deadline / due dates for filing tax returns of the following types of taxpayers: Type of Person Tax Return Deadlines in 2021 Individual &amp; Association of Person (AOP) On or before 30th September Company (Corporate Sector) On or before 31st December Company having a&nbsp;special tax year On or before 30th September However, on the due date of filing a tax return, the tax [&hellip;]
- [Canada gives relief to visit visa holders with valid job offers](https://tax.net.pk/2023/03/05/canada-gives-relief-to-visit-visa-holders-with-valid-job-offers/): Canada gives relief to visit visa holders with valid job offers Canada gives relief to visit visa holders with valid job offers. Here is good news the Canadian Government has announced an extension in the deadline date for visit visa holders who have valid job offers and will continue to be able to apply for and receive a work permit without having to leave the country. latest announcement from Canadian Government regarding Visit Visa Holders Following are important facts of the latest announcement from the Canadian Government: Requirements for new policy from Canadian Government regarding Visit Visa Holders The following requirements [&hellip;]
- [200 Prize Bond List 2023 | 15 March 2023](https://tax.net.pk/2023/03/05/200-prize-bond-list-2023-15-march-2023/): 200 Prize Bond List 2023 | 15 March 2023 200 Prize Bond List 2023 | 15 March 2023. A rupees 200 Prize bond draw is held 4 times a year. It is held in different cities in Pakistan after every three months according to the prize bond schedule issued by the Directorate of National Savings. 200 Prize Bond Schedule 2023 A&nbsp;Prize bond draw of Rupees 200&nbsp;is scheduled on the following dates in the year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.200/- March 15, 2023 Wednesday Faisalabad Rs.200/- June 15, 2023 Thursday Quetta Rs.200/- September 15, 2023 Friday Hyderabad Rs.200/- December [&hellip;]
- [Latest Honda Bike Price List 2023 in Pakistan](https://tax.net.pk/2023/03/04/latest-honda-bike-price-list-2023-in-pakistan/): Latest Honda Bike Price List 2023 in Pakistan Latest Honda Bike Price List 2023 in Pakistan. Due to the increase in inflation and the dollar rate the cost of production has increased a lot in Pakistan. Automakers are also facing the same problem and increasing the prices of their products. That is the reason that auto manufacturers are revising the prices of their products. Atlas Honda Limited Company has also revised the prices of its bikes recently. Bike wise latest price list of Honda bikes is given here: 1) Honda CD 70 Specification &amp; Price in Pakistan Honda CD 70 is [&hellip;]
- [FBR issues new active taxpayers list for Tax Year 2022](https://tax.net.pk/2023/03/02/fbr-issues-new-active-taxpayers-list-for-tax-year-2022/): FBR issues new active taxpayers list for Tax Year 2022 FBR issues new active taxpayers list for Tax Year 2022. Here is the updated news regarding the active taxpayer list that the Federal Board of Revenue (FBR) on Wednesday, March 01, 2023, issued a new Active Taxpayers List (ATL) for Tax Year 2022. How much taxpayers filed their tax returns for tax year 2022? According to the updated active taxpayer list (ATL), the FBR included the names of 3.21 million taxpayers, who filed their income tax returns within the due date and after the due date till February 28, 2023, but with [&hellip;]
- [How to Become Active Tax filler in FBR in 2023](https://tax.net.pk/2023/03/01/how-to-become-active-tax-filler-in-fbr-in-2023/): How to Become Active Tax filler in FBR in 2023 How to Become Active Tax filler in FBR in 2023. The active taxpayer list (ATL List) is a record of taxpayers who have submitted their annual income tax returns of previous years. It’s updated based on previous year&#8217;s submission of tax returns. When Active Taxpayer List (ATL) is Updated? The active taxpayers list updates every Monday on FBR’s portal. You can check online on FBR’s website after submitting the tax return for the previous year. If the last date for submission of tax return of the previous year ended then a penalty will have to be [&hellip;]
- [Government Slashed Petrol Prices for the Next Fortnight](https://tax.net.pk/2023/02/28/government-slashed-petrol-prices-for-the-next-fortnight/): Government Slashed Petrol Prices for the Next Fortnight Government Slashed Petrol Prices for the Next Fortnight. The good news is that the Pakistan government has slashed petrol prices for the next 15 days, taking it to Rs267 per litre. Revised prices of petroleum products will apply from 1st March to 15th March 2023. High-Speed diesel price will remain the same. However, prices of MS petrol, Kerosene oil, and light diesel oil have been reduced. Revised Petroleum Products Prices Following is the list of revised petroleum products prices:
- [What is the 1 Litre Petrol Price in Pakistan Today](https://tax.net.pk/2023/02/28/what-is-the-1-litre-petrol-price-in-pakistan-today/): What is the 1 Litre Petrol Price in Pakistan Today What is the 1 Litre Petrol Price in Pakistan Today. The Pakistan government has slashed petrol prices for the next fortnight, taking it to Rs267 per litre. New prices of petroleum products will apply from 1st March to 15th March 2023. High-Speed diesel price has not changed and will remain the same. However, prices of MS petrol, Kerosene oil, and light diesel oil have been reduced. New Petroleum Products Prices
- [What is the TECNO SPARK 9 PRO Mobile Phone Price in Pakistan](https://tax.net.pk/2023/02/27/what-is-the-tecno-spark-9-pro-mobile-phone-price-in-pakistan/): What is the TECNO SPARK 9 PRO Mobile Phone Price in Pakistan What is the TECNO SPARK 9 PRO Mobile Phone Price in Pakistan. Tecno Spark 9 Pro expected price in Pakistan is about 28,999 PKR. Following are the main specifications of this new mobile phone: Specifications of TECNO SPARK 9 PRO Main features and specifications of Tecno Spark 9 pro mobile phone is here:
- [3000 Dollars in Pakistani Rupees Today | 27 February 2023](https://tax.net.pk/2023/02/27/3000-dollars-in-pakistani-rupees-today-27-february-2023/): 3000 Dollars in Pakistani Rupees Today | 27 February 2023 3000 Dollars in Pakistani Rupees Today | 27 February 2023. Following is the list of major foreign currency rates to Pak Rupees today 27th February 2023 in the open market. USD to PKR Open Market currency Rate Following is the list of major currency rates in the open market: Currency Buying Selling Australian Dollar 182 184.4 &nbsp;Bahrain Dinar 693.87 701.87 &nbsp;Canadian Dollar 194 196.2 &nbsp;China Yuan 38.28 38.68 &nbsp;Danish Krone 37.09 37.49 &nbsp;Euro 275.90 278.65 &nbsp;Hong Kong Dollar 33.45 33.8 &nbsp;Indian Rupee 3.16 3.27 &nbsp;Japanese Yen 2.06 2.11 &nbsp;Kuwaiti Dinar 850.18 [&hellip;]
- [Latest Pak Suzuki Increase in Car Prices in 2023](https://tax.net.pk/2023/02/25/latest-pak-suzuki-increase-in-car-prices-in-2023/): Latest Pak Suzuki Increase in Car Prices in 2023 Latest Pak Suzuki Increase in Car Prices in 2023. Pak Suzuki Motor Company has increased its car prices for a third time in the year 2023. Such an increase in car prices is due to increased power tariffs and a fall in currency value. Such an increase will be applicable from February 20, 2023. Let us check the old, revised, and change in car prices due to such increase: Suzuki Alto Price in Pakistan 2023 Let us check out the latest Alto prices in Pakistan 2023. VARIANT PREVIOUS PRICE REVISEDPRICE DIFFERENCE Alto [&hellip;]
- [Documents Required to get Residence Visa for a New Born in Dubai](https://tax.net.pk/2023/02/23/documents-required-to-get-residence-visa-for-a-new-born-in-dubai/): Documents Required to get Residence Visa for a New Born in Dubai Documents Required to get Residence Visa for a New Born in Dubai. Here we will explain to you the documents required for applying Visa for a newborn in Dubai. Moreover, It is necessary that ex-pat residence visa for a new born the expat parents in Dubai must apply within 120 days of his/her birth. List of Documents for Residency Visa of a New Born in Dubai Submit the form and the documents given here to the General Directorate of Residency and Foreigners Affairs (GDRFA) in Dubai. After 5 working [&hellip;]
- [What is the Price of Xiaomi POCO F4 GT](https://tax.net.pk/2023/02/22/what-is-the-price-of-xiaomi-poco-f4-gt/): What is the Price of Xiaomi POCO F4 GT What is the Price of Xiaomi POCO F4 GT. POCO F4 GT price in Pakistan is currently about 138,500 PKR on PriceOye. Following are the main specifications of this new mobile phone: Specifications of POCO F4 Mobile Phone Main features and specifications of POCO F4 GT mobile phone is here:
- [20 Business Ideas that Remain Continue when a Country Defaults](https://tax.net.pk/2023/02/21/20-business-ideas-that-remain-continue-when-a-country-defaults/): 20 Business Ideas that Remain Continue when a Country Defaults 20 Business Ideas that Remain Continue when a Country Defaults. In the worst economic situation of a country, there are a lot of businesses that remain continue and are profitable. An investor can take the opportunity to invest in these businesses and can face the situation of default in his country. By starting such businesses citizens of a default country can fight against financial crisis as well as provide employment opportunities. When a Business Becomes Defaulter? Default is the term of finance and business and is referred to a situation where [&hellip;]
- [National Assembly Passes Finance Supplementary Bill 2023 | Mini Budget](https://tax.net.pk/2023/02/21/national-assembly-passes-finance-supplementary-bill-2023-mini-budget/): National Assembly Passes Finance Supplementary Bill 2023 | Mini Budget National Assembly Passes Finance Supplementary Bill 2023 | Mini Budget. On Monday National Assembly of Pakistan passed the Finance (Supplementary) Bill, 2023. Proposed additional taxes and duties of Rs. 170 billion, opening the way for the staff-level agreement with the International Monetary Fund (IMF). The finance minister highlighted that the government has allocated an additional amount of Rs. 40 billion for the Benazir Income Support Programme (BISP), through which the stipend of BISP beneficiaries will be increased. The minister said that the prime minister will soon announce a comprehensive policy to [&hellip;]
- [1500 Prize Bond List 2023 Today](https://tax.net.pk/2023/02/20/1500-prize-bond-list-2023-today/): 1500 Prize Bond List 2023 Today 1500 Prize Bond List 2023 Today. Every three months draw of Prize bonds is held in different cities of Pakistan at their scheduled time. The Prize bond schedule is issued every year by the Directorate of National Savings. 1500 Prize Bond Schedule 2023 A Prize bond draw of Rupees 1500 is scheduled on the following dates in the year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.1500/- February 15, 2023 Wednesday Quetta Rs.1500/- May 15, 2023 Monday Lahore Rs.1500/- August 15, 2023 Tuesday Peshawar Rs.1500/- November 15, 2023 Wednesday Faisalabad Latest 1500 Prize Bond Draw [&hellip;]
- [Largest New Car Markets in the World in 2022](https://tax.net.pk/2023/02/20/largest-new-car-markets-in-the-world-in-2022/): Largest New Car Markets in the World in 2022 Largest New Car Markets in the World in 2022. Here today list will be given for the largest new car markets of the world in 2022. One of the notable changes has been observed in the 2022 index results. India&#8217;s third position has been observed in the list as the largest market of new cars in the World in 2022. However, it is obvious that this market has stopped growing in recent years, while India has shown significant results. This time there are big surprises in the ranking of global vehicle market [&hellip;]
- [What is Interbank Dollar to PKR Rate Today 2023](https://tax.net.pk/2023/02/20/what-is-interbank-dollar-to-pkr-rate-today-2023/): What is Interbank Dollar to PKR Rate Today 2023 What is Interbank Dollar to PKR Rate Today 2023. You can check the latest interbank and open market rates of the US Dollar, Pound, and other currencies here. Interbank currency Rates Following is the list of all important currencies rates into Pak Rupees in interbank: Currencies Buying Selling Australian Dollar 179.8 180.01 &nbsp;Canadian Dollar 193.5 193.73 &nbsp;China Yuan 37.78 38.23 &nbsp;Danish Krone 37.42 37.47 &nbsp;Euro 278.77 279.09 &nbsp;Hong Kong Dollar 33.3 33.34 &nbsp;Japanese Yen 1.9454 1.9477 &nbsp;Saudi Riyal 69.54 69.62 &nbsp;Singapore Dollar 195.13 195.35 &nbsp;Swedish Korona 24.94 24.97 &nbsp;Swiss Franc 282.03 282.35 [&hellip;]
- [Gulfood Dubai 2023 Timings Dates and Registration](https://tax.net.pk/2023/02/20/gulfood-dubai-2023-timings-dates-and-registration/): Gulfood Dubai 2023 Timings Dates and Registration Gulfood Dubai 2023 Timings Dates and Registration. Highlight on your calendars and be ready to participate in the world’s largest annual Food &amp; Beverage (F&amp;B) sourcing event! Here you can give your business a powerful start to the year. You have to get your registration first and you can make history. Gulfood Dubai 2023 Exhibition Time, Date &amp; Place Gulfood 2023 is an amazing annual international trade fair for the food and beverage (F&amp;B) industry.&nbsp;It is scheduled at&nbsp;the Dubai International Convention &amp; Exhibition Centre. About Gulfood Dubai 2023 Gulfood Dubai 2023 will fascinate the food [&hellip;]
- [How to Download Gulfood Manufacturing 2023 Exhibitor List](https://tax.net.pk/2023/02/18/how-to-download-gulfood-manufacturing-2023-exhibitor-list/): How to Download Gulfood Manufacturing 2023 Exhibitor List How to Download Gulfood Manufacturing 2023 Exhibitor List. Highlight on your calendars and be ready to participate in the world’s largest annual Food &amp; Beverage (F&amp;B) sourcing event! Here you can give your business a powerful start to the year. You have to get your registration first and you can make history. Gulfood 2023&nbsp;Exhibition Time, Date &amp; Place Gulfood 2023 is an amazing annual international trade fair for the food and beverage (F&amp;B) industry.&nbsp;It is scheduled at&nbsp;the Dubai International Convention &amp; Exhibition Centre. Gulfood Dubai 2023: an amazing global F&amp;B event! Gulfood Dubai [&hellip;]
- [Top 10 Most Populated Countries of the World 2023](https://tax.net.pk/2023/02/18/top-10-most-populated-countries-of-the-world-2023/): Top 10 Most Populated Countries of the World 2023 Top 10 Most Populated Countries of the World 2023. Here we will discuss about the top most populated countries of the world according to the list given by &#8220;World Index&#8221; in its tweet. Why more population growth has advantages? These are the advantages of having more population growth in the country: What are the disadvantages of overpopulation in the country? These are the disadvantages of having more population growth in the country: List of Most populated countries in 2023 There is the following list of those countries which are overpopulated and are [&hellip;]
- [Prize Bond List 750 16 January 2023 Download Online](https://tax.net.pk/2023/02/17/prize-bond-list-750-16-january-2023-download-online/): Prize Bond List 750 16 January 2023 Download Online Prize Bond List 750 16 January 2023 Download Online. The&nbsp;Prize bond draw of Rs750&nbsp;was announced on 16 January 2023. No 93 Prize bond draw of Rs 750 was scheduled at Karachi on 16 January 2023. Moreover, the worth of the Rs750 prize bond&nbsp;1st prize is PKR 1,500,000, the 2nd prize is PKR 500,000, and the 3rd prize is PKR 9,300. Value of Prize Bond Rs 750 Draw City Karachi Draw Date 16-01-2023 First Prize 1,500,000 PKR (1 Prize) Second Prize 500,000 PKR (3 Prizes) Third Prize 9,300 PKR (1,696 Prizes) Download Online [&hellip;]
- [Salient Features of Finance Supplementary Bill 2023 | Mini Budget](https://tax.net.pk/2023/02/17/salient-features-of-finance-supplementary-bill-2023-mini-budget/): Salient Features of Finance Supplementary Bill 2023 | Mini Budget Salient Features of Finance Supplementary Bill 2023 | Mini Budget. Following are Salient features of mini budget or Finance Supplementary Bill, 2023 presented by Finance Minister Ishaq Dar in the National Assembly on Wednesday. For the revival of the IMF program, the Federal Government initiated the process of taxation measures through the issuance of two SROs on February 14, 2023, and thereafter presented Finance (Supplementary) Bill, 2023 in both Houses on February 15, 2023. Finance Supplementary Bill 2023: Salient features of the taxation measures are as under: Amendments to the Sales [&hellip;]
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- [How much is Turkey Currency Lira to PKR 2023](https://tax.net.pk/2023/02/16/how-much-is-turkey-currency-lira-to-pkr-2023/): How much is Turkey Currency Lira to PKR 2023 How much is Turkey Currency Lira to PKR 2023. Today’s Turkey Lira TRY to PKR Pakistan Rupee currency exchange rate on 16 February trading live TRY to PKR rate is 14.0186. Convert Turkish Lira to Pakistani Rupee Here list given where the Turkih Lira has been converted to Pakistani Rupees. TRY PKR 1 TRY 14.0186&nbsp;PKR 5 TRY 70.093&nbsp;PKR 10 TRY 140.186&nbsp;PKR 25 TRY 350.465&nbsp;PKR 50 TRY 700.93&nbsp;PKR 100 TRY 1,401.86&nbsp;PKR 500 TRY 7,009.3&nbsp;PKR 1,000 TRY 14,018.6&nbsp;PKR 5,000 TRY 70,093&nbsp;PKR 10,000 TRY 140,186&nbsp;PKR 50,000 TRY 700,930&nbsp;PKR Note: This is for information purposes only. [&hellip;]
- [How Pakistan Stock Exchange Works in 2023](https://tax.net.pk/2023/02/16/how-pakistan-stock-exchange-works-in-2023/): How Pakistan Stock Exchange Works in 2023 How Pakistan Stock Exchange Works in 2023. Here are some interesting facts about the Pakistan Stock Exchange. PSX is a institution which manages all the investment in shares and stocks in Pakistan. Let us discuss it in detail: How foreign investors can Invest in Pakistan Stock Exchange? Following is the way that how foreign investors can invest in Pakistan Stock Exchange: Pakistan Stock Exchange Listing Requirements PSX Listing Requirements: To list on the PSX companies need to meet financial and disclosure standards. The requirements include: Top Companies of Pakistan Stock Exchange The Pakistan Stock Exchange [&hellip;]
- [How to Buy PSL 8 Online Tickets 2023](https://tax.net.pk/2023/02/16/how-to-buy-psl-8-online-tickets-2023/): How to Buy PSL 8 Online Tickets 2023 How to Buy PSL 8 Online Tickets 2023. Pakistan Cricket Board in a press release announced that the tickets for the HBL PSL 8 matches in Lahore and Rawalpindi has gone live on sale on Tuesday. How to apply to buy online PSL 8 Tickets? The fans of PSL 8 matches in Lahore and Rawalpindi can now buy the tickets online from pcb.bookme.pk . Moreover, physical tickets will also be available at specified venues. Prices of PSL 8 Tickets 2023 In Lahore and Rawalpindi PCB has given the following price list for Lahore [&hellip;]
- [Latest Petrol Price Hits All-Time High in Pakistan 2023](https://tax.net.pk/2023/02/16/latest-petrol-price-hits-all-time-high-in-pakistan-2023/): Latest Petrol Price Hits All-Time High in Pakistan 2023 Latest Petrol Price Hits All-Time High in Pakistan 2023. The government of Pakistan has increased the prices of all petroleum products, with petrol and diesel prices hitting an all-time high. After the increase in prices of petroleum products, following are new prices: The government previously announced an increase in prices of petrol and diesel by Rs35 per liter last month. New petrol prices will be effective from February 16.
- [Rs 1500 Prize Bond Draw Result List 15 February 2023](https://tax.net.pk/2023/02/16/rs-1500-prize-bond-draw-result-list-15-february-2023/): Rs 1500 Prize Bond Draw Result List 15 February 2023 Rs 1500 Prize Bond Draw Result List 15 February 2023. Every year Prize bond schedule is issued by the Directorate of National savings. A Prize bond draw of Rupees 1500 is scheduled on the following dates in the year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.1500/- February 15, 2023 Wednesday Quetta Rs.1500/- May 15, 2023 Monday Lahore Rs.1500/- August 15, 2023 Tuesday Peshawar Rs.1500/- November 15, 2023 Wednesday Faisalabad Latest Draw List of 1500 Prize Bond 15 February 2023 The&nbsp;Prize bond draw of Rs1500&nbsp;is scheduled to announce on 15 February [&hellip;]
- [Top 10 Countries with Largest Gold Reserves 2022](https://tax.net.pk/2023/02/15/top-10-countries-with-largest-gold-reserves-2022/): Top 10 Countries with Largest Gold Reserves 2022 Top 10 Countries with Largest Gold Reserves 2022. Gold reserves play a very important role for the development of any country. Gold reserves are usually held by central banks of any country. Why countries maintain high gold reserves? Following factors decide that why countries of the world maintain high gold reserves: List of countries with highest Gold Reserves Following is the list of countries with highest gold reserves in the world. Such index has been given by the &#8220;world index&#8221; through a tweet shared (Gold Reserves (in metric tons).
- [Rs 100 Prize Bond Draw Result List 15 February 2023](https://tax.net.pk/2023/02/15/rs-100-prize-bond-draw-result-list-15-february-2023/): Rs 100 Prize Bond Draw Result List 15 February 2023 Rs 100 Prize Bond Draw Result List 15 February 2023. The Prize bond draw of Rs100 is scheduled to announce on 15 February 2023. No 41 Prize bond draw of Rs100 is scheduled at Rawalpindi on 15 February 2023. Moreover, the worth of the Rs100 prize bond&nbsp;1st prize is PKR 700,000 the 2nd prize is PKR 200,000 and the 3rd prize is PKR 1,000. Value of Prize Bond Rs100 Draw City Rawalpindi Draw Date 15-02-2023 First Prize 700,000 PKR (1 Prize) Second Prize 200,000 PKR (3 Prizes) Third Prize 1,000 PKR (1,199 Prizes) [&hellip;]
- [Government Presents Finance Supplementary Bill 2023 in Parliament](https://tax.net.pk/2023/02/15/government-presents-finance-supplementary-bill-2023-in-parliament/): Government Presents Finance Supplementary Bill 2023 in Parliament Government Presents Finance Supplementary Bill 2023 in Parliament. Today Finance Minister Ishaq Dar presented the Finance (Supplementary) Bill 2023. Highlighting fiscal measures of Rs. 170 billion through additional taxes as already agreed with the International Monetary Fund (IMF). The finance minister said that the government has only charged those taxes that would have least impact on the poor. He also emphasized that the government is not imposing any taxes on items of daily use. The government headed towards the parliament after President Dr. Arif Alvi advised the government to take the parliament into [&hellip;]
- [FBR Resumes Point of Sales Invoicing Prize Scheme](https://tax.net.pk/2023/02/15/fbr-resumes-point-of-sales-invoicing-prize-scheme/): FBR Resumes Point of Sales Invoicing Prize Scheme FBR Resumes Point of Sales Invoicing Prize Scheme. The Federal Board of Revenue (FBR) has resumed its suspended Point of Sale (POS) Prize Scheme from February 1. Point of sales prize schemes&#8217; next draw will now be held in March 2023. In a tweet, FBR explained that all the verified invoices of the current month of February 2023 and the previous suspended period will also be included in the upcoming prize draw. The FBR encourages the public to actively participate in the scheme, the statement added. Previously, FBR suspended the scheme in November [&hellip;]
- [Mini Budget to Present before Parliament Today](https://tax.net.pk/2023/02/15/mini-budget-to-present-before-parliament-today/): Mini Budget to Present before Parliament Today Mini Budget to Present before Parliament Today. In compliance with IMF conditions, the government of Pakistan decided to present a supplementary finance bill as a mini-budget before the parliament (today) on February 15, 2023, for approval. Earlier, the finance ministry, before presenting the supplementary finance bill the government intended to promulgate through a presidential order. The President of Pakistan, Dr. Arif Alvi, refused to sign the bill at a meeting with Finance Minister and advised the government should approve the bill from the parliament. The Finance Minister informed that the government intends to raise [&hellip;]
- [FBR Increased Sale Tax Rate in Pakistan 2023](https://tax.net.pk/2023/02/15/fbr-increased-sale-tax-rate-in-pakistan-2023/): FBR Increased Sale Tax Rate in Pakistan 2023 FBR Increased Sale Tax Rate in Pakistan 2023. Standard rate of General sales tax has been increased from 17% to 18%. Moreover, it would go into effect immediately from 15 February 2023. For this purpose Federal Board of Revenue (FBR) has issued Statutory Regulatory Order (SRO) No. SRO 179(1)/2023 Dated: 14th February 2023. Statutory Regulatory Order (SRO) No. SRO 179(1)/2023 According to SRO issued by FBR: &#8220;S.R.O. 179(1)/2023.— In exercise of the powers conferred by clause (b) of sub-section (2) of section 3 of the Sales Tax Act, 1990, the Federal Government is [&hellip;]
- [100 Prize Bond List Draw 41 Rawalpindi Result 15 February 2023](https://tax.net.pk/2023/02/15/100-prize-bond-list-draw-41-rawalpindi-result-15-february-2023/): 100 Prize Bond List Draw 41 Rawalpindi Result 15 February 2023 100 Prize Bond List Draw 41 Rawalpindi Result 15 February 2023. As you know that Rupees 100 Prize bond draw is held 4 times a year. Further, after every three months draw is held in different cities of Pakistan at their scheduled time. 100 Prize Bond Schedule 2023 Every year&nbsp;Prize bond schedule&nbsp;is issued by the&nbsp;Directorate of National savings. A&nbsp;Prize bond draw of Rupees 100&nbsp;is scheduled on the following dates in the year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.100/- February 15, 2023 Wednesday Rawalpindi Rs.100/- May 15, 2023 Monday [&hellip;]
- [1500 Prize Bond List Draw 93 Quetta Result 15 February 2023](https://tax.net.pk/2023/02/15/1500-prize-bond-list-draw-93-quetta-result-15-february-2023/): 1500 Prize Bond List Draw 93 Quetta Result 15 February 2023 1500 Prize Bond List Draw 93 Quetta Result 15 February 2023. As you know Rupees 1500 Prize bond is drawn 4 times a year. Moreover, after every three months draw is held in different cities of Pakistan at their scheduled time. Schedule of 1500 Prize Bond 2023 Every year Prize bond schedule is issued by the Directorate of National savings. A Prize bond draw of Rupees 1500 is scheduled on the following dates in the year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.1500/- February 15, 2023 Wednesday Quetta Rs.1500/- [&hellip;]
- [How much is Bangladesh Currency to PKR Today 2023](https://tax.net.pk/2023/02/13/how-much-is-bangladesh-currency-to-pkr-today-2023/): How much is Bangladesh Currency to PKR Today 2023 How much is Bangladesh Currency to PKR Today 2023. Open market forex rates has been given for all the major foreign currencies in Pakistan. Like the Bangladeshi Taka, Qatari Riyal, US dollar, British Pound, Euro, Saudi Riyal, UAE Dirham, Australian Dollar, and many more currencies. Today Bangladesh Taka Rate to Pakistan Rupee (1 BDT to PKR) is 2.5645794 PKR. This Bangladesh Taka to Pakistan Rupee conversion is based on open market rates which are set by the currency exchange dealers of Pakistan. Open Market Foreign Currency Rates Download Online Let us see [&hellip;]
- [How to Apply for UAE Virtual Work Residence Visa](https://tax.net.pk/2023/02/12/how-to-apply-for-uae-virtual-work-residence-visa/): How to Apply for UAE Virtual Work Residence Visa How to Apply for UAE Virtual Work Residence Visa. The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) in the UAE has made a major announcement that will greatly benefit those looking to obtain a virtual work residence visa. What is UAE Virtual Work Residence Visa? Those foreigners employed outside the UAE are now permitted to live here legally with a virtual work visa. This one-year visa allows them to enter the UAE under self-sponsorship and work according to the terms and conditions issued with the visa. Requirements of the [&hellip;]
- [Latest Ministry of IT & Telecommunication Jobs 2023](https://tax.net.pk/2023/02/11/latest-ministry-of-it-telecommunication-jobs-2023/): Latest Ministry of IT &amp; Telecommunication Jobs 2023 Latest Ministry of IT &amp; Telecommunication Jobs 2023. Ministry of IT and Telecom Jobs have been announced by the Ministry of Information Technology &amp; Telecommunication (MOITT) on National Job Portal ( www.njp.gov.pk ). Detail of the latest job announced is here: Organization Ministry of Information Technology &amp; Telecommunication (MOITT) Post Name MANAGER (BUDGET &amp; ACCOUNTS) Job Type Contract Department Accountancy &amp; Finance Age Limit 40 Years Experience 6 Years Min. Required Experience No of Vacancies One (1) Due Date 25 Feb 2023 Qualification Preferably, ACCA/ACMA CA finalist, or Master Degree in Accounting, Finance, [&hellip;]
- [How much is Qatar Currency to PKR Rate in Pakistan](https://tax.net.pk/2023/02/11/how-much-is-qatar-currency-to-pkr-rate-in-pakistan/): How much is Qatar Currency to PKR Rate in Pakistan How much is Qatar Currency to PKR Rate in Pakistan. Open market forex rates has been given for all the major foreign currencies in Pakistan. Like the Qatari Riyal, US dollar, British Pound, Euro, Saudi Riyal, UAE Dirham, Australian Dollar, and many more currencies. Following is the list of open market foreign currency rates in Pakistan: Open Market Foreign Currency Rates Download Online Let us see the different open market foreign currency rates in Pakistan. Currencies Buying Selling Australian Dollar 184.5 186.9 &nbsp;Bahrain Dinar 734.58 742.58 &nbsp;Canadian Dollar 206 208.2 &nbsp;China Yuan 40.68 [&hellip;]
- [Currency Converter Dollar to Pakistan | 11 February 2023](https://tax.net.pk/2023/02/11/currency-converter-dollar-to-pakistan-11-february-2023/): Currency Converter Dollar to Pakistan | 11 February 2023 Currency Converter Dollar to Pakistan | 11 February 2023. Here both the open market and interbank forex rates have been given for all the major foreign currencies in Pakistan. Like the US dollar, British Pound, Euro, Saudi Riyal, UAE Dirham, Australian Dollar, and many more currencies. Following is the list of interbank and&nbsp;open market foreign currency rates&nbsp;in Pakistan: Inter-Bank Foreign Currency Rates Download Online Let us see the inter-bank foreign currency rates in Pakistan. Currencies Buying Selling Australian Dollar 187.53 187.74 &nbsp;Canadian Dollar 201.12 201.34 &nbsp;China Yuan 39.59 40.03 &nbsp;Danish Krone 39.01 [&hellip;]
- [100 Prize Bond List 2023 | 15 February 2023](https://tax.net.pk/2023/02/11/100-prize-bond-list-2023-15-february-2023/): 100 Prize Bond List 2023 | 15 February 2023 100 Prize Bond List 2023 | 15 February 2023. Rupees 100 Prize bond is drawn 4 times a year. After every three months draw is held in different cities of Pakistan at their scheduled time. Every year Prize bond schedule is issued by the Directorate of National savings. A Prize bond draw of Rupees 100 is scheduled on the following dates in the year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.100/- February 15, 2023 Wednesday Rawalpindi Rs.100/- May 15, 2023 Monday Multan Rs.100/- August 15, 2023 Tuesday Karachi Rs.100/- November 15, [&hellip;]
- [1500 Prize Bond List 2023 | 15 February 2023](https://tax.net.pk/2023/02/11/1500-prize-bond-list-2023-15-february-2023/): 1500 Prize Bond List 2023 | 15 February 2023 1500 Prize Bond List 2023 | 15 February 2023. Rupees 1500 Prize bond is drawn 4 times a year. After every three months draw is held in different cities of Pakistan at their scheduled time. Every year Prize bond schedule is issued by the Directorate of National savings. A Prize bond draw of Rupees 1500 is scheduled on the following dates in the year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.1500/- February 15, 2023 Wednesday Quetta Rs.1500/- May 15, 2023 Monday Lahore Rs.1500/- August 15, 2023 Tuesday Peshawar Rs.1500/- November 15, [&hellip;]
- [Prize Bond Schedule 2023 from January to December 2023](https://tax.net.pk/2023/02/10/prize-bond-schedule-2023-from-january-to-december-2023/): Prize Bond Schedule 2023 from January to December 2023 Prize Bond Schedule 2023 from January to December 2023. In Pakistan, Prize bonds are a very famous type of investment. Currently, premium prize bonds are issued by State Bank of Pakistan for Rupees 25000 and 40000 prize bonds. Moreover, prize bonds for some more denominations are also available, like for Rupees 100, 200, 750, and 1500. Check Online Prize Bonds Draws List 2022 and 2023 You can check here prize bond list for 2022 and 2023 for previous and current draws held during the year: You can check the previous results of [&hellip;]
- [7 Tips To Be a Successful Financial Advisor in Town](https://tax.net.pk/2023/02/10/7-tips-to-be-a-successful-financial-advisor-in-town/): 7 Tips To Be a Successful Financial Advisor in Town 7 Tips To Be a Successful Financial Advisor in Town. If anybody is interested in investment, finance, stocks, mutual funds, etc., then you can start your professional career as financial planning advisor. Moreover, a financial advisor also specializes in investment handling, estate management, retirement planning, insurance, debt repayment, tax planning, and many more. What is the meaning of a Financial Advisor? A financial advisor is a professional manager of investments of their clients (investors) and giving them advice on this. Financial advisor always suggests investment options and plans according to investors&#8217; [&hellip;]
- [What is New Saudi Riyal Rate in Pakistan Today Open Market 2023](https://tax.net.pk/2023/02/09/what-is-new-saudi-riyal-rate-in-pakistan-today-open-market-2023/): What is New Saudi Riyal Rate in Pakistan Today Open Market 2023 What is New Saudi Riyal Rate in Pakistan Today Open Market 2023. Today 1 SAR to PKR is Rs72.25 as the currency conversion rate on 09 Feb 2023. The SAR to PKR rate also fluctuates many times. Here is given the latest rate of Saudi Riyal rate into Pak Rupees in the open market. Open Market Rate of 1 Saudi Riyal into Pak Rupees Here is given the Open Market Rate of 1 Saudi Riyal into Pak Rupees and a lot of other foreign currencies: Currencies Buying Selling Australian [&hellip;]
- [Supreme Court Directs FBR to Recover Super Tax from Big Companies](https://tax.net.pk/2023/02/08/supreme-court-directs-fbr-to-recover-super-tax-from-big-companies/): Supreme Court Directs FBR to Recover Super Tax from Big Companies Supreme Court Directs FBR to Recover Super Tax from Big Companies. The Supreme Court has issued orders to recover Super Tax from wealthy organizations whose income is over Rs150 million. Supreme court directed to deposit 50% of the super tax imposed by FBR within seven (7) days. Supreme Court of Pakistan (SCP) on Monday ordered the taxpayers to pay half of the super tax within seven days, Federal Board of Revenue (FBR) communicated this through a tweet. According to FBR, the parliament imposed a super tax on the profits of wealthy corporations [&hellip;]
- [History of 1 USD to PKR in 1947 to 2023](https://tax.net.pk/2023/02/08/history-of-1-usd-to-pkr-in-1947-to-2023/): History of 1 USD to PKR in 1947 to 2023 History of 1 USD to PKR in 1947 to 2023. Here you can read the history of US Dollar to the Pakistani Rupee. This is the USD to PKR History&nbsp;from 1947 to 2023. 1 USD to PKR from 1947 to 2023 History of USD to PKR from 1961 to 1970 USD to PKR History from 1971 to 1980 History of USD to PKR from 1981 to 1990 USD to PKR History from 1991 to 2000 History of USD to PKR from 2001 to 2010 USD to PKR History from 2011 to [&hellip;]
- [What is the Interbank Dollar Rate Today Pakistan 2023](https://tax.net.pk/2023/02/08/what-is-the-interbank-dollar-rate-today-pakistan-2023/): What is the Interbank Dollar Rate Today Pakistan 2023 What is the Interbank Dollar Rate Today Pakistan 2023. Both the open market and interbank forex rates have been given here for all the major currencies in Pakistan. Like the US dollar, British Pound, Euro, Saudi Riyal, UAE Dirham, Australian Dollar, and many more currencies. Following is the list of interbank and&nbsp;open market foreign currency rates&nbsp;in Pakistan: Inter-Bank Foreign Currency Rates Let us see the inter-bank foreign currency rates in Pakistan. Currencies Buying Selling Australian Dollar 190.79 191 &nbsp;Canadian Dollar 204.45 204.68 &nbsp;China Yuan 40.18 40.63 &nbsp;Danish Krone 39.49 39.53 &nbsp;Euro 293.92 [&hellip;]
- [What is the Open Market Dollar Rate Lahore 2023](https://tax.net.pk/2023/02/07/what-is-the-open-market-dollar-rate-lahore-2023/): What is the Open Market Dollar Rate Lahore 2023 What is the Open Market Dollar Rate Lahore 2023. Here both the open market and interbank forex rates have been given for all the major currencies in Pakistan. Like the US dollar, British Pound, Euro, Saudi Riyal, UAE Dirham, Australian Dollar, and many more currencies. Following is the list of interbank and&nbsp;open market foreign currency rates&nbsp;in Pakistan: Inter-Bank Foreign Currency Rates Let us see the inter-bank foreign currency rates in Pakistan. Currencies Buying Selling Australian Dollar 190.52 190.73 &nbsp;Canadian Dollar 204.68 204.90 &nbsp;China Yuan 40.30 40.74 &nbsp;Danish Krone 40.09 40.16 &nbsp;Euro 295.02 [&hellip;]
- [What is the USA Dollar Rate in Pakistan Today 2023](https://tax.net.pk/2023/02/06/what-is-the-usa-dollar-rate-in-pakistan-today-2023/): What is the USA Dollar Rate in Pakistan Today 2023 What is the USA Dollar Rate in Pakistan Today 2023. Here both the open market and interbank forex rates have been given for all the major currencies in Pakistan. Like the US dollar, British Pound, Euro, Saudi Riyal, UAE Dirham, Australian Dollar, and many more currencies. Following is the list of interbank and&nbsp;open market foreign currency rates&nbsp;in Pakistan: Inter-Bank Foreign Currency Rates Let us see the inter-bank foreign currency rates in Pakistan. Currencies Buying Selling Australian Dollar 191.61 191.95 &nbsp;Canadian Dollar 206.3 206.68 &nbsp;China Yuan 40.94 41.01 &nbsp;Danish Krone 39.94 39.99 [&hellip;]
- [100 Prize Bond Schedule 2023 Download Online](https://tax.net.pk/2023/02/05/100-prize-bond-schedule-2023-download-online/): 100 Prize Bond Schedule 2023 Download Online 100 Prize Bond Schedule 2023 Download Online. Rupees 100 Prize bond is drawn 4 times a year. After every three months draw is held in different cities of Pakistan at their scheduled time. Every year Prize bond schedule is issued by the Directorate of National savings. A Prize bond draw of Rupees 100 is scheduled on the following dates in the year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.100/- February 15, 2023 Wednesday Rawalpindi Rs.100/- May 15, 2023 Monday Multan Rs.100/- August 15, 2023 Tuesday Karachi Rs.100/- November 15, 2023 Wednesday Lahore Upcoming [&hellip;]
- [1500 Prize Bond Schedule 2023 Download Online](https://tax.net.pk/2023/02/05/1500-prize-bond-schedule-2023-download-online/): 1500 Prize Bond Schedule 2023 Download Online 1500 Prize Bond Schedule 2023 Download Online. Rupees 1500 Prize bond is drawn 4 times a year. After every three months draw is held in different cities of Pakistan at their scheduled time. Every year Prize bond schedule is issued by the Directorate of National savings. A Prize bond draw of Rupees 1500 is scheduled on the following dates in the year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.1500/- February 15, 2023 Wednesday Quetta Rs.1500/- May 15, 2023 Monday Lahore Rs.1500/- August 15, 2023 Tuesday Peshawar Rs.1500/- November 15, 2023 Wednesday Faisalabad Upcoming [&hellip;]
- [What is 1 dollar price in Pakistan Today 5th February 2023](https://tax.net.pk/2023/02/05/what-is-1-dollar-price-in-pakistan-today-5th-february-2023/): What is 1 dollar price in Pakistan Today 5th February 2023 What is 1 dollar price in Pakistan Today 5th February 2023. Here you can fined open market and inter bank rates of different foreign currencies on 5th February 2023. Following is the list of interbank and open market foreign currency rates in Pakistan: Inter-Bank Foreign Currency Rates Let us see the inter-bank foreign currency rates in Pakistan. Currencies Buying Selling Australian Dollar 192.74 192.95 &nbsp;Canadian Dollar 204.71 204.94 &nbsp;China Yuan 40.23 40.68 &nbsp;Danish Krone 39.94 39.99 &nbsp;Euro 297.32 297.65 &nbsp;Hong Kong Dollar 34.77 34.81 &nbsp;Japanese Yen 2.1003 2.1026 &nbsp;Saudi Riyal [&hellip;]
- [What is New Price of Dollar In Pakistan 2023](https://tax.net.pk/2023/02/04/what-is-new-price-of-dollar-in-pakistan-2023/): What is New Price of Dollar In Pakistan 2023 What is New Price of Dollar In Pakistan 2023. Here you can find an open market and interbank rates of different foreign currencies on 4th February 2023. Following is the list of interbank and open market&nbsp;foreign currency rates&nbsp;in Pakistan: Inter-Bank Foreign Currency Rates Let us see the inter-bank foreign currency rates in Pakistan. Currencies Buying Selling Australian Dollar 192.74 192.95 &nbsp;Canadian Dollar 204.71 204.94 &nbsp;China Yuan 40.23 40.68 &nbsp;Danish Krone 39.94 39.99 &nbsp;Euro 297.32 297.65 &nbsp;Hong Kong Dollar 34.77 34.81 &nbsp;Japanese Yen 2.1003 2.1026 &nbsp;Saudi Riyal 72.70 72.78 &nbsp;Singapore Dollar 207.9808 208.20 [&hellip;]
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- [What is the US Dollar Rate in Pakistan Today 2nd February 2023](https://tax.net.pk/2023/02/02/what-is-the-us-dollar-rate-in-pakistan-today-2nd-february-2023/): What is the US Dollar Rate in Pakistan Today 2nd February 2023 What is the US Dollar Rate in Pakistan Today 2nd February 2023. Following is the list of interbank and open market foreign currency rates in Pakistan: Inter-Bank Foreign Currency Rates Let us see the inter-bank foreign currency rates in Pakistan. Currencies Buying Selling Australian Dollar 192.99 193.21 &nbsp;Canadian Dollar 203.23 203.45 &nbsp;China Yuan 40 40.44 &nbsp;Danish Krone 39.97 40.01 &nbsp;Euro 297.4 297.73 &nbsp;Hong Kong Dollar 34.41 34.45 &nbsp;Japanese Yen 2.1003 2.1026 &nbsp;Saudi Riyal 71.9 71.98 &nbsp;Singapore Dollar 206.84 207.07 &nbsp;Swedish Korona 26.18 26.21 &nbsp;Swiss Franc 297.42 297.75 &nbsp;Thai Bhat 8.24 8.25 [&hellip;]
- [What is the 1 Dollar Price in Pakistan Today 2023 | 1 February](https://tax.net.pk/2023/02/01/what-is-the-1-dollar-price-in-pakistan-today-2023-1-february/): What is the 1 Dollar Price in Pakistan Today 2023 | 1 February What is the 1 Dollar Price in Pakistan Today 2023 | 1 February. Following is the list of interbank and open market foreign currency rates in Pakistan: Inter-Bank Foreign Currency Rates Let us see the inter-bank foreign currency rates in Pakistan. Currencies Buying Selling Australian Dollar 188.98 189.33 &nbsp;Canadian Dollar 201.26 201.64 &nbsp;China Yuan 39.87 39.95 &nbsp;Danish Krone 39.12 39.19 &nbsp;Euro 291.57 292.12 &nbsp;Hong Kong Dollar 34.29 34.35 &nbsp;Japanese Yen 2.0598 2.0636 &nbsp;Saudi Riyal 71.45 71.58 &nbsp;Singapore Dollar 203.85 204.23 &nbsp;Swedish Korona 25.77 25.82 &nbsp;Swiss Franc 292.41 292.96 [&hellip;]
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- [10 Types of Insurance Policies and Coverage You Need](https://tax.net.pk/2023/06/17/10-types-of-insurance-policies-and-coverage-you-need/): 10 Types of Insurance Policies and Coverage You Need 10 Types of Insurance Policies and Coverage You Need. Following are some types of insurance policies that provide coverage for different areas of life and property. These policies are available for all individuals and also for businesses. Here is a list of some common types of insurance policies: 1. Health Insurance: Health Insurance provides coverage for medical expenses, including hospitalization, doctor visits, medications, and surgeries. 2. Auto Insurance: Auto Insurance protects against financial loss due to an accident or theft involving a vehicle. It may cover damages to your insured vehicle and [&hellip;]
- [Full List of Prize Bond 200 Check Online 15 June 2023](https://tax.net.pk/2023/06/16/full-list-of-prize-bond-200-check-online-15-june-2023/): Full List of Prize Bond 200 Check Online 15 June 2023 Full List of Prize Bond 200 Check Online 15 June 2023. Investments in Prize bonds have different characteristics due to which it is considered preferred by investors in Pakistan. These are as follows: 200 Prize Bond Winning Amount NO OF PRIZES WINNING AMOUNT (RS) Prize 01 750,000 1st Prize 05 250,000 2nd Prize 1696 1,250 3rd Prize 200 Prize Bond Draw Result 15 June 2023 Value of Prize Bond Rs200 Draw City Quetta Draw Date 15-06-2023 First Prize 750,000 PKR (1 Prize) Second Prize 250,000 PKR (5 Prizes) Third Prize [&hellip;]
- [Salary Tax Slab 2023-24 Pakistan](https://tax.net.pk/2023/06/15/salary-tax-slab-2023-24-pakistan/): Salary Tax Slab 2023-24 Pakistan Salary Tax Slab 2023-24 Pakistan. The recent annual budget announced by the Government of Pakistan for the financial year 2023-2024. The budget was announced on 9th June 2023 by Finance Minister Ishaq Dar in the National Assembly. Revised Tax Rates on Salary Income for the tax year 2024 In the budget changes in tax on salary were not proposed but as per the Finance Act 2023 passed and issued vide office memorandum dated: 26th June 2023 the tax slabs of salary for the tax year 2024 have been revised. You can check the revised salary tax [&hellip;]
- [10 Must-Have Financial Instruments for Smart Investors](https://tax.net.pk/2023/06/15/list-of-top-financial-instruments-which-are-globally-accepted/): 10 Must-Have Financial Instruments for Smart Investors 10 Must-Have Financial Instruments for Smart Investors. Here we will discuss the top financial instrument in the world. Moreover, we will also explain to you the definition of financial instruments, their features, and their advantages. Definition of Financial Instruments What are Financial Instruments: Financial instruments describe tradable assets that have fiscal value and constitute a legally binding and enforceable contract between two parties. These Financial instruments can be used to trigger capital, manage risks, or provide investment opportunities. Examples of financial instruments include: They work as vehicles for investors, companies, and governments to increase [&hellip;]
- [200 Prize Bond Draw Result Today Online Check 15 June 2023](https://tax.net.pk/2023/06/15/200-prize-bond-draw-result-today-online-check-15-june-2023/): 200 Prize Bond Draw Result Today Online Check 15 June 2023 200 Prize Bond Draw Result Today Online Check 15 June 2023. The Prize bond draw of Rs200 was held at the Quetta office and its draw No. 94 was held today June 15, 2023 (Thursday). Draw conducted according to the schedule already issued by the Directorate of National Savings. The Rs200 Prize Bond Winners 15 June 2023 First Prize – 474587 2nd Prize Winners – 103144, 520392, 604579, 643157, 709747 3rd Prize Bond Numbers, Prize Amount 1250 PKR 000089 000425 001829 002725 003327 003461 003513 003672 004738 005047 005319 005888 006087 006123 [&hellip;]
- [200 Prize Bond List 15 June 2023](https://tax.net.pk/2023/06/14/200-wale-prize-bond-ki-list/): 200 Prize Bond List 15 June 2023 200 Prize Bond List 15 June 2023. The next draw of the Rs200 prize bond is going to be held on 15 June 2023 (Thursday) at Quetta. Its No 94th Prize bond draw of Rs200 on 15 June 2023. The draw is scheduled as issued by the Directorate of National Savings. The prize-winning amount of the Rs200 prize bond&nbsp;1st prize is Rs.750,000. It will be awarded to the single winner. While a second prize worth Rs.250,000 will be awarded to 5 lucky winners and the third prize of the prize bond 200 will be [&hellip;]
- [40000 Prize Bond List 12 June 2023](https://tax.net.pk/2023/06/14/40000-prize-bond-list-12-june-2023/): 40000 Prize Bond List 12 June 2023 40000 Prize Bond List 12 June 2023. Here draw result for the Rs40,000 prize bond is provided which was held on 12 June 2023 (Monday) at Muzaffarabad. It was the 25th draw and second for the year 2023. It is a premium prize bond and has some differences from the regular prize bonds. The draw of each prize bond is held as per the schedule issued by the Directorate of National Savings. Rs40000 PB Draw Result 12 June 2023 On 12 June 2023 prize bond draw of Rs40000, No 25th held (Monday) at Muzzafarbad [&hellip;]
- [25000 Prize Bond List 12 June 2023](https://tax.net.pk/2023/06/14/25000-prize-bond-list-12-june-2023/): 25000 Prize Bond List 12 June 2023 25000 Prize Bond List 12 June 2023. Here complete draw result for the Rs25000 prize bond is provided which was held on 12 June 2023 at Faisalabad. How much withholding tax is deducted from the prize bond? Withholding tax on prize bonds refers to the tax that is deducted at the source by the government or relevant authority when prize winnings are distributed to the bondholders. In Pakistan, for example, there are specific withholding tax rates applicable to prize bond winnings. These rates determine the percentage of the prize amount that is withheld as [&hellip;]
- [How to Check the Number of Mobile SIM on CNIC 2024](https://tax.net.pk/2023/06/14/how-to-check-the-number-of-mobile-sim-on-cnic-2024/): How to Check the Number of Mobile SIM on CNIC 2024 How to Check the Number of Mobile SIM on CNIC 2024. In Pakistan, you can check the number of mobile SIMs registered against a CNIC number by using the Pakistan Telecommunication Authority (PTA) online system called &#8220;SIM Information System.&#8221; Here&#8217;s how you can proceed: 1. Visit the PTA&#8217;s official website at&nbsp;https://cnic.sims.pk/. 2. On the website, you will find a search bar where you can enter the CNIC number for which you want to check the registered SIMs. 3. Enter the CNIC number without dashes or spaces and fill in the [&hellip;]
- [25000 Prize Bond List Online Check | 12 June 2023](https://tax.net.pk/2023/06/12/25000-prize-bond-list-online-check-12-june-2023/): 25000 Prize Bond List Online Check | 12 June 2023 25000 Prize Bond List Online Check | 12 June 2023. Investment in prize bonds is made due to many factors. These may be due to higher returns or its liquidity nature which is not found in other types of investments. Difference Between Investment in Prize Bonds and Saving Certificates Investment in prize bonds and saving certificates differs in the following ways: 1. Returns: Prize bonds offer the chance to win cash prizes through periodic draws while saving certificates provide a fixed rate of return. Prize bonds offer the possibility of larger [&hellip;]
- [Premium Prize Bond Draw Schedule 2023 State Bank of Pakistan](https://tax.net.pk/2023/06/12/premium-prize-bond-draw-schedule-2023-state-bank-of-pakistan/): Premium Prize Bond Draw Schedule 2023 State Bank of Pakistan Premium Prize Bond Draw Schedule 2023 State Bank of Pakistan. The Premium prize bond schedules in Pakistan referred to the schedule of a specific type of bond issued by the government. Premium prize bonds were introduced to encourage savings and provide an investment opportunity with the chance to win prizes through lucky draws. These bonds had a higher face value compared to regular prize bonds. 40000 and 25000 Premium Prize Bond Draw Schedule 2023 Following is the table of prize bond schedule 2023 of&nbsp;premium prize bonds&nbsp;of Rs25000 and Rs40000: DATE &amp;DAY [&hellip;]
- [40000 Premium Prize Bond Draw List Online Check | 12 June 2023](https://tax.net.pk/2023/06/12/40000-premium-prize-bond-draw-list-online-check-12-june-2023/): 40000 Premium Prize Bond Draw List Online Check | 12 June 2023 40000 Premium Prize Bond Draw List Online Check | 12 June 2023. It&#8217;s important to note that while prize bonds offer potential benefits, they may not be suitable for everyone. It&#8217;s advisable to carefully evaluate your investment goals and risk tolerance and compare them with different investment opportunities. Consulting with a financial advisor can also provide personalized guidance based on your specific financial situation. Why is Investment in Prize Bonds Preferred in Pakistan? Investment in prize bonds highly preferred in Pakistan for several reasons: 1. Government-backed: Government of Pakistan, [&hellip;]
- [40000 Prize Bond List 2023 Online Check | 12 June 2023](https://tax.net.pk/2023/06/11/40000-prize-bond-list-2023-online-check-12-june-2023/): 40000 Prize Bond List 2023 Online Check | 12 June 2023 40000 Prize Bond List 2023 Online Check | 12 June 2023. Premium Prize Bonds are a financial instrument introduced by the Government of Pakistan through the State Bank of Pakistan. They are designed to offer higher denominations and potentially higher returns compared to regular prize bonds. Premium Prize Bonds are available in denominations of PKR 40,000 and PKR 25,000. Main Features of Premium Prize Bonds The main features of Premium Prize Bonds include: 1. Eligibility: Premium Prize Bonds can be purchased by individuals, corporate entities, and public sector organizations. 2. [&hellip;]
- [How Do I Get the Best Startup Ideas in 2023](https://tax.net.pk/2023/06/11/how-do-i-get-the-best-startup-ideas-in-2023/): How Do I Get the Best Startup Ideas in 2023 How Do I Get the Best Startup Ideas in 2023? Generating startup ideas can be an exciting and creative process. Here are a few approaches to help you get started: 1. Identify a Problem: Look for common challenges or pain points in various aspects of people&#8217;s lives or industries. Brainstorm solutions that could address these problems effectively. 2. Follow Your Passions and Skills: Consider areas where you have expertise, knowledge, or genuine interest. Combining your passions and skills with market demands can lead to innovative startup ideas. READ ALSO: Top 50 [&hellip;]
- [Top 50 Profitable Business Ideas Without Investment in 2023](https://tax.net.pk/2023/06/10/top-50-profitable-business-ideas-without-investment-in-2023/): Top 50 Profitable Business Ideas Without Investment in 2023 Top 50 Profitable Business Ideas Without Investment in 2023. Here are 50 business ideas that require little to no initial investment. Remember, while these ideas require little to no initial investment, they will require your time, effort, and marketing skills to be successful. Why Prefer Business over Job? There are several reasons why some people may prefer starting a business over having a traditional job: 1. Independence and control: Starting a business allows you to be your own boss, make your own decisions, and have more control over your work and lifestyle. [&hellip;]
- [30pc Increase in Salaries of Govt Employees Expected](https://tax.net.pk/2023/06/09/30pc-increase-in-salaries-of-govt-employees-expected/): 30pc Increase in Salaries of Govt Employees Expected 30pc Increase in Salaries of Govt Employees Expected. Today budget 2023-2024 for the next financial year is expected to be announced by Finance Minister Ishaq Dar. It is likely that the Federal Government will increase the employees&#8217; salaries and pensions. According to media reports, the finance bill has proposed 30 per cent increase in salaries of government employees from Grades 1 to 16 and 20pc for Grades 17 and above. READ ALSO: PM Calls on Cabinet Meeting Tomorrow on Upcoming Budget Moreover, a 15 to 20pc increase had been proposed in the pensions [&hellip;]
- [PM Calls on Cabinet Meeting Tomorrow on Upcoming Budget](https://tax.net.pk/2023/06/08/pm-calls-on-cabinet-meeting-tomorrow-on-upcoming-budget/): PM Calls on Cabinet Meeting Tomorrow on Upcoming Budget PM Calls on Cabinet Meeting Tomorrow on Upcoming Budget. Prime Minister of Pakistan Shehbaz Sharif has called upon a meeting of the federal cabinet tomorrow before the presentation of the upcoming budget. The budget is likely to approve for the next financial year by the cabinet. The cabinet is also likely to make the decision about an increase in salaries and pensions of government employees, as per media reports. READ ALSO: Government Employees Likely to Get Increase in Salary in Budget Approval for a development budget of Rs2,709 billion is likely to [&hellip;]
- [Government Employees Likely to Get Increase in Salary in Budget](https://tax.net.pk/2023/06/08/government-employees-likely-to-get-increase-in-salary-in-budget/): Government Employees Likely to Get Increase in Salary in Budget Government Employees Likely to Get Increase in Salary in Budget. Ashfaq Tola, Who is Chairman of the Reforms &amp; Resource Mobilization Commission, informed on Wednesday that government employees are likely to get a 20% increase in the upcoming budget. So, we expect that government employees would receive an approximate 20% increase. He was Speaking at the launch ceremony of the report named “Unveiling Tax Evasion: A Closer Look at Five Sectors in Pakistan,” Mr. Ashfaq Tola delivered the speech on the need to enhance the salaries of low salaries group of [&hellip;]
- [10 ways you can make money using ChatGPT](https://tax.net.pk/2023/06/07/10-ways-you-can-make-money-using-chatgpt/): 10 ways you can make money using ChatGPT 10 ways you can make money using ChatGPT. Say goodbye to 9 to 5 job routines. Here is the new way which is ChatGPT which unlocks secret opportunities to make money. Ways to Make Money Using ChatGPT Let us discuss ways of making money via ChatGPT. Here are 10 ways you can make money using ChatGPT: 1. Blog writing: You can use ChatGPT to write blogs and articles. For example: If I need to write an article on how to start freelancing, then I will use this prompt command: Write a blog on [&hellip;]
- [When will be Eid Ul Adha 2023 in Pakistan](https://tax.net.pk/2023/06/07/when-will-be-eid-ul-adha-2023-in-pakistan/): When will be Eid Ul Adha 2023 in Pakistan When will be Eid Ul Adha 2023 in Pakistan. We all are waiting for the next Islamic event which is Eid Ul Adha. It is also called Qurbani Wali Eid. It comes after Eid ul Fitar. As per the notification issued by the Government of Pakistan Cabinet Division, the public holidays on Eid Ul Adha 2023 are from 29th June to 1st July 2023 (which are subject to the appearance of the moon). Bari Eid Date 2023 in Pakistan Bakra Eid in Pakistan date is expected to start on 28 June 2023 [&hellip;]
- [When Budget 2023-24 will be Announced](https://tax.net.pk/2023/06/06/when-budget-2023-24-will-be-announced/): When Budget 2023-24 will be Announced When Budget 2023-24 will be Announced. We all know that the new financial year starts in the month of July and ends in June. Tax year 2023 is near to end and tax year 2024 is starting from the start of the new financial year. It is also known as the fiscal year 2023-2024. Businesses and individual taxpayers follow this tax year / financial year period for their tax and corporate compliances. The government of Pakistan also follows this financial year period from July to June. This means in the current month of June budget [&hellip;]
- [Current Rate of Dollar in Pakistan 6 June 2023](https://tax.net.pk/2023/06/06/current-rate-of-dollar-in-pakistan-6-june-2023/): Current Rate of Dollar in Pakistan 6 June 2023 Current Rate of Dollar in Pakistan 6 June 2023. Open market and Inter-Bank currency rates are given here from different foreign currencies to Pak Rupees. You can check here online USD Dollar, pound GBP, Australian dollar, and many other currencies to Pak rupees in the open market and inter-bank. You can find here currency rates today in the open market and inter-bank of Pakistan. Normally currency exchange rates in Pakistan’s open market are not the same as interbank, especially the dollar rate. Here you can find USD to PKR, EURO to PKR, SAR [&hellip;]
- [1 Tola Gold Price in Pakistan Today 6 June 2023](https://tax.net.pk/2023/06/06/1-tola-gold-price-in-pakistan-today-6-june-2023/): 1 Tola Gold Price in Pakistan Today 6 June 2023 1 Tola Gold Price in Pakistan Today 6 June 2023. Today per tola 06 June 2023 is 228,900 for 24k gold, and the gold rate in Pakistan today for 10 grams is 196,250. Know more about Gold Rate in Pakistan updates here. Moreover, Per tola gold rate in Pakistan today 06 June 2023 is 228,900 for 24k gold, and the gold rate in Pakistan today for 10 grams is 196,250. The gold rate in Pakistan today is 22k per tola is 209,812 and 10 gram 22k today gold rate in Pakistan is 179,895. [&hellip;]
- [China Currency to PKR Today Rate in Pakistan 2023](https://tax.net.pk/2023/06/05/china-currency-to-pkr-today-rate-in-pakistan-2023/): China Currency to PKR Today Rate in Pakistan 2023 China Currency to PKR Today Rate in Pakistan 2023. Today Yuan Rate in Pakistan is Rs. 40.68, yesterday’s rate was Rs. 40.58 in the open market. The CNY rate in Pakistan PKR changes every hour. You can check the Yuan rates history of last month here also. These rates are open market currency rates, you can check the current Chinese Yuan buying currency rate and Chinese Yuan selling currency rates online. Today’s Chinese Yuan Rate in Pakistan 5 June 2023 Today 1 Chinese Yuan Rate in Pakistan is Rs: 40.68. Open Market Chinese Yuan Rate [&hellip;]
- [Japan Currency to PKR Today Rate in Pakistan 2023](https://tax.net.pk/2023/06/05/japan-currency-to-pkr-today-rate-in-pakistan-2023/): Japan Currency to PKR Today Rate in Pakistan 2023 Japan Currency to PKR Today Rate in Pakistan 2023. Today Yen Rate in Pakistan is Rs. 2.08, yesterday’s rate was Rs. 2.08 in the open market. The JPY rate in Pakistan PKR changes every hour. You can check the Yen currency rates history of last month here also. These rates are open market currency rates, you can check the current Japanese Yen buying currency rate and Japanese selling currency rates online. Today&#8217;s Japanese Yen Rate in Pakistan 5 June 2023 Today 1 Japanese Yen Rate in Pakistan is Rs: 2.08. Open Market Japanese [&hellip;]
- [Kuwaiti Dinar to PKR Today Rate in Pakistan 2023](https://tax.net.pk/2023/06/05/kuwaiti-dinar-to-pkr-today-rate-in-pakistan-2023/): Kuwaiti Dinar to PKR Today Rate in Pakistan 2023 Kuwaiti Dinar to PKR Today Rate in Pakistan 2023. Today Kuwaiti Dinar Rate in Pakistan is Rs. 936.05, yesterday&#8217;s rate was Rs. 936.05 in the open market. The KWD rate in Pakistan PKR changes every hour. You can check the Kuwaiti Dinar currency rates history of last month here also. These rates are open market currency rates, you can check the current Kuwaiti Dinar buying currency rate and Kuwaiti Dinar selling currency rates online. Today Kuwaiti Dinar Rate in Pakistan 5 June 2023 Today 1 Kuwaiti Dinar Rate in Pakistan is Rs: 936.05. [&hellip;]
- [Dollar Rate in Pakistan Today Open Market 2023](https://tax.net.pk/2023/06/05/dollar-rate-in-pakistan-today-open-market-2023/): Dollar Rate in Pakistan Today Open Market 2023 Dollar Rate in Pakistan Today Open Market 2023. Open market currency rates are given here from different foreign currencies to Pak Rupees. You can check here online USD Dollar, pound GBP, Australian dollar, and many other currencies to Pak rupees in the open market. You can find here currency rates today in the open market of Pakistan. Normally currency exchange rates in Pakistan’s open market are not the same as interbank, especially the dollar rate. Here you can find USD to PKR, EURO to PKR, SAR to PKR, and all other currency rates against [&hellip;]
- [250000 USD to PKR Today 3 June 2023](https://tax.net.pk/2023/06/03/250000-usd-to-pkr-today-3-june-2023/): 250000 USD to PKR Today 3 June 2023 250000 USD to PKR Today 3 June 2023. Here interbank and open market currency rates will be given from different foreign currencies to Pak Rupees. You can check here online USD Dollar, pound GBP, Australian dollar, and many other currencies to Pak rupees in the interbank and open market. You can find here currency rates today in the interbank as well as the open market of Pakistan. Normally currency exchange rates in Pakistan’s open market are not the same as interbank, especially the dollar rate. Here you can find USD to PKR, EURO to [&hellip;]
- [Gold Rate In Pakistan Today 3 June 2023 – Gold Price](https://tax.net.pk/2023/06/03/gold-rate-in-pakistan-today-3-june-2023-gold-price/): Gold Rate In Pakistan Today 3 June 2023 – Gold Price Gold Rate In Pakistan Today 3 June 2023 – Gold Price. Today per tola 03 June 2023 is 232,500 for 24k gold, and the gold rate in Pakistan today for 10 grams is 199,330. Know more about Gold Rate in Pakistan updates here. Moreover, Per tola gold rate in Pakistan today 03 June 2023 is 232,500 for 24k gold, and the gold rate in Pakistan today for 10 grams is 199,330. The gold rate in Pakistan today is 22k per tola is 213,104 and 10 gram 22k today gold rate in Pakistan [&hellip;]
- [How to Check SIM Owner Name &amp; CNIC Number by Sending SMS to 667](https://tax.net.pk/2023/06/02/how-to-check-sim-owner-name-cnic-number-by-sending-sms-to-667/): How to Check SIM Owner Name &amp; CNIC Number by Sending SMS to 667 How to Check SIM Owner Name &amp; CNIC Number by Sending SMS to 667. If you want to trace your SIM owner details then you have to follow the the given below steps:.
- [USD to PKR Inter Bank Dollar Rate Today 2 June 2023](https://tax.net.pk/2023/06/02/usd-to-pkr-inter-bank-dollar-rate-today-2-june-2023/): USD to PKR Inter Bank Dollar Rate Today 2 June 2023 USD to PKR Inter Bank Dollar Rate Today 2 June 2023. Here interbank currency rates will be given from different foreign currencies to Pak Rupees. You can check here online USD Dollar, pound GBP, Australian dollar, and many other currencies to Pak rupees in the interbank. You can find here currency rates today in the interbank of Pakistan. Normally currency exchange rates in Pakistan’s open market are not the same as interbank, especially the dollar rate. Here you can find USD to PKR, EURO to PKR, SAR to PKR, and all [&hellip;]
- [Today Gold Rate in Pakistan 2 June 2023 - Gold Price](https://tax.net.pk/2023/06/02/today-gold-rate-in-pakistan-2-june-2023-gold-price/): Today Gold Rate in Pakistan 2 June 2023 &#8211; Gold Price Today Gold Rate in Pakistan 2 June 2023 &#8211; Gold Price. The gold rate in Pakistan today per tola 02 June 2023 is 230,000 for 24k gold, and the gold rate in Pakistan today for 10 grams is 197,190. Know more about Gold Rate in Pakistan updates here. Moreover, Per tola gold rate in Pakistan today 02 June 2023 is 230,000 for 24k gold, and the gold rate in Pakistan today for 10 grams is 197,190. The gold rate in Pakistan today 22k per tola is 210,816 and the 10 gram 22k [&hellip;]
- [$ to PKR Open Market Dollar Rate 2 June 2023](https://tax.net.pk/2023/06/02/to-pkr-open-market-dollar-rate-2-june-2023/): $ to PKR Open Market Dollar Rate 2 June 2023 $ to PKR Open Market Dollar Rate 2 June 2023. Here open market currency rates will be given from different foreign currencies to Pak Rupees. You can check here online USD Dollar, pound GBP, Australian dollar, and many other currencies to Pak rupees in the open market. You can find here currency rates today in the open market of Pakistan. Normally currency exchange rates in Pakistan&#8217;s open market are not the same as interbank, especially the dollar rate. Here you can find USD to PKR, EURO to PKR, SAR to PKR, and [&hellip;]
- [Diesel Petrol Prices in Pakistan 1 June 2023](https://tax.net.pk/2023/06/01/diesel-petrol-prices-in-pakistan-1-june-2023/): Diesel Petrol Prices in Pakistan 1 June 2023 Diesel Petrol Prices in Pakistan 1 June 2023. Here we will give you the latest price of petroleum products on 1st June 2023. In Pakistan prices of petroleum products are fixed for 15 days. Prices of petrol and diesel have been revised and reduced for the first 15 days of June 2023. The new rates of petrol and diesel will be applicable from 1st June 2023 until 15th June 2023. Revised rates of Diesel and Petrol Prices June 2023 Here is the list of revised prices of petrol and diesel applicable from 1st June 2023. Petroleum Product [&hellip;]
- [Gold Rate In Pakistan Today 1 June 2023 - Gold Price](https://tax.net.pk/2023/06/01/gold-rate-in-pakistan-today-1-june-2023-gold-price/): Gold Rate In Pakistan Today 1 June 2023 &#8211; Gold Price Gold Rate In Pakistan Today 1 June 2023 &#8211; Gold Price. The gold rate in Pakistan today per tola 01 June 2023 is 230,500 for 24k gold, and the gold rate in Pakistan today for 10 grams is 197,620. Know more about Gold Rate in Pakistan updates here. Moreover, Per tola gold rate in Pakistan today 01 June 2023 is 230,500 for 24k gold, and the gold rate in Pakistan today for 10 grams is 197,620. Gold rate in Pakistan today 22k per tola is 211,275 and 10 gram 22k [&hellip;]
- [What is the Open Market Currency Rate 1 June 2023?](https://tax.net.pk/2023/06/01/what-is-the-open-market-currency-rate-1-june-2023/): What is the Open Market Currency Rate 1 June 2023? What is the Open Market Currency Rate 1 June 2023? Here open market currency rates will be given from different foreign currencies to Pak Rupees. You can check here online USD Dollar, pound GBP, Australian dollar, and many other currencies to Pak rupees in the open market. List of Forex Rates Today 1 June 2023 A list of currency rates is given here: CURRENCIES BUYING SELLING Australian Dollar 201 203 &nbsp;Bahrain Dinar 758.25 766.25 &nbsp;Canadian Dollar 227 229.2 &nbsp;China Yuan 40.26 40.66 &nbsp;Danish Krone 41.04 41.44 &nbsp;Euro 330 333.3 &nbsp;Hong Kong Dollar [&hellip;]
- [What is the Inter-Bank Currency Rate 1 June 2023?](https://tax.net.pk/2023/06/01/what-is-the-inter-bank-currency-rate-1-june-2023/): What is the Inter-Bank Currency Rate 1 June 2023? What is the Inter-Bank Currency Rate 1 June 2023? Here currency rates will be given from different foreign currencies to Pak Rupees. You can check here online USD Dollar, pound GBP, Australian dollar, and many other currencies to Pak rupees. READ MORE: List of Forex Rates Today 1 June 2023 A list of currency rates is given here: CURRENCIES BUYING SELLING &nbsp;Australian Dollar 184.43 184.93 &nbsp;Canadian Dollar 208.65 209.15 &nbsp;China Yuan 40.08 40.18 &nbsp;Danish Krone 40.78 40.88 &nbsp;Euro 303.88 304.48 &nbsp;Hong Kong Dollar 36.34 36.44 &nbsp;Japanese Yen 2.01 2.04 &nbsp;Saudi Riyal 75.96 [&hellip;]
- [What is the Dollar to PKR History 2023?](https://tax.net.pk/2023/05/29/what-is-the-dollar-to-pkr-history-2023/): What is the Dollar to PKR History 2023? What is the Dollar to PKR History 2023? Here is the history of the US Dollar to the Pakistani Rupee. It is a complete history of USD to PKR from 1947 to 2023. You must know that in 1947 the rate of 1 USD to PKR was at Rs3.31. Moreover, now in the year 2023, it has reached about Rs285. Check here year wise dollar rate to Pak rupees from 1947 to the year 2023. 1 Dollar to PKR in 1947 In 1947 1 US dollar was equal to Rupees 3.31. 1 USD to PKR [&hellip;]
- [USD to PKR Inter Bank Forex Rate Today Online 29 May 2023](https://tax.net.pk/2023/05/29/usd-to-pkr-inter-bank-forex-rate-today-online-29-may-2023/): USD to PKR Inter Bank Forex Rate Today Online 29 May 2023 USD to PKR Inter Bank Forex Rate Today Online 29 May 2023. You can check the latest Inter-Bank market rates of the US Dollar, Pound, and other currencies here. Inter Bank Currency Rates Following is the list of all important currencies rates into Pak Rupees in the Inter-Bank market: CURRENCIES BUYING SELLING Australian Dollar 186.19 186.52 &nbsp;Canadian Dollar 209.56 209.93 &nbsp;China Yuan 40.47 40.54 &nbsp;Danish Krone 41.08 41.15 &nbsp;Euro 306.56 307.09 &nbsp;Hong Kong Dollar 36.55 36.61 &nbsp;Japanese Yen 2.0284 2.0320 &nbsp;Saudi Riyal 76.05 76.19 &nbsp;Singapore Dollar 210.79 211.16 &nbsp;Swedish Korona 26.5 26.55 [&hellip;]
- [USD to PKR Open Market Forex Rate Today 29 May 2023](https://tax.net.pk/2023/05/29/usd-to-pkr-open-market-forex-rate-today-29-may-2023/): USD to PKR Open Market Forex Rate Today 29 May 2023 USD to PKR Open Market Forex Rate Today 29 May 2023. You can check the latest open market rates of the US Dollar, Pound, and other currencies here. Open Market Forex Rates Following is the list of all important currencies rates into Pak Rupees in the open market: CURRENCIES BUYING SELLING Australian Dollar 201 203 &nbsp;Bahrain Dinar 760.26 768.26 &nbsp;Canadian Dollar 225.5 227.5 &nbsp;China Yuan 40.47 40.87 &nbsp;Danish Krone 41.17 41.57 &nbsp;Euro 331 334.1 &nbsp;Hong Kong Dollar 36.49 36.84 &nbsp;Indian Rupee 3.46 3.57 &nbsp;Japanese Yen 2.25 2.3 &nbsp;Kuwaiti Dinar 929.34 938.34 &nbsp;Malaysian Ringgit [&hellip;]
- [USD to PKR Open Market Forex Rate Today 27 May 2023](https://tax.net.pk/2023/05/27/usd-to-pkr-open-market-forex-rate-today-27-may-2023/): USD to PKR Open Market Forex Rate Today 27 May 2023 USD to PKR Open Market Forex Rate Today 27 May 2023. You can check the latest open market rates of the US Dollar, Pound, and other currencies here. Open Market Forex Rates Following is the list of all important currencies rates into Pak Rupees in the open market: CURRENCIES BUYING SELLING Australian Dollar 201 203 &nbsp;Bahrain Dinar 762.21 770.21 &nbsp;Canadian Dollar 225.5 227.5 &nbsp;China Yuan 40.6 41 &nbsp;Danish Krone 41.39 41.79 &nbsp;Euro 330 333 &nbsp;Hong Kong Dollar 36.6 36.95 &nbsp;Indian Rupee 3.47 3.58 &nbsp;Japanese Yen 2.15 2.2 &nbsp;Kuwaiti Dinar 932.2 941.2 &nbsp;Malaysian [&hellip;]
- [Interbank Dollar Rate in Pakistan | 27 May 2023](https://tax.net.pk/2023/05/27/interbank-dollar-rate-in-pakistan-27-may-2023/): Interbank Dollar Rate in Pakistan | 27 May 2023 Interbank Dollar Rate in Pakistan | 27 May 2023. Here we will give you the USD dollar rate in rupees in Pakistan on 27th May 2023. The USD rate in Pak Rupees is given here in the interbank. USD Dollar in Pak Rupees in Interbank Following is the list of different foreign currency rates in Pak Rupees on 27th May 2023. CURRENCIES BUYING SELLING Australian Dollar 185.39 185.89 &nbsp;Canadian Dollar 208.73 209.23 &nbsp;China Yuan 40.35 40.45 &nbsp;Danish Krone 40.98 41.08 &nbsp;Euro 305.51 306.11 &nbsp;Hong Kong Dollar 36.39 36.49 &nbsp;Japanese Yen 2.01 2.04 &nbsp;Saudi Riyal [&hellip;]
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- [Interbank Dollar Rate in Pakistan | 23 May 2023](https://tax.net.pk/2023/05/23/interbank-dollar-rate-in-pakistan-23-may-2023/): Interbank Dollar Rate in Pakistan | 23 May 2023 Interbank Dollar Rate in Pakistan | 23 May 2023. Here we will give you the USD dollar rate in rupees in Pakistan on 23rd May 2023. The USD rate in Pak Rupees is given here in the interbank. USD Dollar in Pak Rupees in Interbank Following is the list of different foreign currency rates in Pak Rupees on 23rd May 2023. CURRENCY BUYING SELLING Australian Dollar 190.14 190.47 &nbsp;Canadian Dollar 211.78 212.15 &nbsp;China Yuan 40.84 40.92 &nbsp;Danish Krone 41.53 41.6 &nbsp;Euro 309.88 310.42 &nbsp;Hong Kong Dollar 36.69 36.75 &nbsp;Japanese Yen 2.0760 2.0796 [&hellip;]
- [100 Prize Bond List 15 May 2023 Multan](https://tax.net.pk/2023/05/23/100-prize-bond-list-15-may-2023-multan/): 100 Prize Bond List 15 May 2023 Multan 100 Prize Bond List 15 May 2023 Multan. The 100 Prize bond draw is held 4 times a year, whereby every three months draw is held in different cities of Pakistan at their scheduled time. 100 Prize Bond Schedule 2023 The Directorate of National Savings issues every year Prize bond schedule. A&nbsp;Prize bond draw of Rupees 100&nbsp;is scheduled on the following dates in the year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.100/- February 15, 2023 Wednesday Rawalpindi Rs.100/- May 15, 2023 Monday Multan Rs.100/- August 15, 2023 Tuesday Karachi Rs.100/- November 15, [&hellip;]
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- [How Many SIMs Are Registered on My CNIC?](https://tax.net.pk/2023/05/17/pta-sim-check-by-cnic-find-all-sims-registered-on-your-cnic/): How to Check Number of Sims on ID Card Online How to Check Number of Sims on ID Card Online. We will give here information about how you can know about the no of active SIM cards issued against your CNIC number. There are two easy&nbsp;methods to check the SIMs against CNIC number: Through Website&nbsp;– SIMs against CNIC number Following is the procedure to check the number of SIMs registered against a CNIC number online via the website: Through SMS&nbsp;– SIMs against CNIC number Following is the procedure to check the number of SIMs issued against your CNIC via SMS, Call [&hellip;]
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- [Govt decides to suspend cryptocurrency services in the country](https://tax.net.pk/2023/05/17/govt-decides-to-suspend-cryptocurrency-services-in-the-country/): Govt decides to suspend cryptocurrency services in the country Govt decides to suspend cryptocurrency services in the country. In following the guidelines of the global anti-terror financing watchdog, the Government of Pakistan has decided to suspend cryptocurrency online services in the country. The government decides to take this action to avoid illegal digital currency transactions in Pakistan. Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha told the Senate Standing Committee on Finance that the State Bank of Pakistan (SBP) and the Ministry of Information Technology, following the orders of the federal government, have started work on banning cryptocurrencies. She also told [&hellip;]
- [1 Tola Gold Price in Pakistan Today 2023 | 17 May 2023](https://tax.net.pk/2023/05/17/1-tola-gold-price-in-pakistan-today-2023-17-may-2023/): 1 Tola Gold Price in Pakistan Today 2023 | 17 May 2023 1 Tola Gold Price in Pakistan Today 2023 | 17 May 2023. The gold Rate in Pakistan today 17 May 2023 is Rs200017 per 10 grams, the price of Gold is Rs233300 per tola in Pakistan today, the gold rate per gram today is Rs20002, and the gold rate per ounce today is Rs567041 (of 24K Gold Rate). Gold Rate In Pakistan Today, 17 May 2023 Gold Rate 24K Gold Rate 22K Gold Rate 21K Gold Rate 18K Gold Rate Gold Rate per Tola Rs 233,300 Rs 213,857 Rs [&hellip;]
- [USD to PKR in Open Market and Interbank Rate Today | 17 May 2023](https://tax.net.pk/2023/05/17/usd-to-pkr-in-open-market-and-interbank-rate-today-17-may-2023/): USD to PKR in Open Market and Interbank Rate Today | 17 May 2023 USD to PKR in Open Market and Interbank Rate Today | 17 May 2023. You can check the latest interbank and open market rates of the US Dollar, Pound, and other currencies here. Interbank currency Rates Following is the list of all important currencies rates into Pak Rupees in the interbank market: Currency Buying Selling Australian Dollar 190.01 190.35 &nbsp;Canadian Dollar 210.45 210.82 &nbsp;China Yuan 40.77 41.22 &nbsp;Danish Krone 41.89 41.94 &nbsp;Euro 309.13 309.73 &nbsp;Hong Kong Dollar 36.25 36.35 &nbsp;Japanese Yen 2.06 2.09 &nbsp;Saudi Riyal 76.08 76.16 &nbsp;Singapore Dollar 213.01 [&hellip;]
- [1500 Prize Bond List 2023 pdf Lahore 94 Draw 15 May 2023](https://tax.net.pk/2023/05/17/1500-prize-bond-list-2023-pdf-lahore-94-draw-15-may-2023/): 1500 Prize Bond List 2023 pdf Lahore 94 Draw 15 May 2023 1500 Prize Bond List 2023 pdf Lahore 94 Draw 15 May 2023. You can search for the complete list of winners for the Rs1500 Prize Bond Draw&nbsp;held on Monday, May 15th, 2023, in Lahore here. Moreover, download the list here of winners for the Prize Bond 1500 held today in Lahore. However, you can find the draw results for the&nbsp;1500 Prize Bond 1500 List 2023 pdf&nbsp;for May 15th, 2023, and check your Prize Bond 1500 online. Moreover, the results for the Rs1500 prize bond held in Lahore on May [&hellip;]
- [Pakistan Petrol Price Today in Rupees 2023](https://tax.net.pk/2023/05/16/pakistan-petrol-price-today-in-rupees-2023/): Pakistan Petrol Price Today in Rupees 2023 Pakistan Petrol Price Today in Rupees 2023. The good news is here that the Pakistan government has reduced petrol prices for the next 15 days, taking it to Rs270 per litre. Revised prices of petroleum products will apply from 16th May to 31st May 2023. High-Speed diesel prices has been reduced by Rs30. However, prices of MS petrol, Kerosene oil, and light diesel oil and high speed diesel have been reduced as per the following: Reductions in prices of petroleum products per litre: Prices of petroleum products have been reduced by Rupees: Revised / New [&hellip;]
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- [USD to PKR Interbank and Open Market Rate Today | 16 May 2023?](https://tax.net.pk/2023/05/16/usd-to-pkr-interbank-and-open-market-rate-today-16-may-2023/): USD to PKR Interbank and Open Market Rate Today | 16 May 2023? USD to PKR Interbank and Open Market Rate Today | 16 May 2023? You can check the latest interbank and open market rates of the US Dollar, Pound, and other currencies here. Interbank currency Rates Following is the list of all important currencies rates into Pak Rupees in interbank: CURRENCY BUYING SELLING Australian Dollar 190.01 190.35 &nbsp;Canadian Dollar 210.45 210.82 &nbsp;China Yuan 41.1 41.17 &nbsp;Danish Krone 41.89 41.94 &nbsp;Euro 309.13 309.73 &nbsp;Hong Kong Dollar 36.25 36.35 &nbsp;Japanese Yen 2.06 2.09 &nbsp;Saudi Riyal 75.83 75.98 &nbsp;Singapore Dollar 212.57 213.07 [&hellip;]
- [Prize Bond Result 1500 All Draws 2023 | 15 May 2023](https://tax.net.pk/2023/05/16/prize-bond-result-1500-all-draws-2023-15-may-2023/): Prize Bond Result 1500 All Draws 2023 | 15 May 2023 Prize Bond Result 1500 All Draws 2023 | 15 May 2023. Directorate of National Savings announced the prize bond draw results for Rs1500 Prize Bond, Draw No 94 in Lahore on May 15th, 2023. This prize bond draw is the 94th in the series and you can check the results online and download here. PRIZE BOND RS 1500 RESULT # 94 ON 15-05-2023 AT LAHORE You can search for the full list of winners for the Rs1500 Prize Bond Draw held on Monday, May 15th, 2023, in Lahore here. Download [&hellip;]
- [National Savings Prize Bonds Draw Results 1500 Today](https://tax.net.pk/2023/05/15/national-savings-prize-bonds-draw-results-1500-today/): National Savings Prize Bonds Draw Results 1500 Today National Savings Prize Bonds Draw Results 1500 Today. Every Prize bond draw is held after every 3 months in different cities of Pakistan according to the prize bond schedule issued by&nbsp;Directorate of National savings. 1500 Prize Bond Draw Schedule 2023 1500 Prize bond draw schedule for year 2023 is shared here: PRIZE BOND DRAW DATE DAY CITY Rs.1500/- February 15, 2023 Wednesday Quetta Rs.1500/- May 15, 2023 Monday Lahore Rs.1500/- August 15, 2023 Tuesday Peshawar Rs.1500/- November 15, 2023 Wednesday Faisalabad Current 1500 Prize Bond Draw The next&nbsp;Prize bond draw of Rs1500&nbsp;is scheduled [&hellip;]
- [1500 Prize Bond List | 15 May 2023](https://tax.net.pk/2023/05/13/1500-prize-bond-list-15-may-2023/): 1500 Prize Bond List | 15 May 2023 1500 Prize Bond List | 15 May 2023. Rupees&nbsp;1500 Prize bond&nbsp;is drawn in Pakistan 4 times in a year. After every three months draw is held in different cities of Pakistan according to the schedule issued by&nbsp;Directorate of National savings. Prize Bond 1500 Draw Schedule 2023 1500 Prize bond draw is scheduled at the following dates in year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.1500/- February 15, 2023 Wednesday Quetta Rs.1500/- May 15, 2023 Monday Lahore Rs.1500/- August 15, 2023 Tuesday Peshawar Rs.1500/- November 15, 2023 Wednesday Faisalabad Upcoming 1500 Prize Bond [&hellip;]
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- [How to check Diversity Visa DV Lottery 2023 Results](https://tax.net.pk/2023/05/07/how-to-check-diversity-visa-dv-lottery-2023-results/): How to check Diversity Visa DV Lottery 2023 Results How to check Diversity Visa DV Lottery 2023 Results. Here we will explain you about this Program, way to apply for this and how applicants can get the status of Diversity Visa (DV) Lottery 2023 Results. What is Diversity Visa (DV Lottery Visa)? According to The Immigration Act of 1990, USA established the Diversity Visa lottery (DV) program, where immigrant visas would be announced in an annual lottery. This DV lottery program authorizes to citizens of countries with low immigration rates to the United States; to get chance to apply for a [&hellip;]
- [1500 Prize Bond Full List 2023](https://tax.net.pk/2023/05/06/1500-prize-bond-full-list-2023/): 1500 Prize Bond Full List 2023 1500 Prize Bond Full List 2023. Rupees&nbsp;1500 Prize bond&nbsp;is drawn in Pakistan 4 times in a year. After every three months draw is held in different cities of Pakistan according to the schedule issued by&nbsp;Directorate of National savings. Prize Bond 1500 Draw Schedule 2023 1500 Prize bond draw is scheduled at the following dates in year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.1500/- February 15, 2023 Wednesday Quetta Rs.1500/- May 15, 2023 Monday Lahore Rs.1500/- August 15, 2023 Tuesday Peshawar Rs.1500/- November 15, 2023 Wednesday Faisalabad Upcoming 1500 Prize Bond Draw The next&nbsp;Prize bond [&hellip;]
- [Tax Exemption of Foreign Source Income of Returning Expatriates](https://tax.net.pk/2023/05/04/tax-exemption-of-foreign-source-income-of-returning-expatriates/): Tax Exemption of Foreign Source Income of Returning Expatriates Tax Exemption of Foreign Source Income of Returning Expatriates. According to Section 51 of Income Tax Ordinance, 2001 foreign source income of returning expatriates is exempt from tax. Following is the text of Section 51 of the Income Tax Ordinance, 2001: (1) Any foreign source income derived by a citizen of Pakistan in a tax year who was not a resident individual in any of the four tax years preceding the tax year in which the individual became a resident shall be exempt from tax under this Ordinance in the tax year [&hellip;]
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- [New Zealand Dollar to PKR](https://tax.net.pk/2023/04/18/new-zealand-dollar-to-pkr/): New Zealand Dollar to PKR New Zealand Dollar to PKR. The latest NZD to PKR exchange rate is 178.41 as per Pakistan Open Market and NZD/PKR selling exchange rate for 1 New Zealand $ is PKR 178.41. Convert New Zealand Dollar to PKR 1 NZD is equal to NZD Rate is Rs178.41 Note: as on Tuesday 18th of April 2023 05:09:47 PM Euro, USD Dollar, Dirham, Yuan Currency Rates to Pak Rupees Following are latest Euro, USD Dollar, Dirham, Yuan and other Currency Rates to Pak Rupees. Currency Buying Selling Australian Dollar 189 191 &nbsp;Bahrain Dinar 755.96 763.96 &nbsp;Canadian Dollar 210.5 212.5 [&hellip;]
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- [750 Prize Bond Draw List 17 April 2023](https://tax.net.pk/2023/04/18/750-prize-bond-draw-list-17-april-2023/): 750 Prize Bond Draw List 17 April 2023 750 Prize Bond Draw List 17 April 2023. Prize bond draw of Rs750 is scheduled on 17 April 2023. No 94 Prize bond draw of Rs750 is scheduled at Peshawar on 17 April 2023 (Monday). Furthermore, the worth of the Rs&nbsp;750 prize bond&nbsp;is: Value of Prize Bond Rs 750 Draw City Peshawar Draw Date 17-04-2023 First Prize 1,500,000 PKR (1 Prize) Second Prize 500,000 PKR (3 Prizes) Third Prize 9,300 PKR (1,696 Prizes) You can download and check Rs750 prize bond draw result announced on 17 April 2023 from the below link: Download 750 [&hellip;]
- [If you cannot meet April 18 tax deadline, then file an extension now](https://tax.net.pk/2023/04/17/if-you-cannot-meet-april-18-tax-deadline-then-file-an-extension-now/): If you cannot meet April 18 tax deadline, then file an extension now If you cannot meet April 18 tax deadline, then file an extension now. There is only one day left before the April 18 tax deadline, and if you haven&#8217;t submitted your tax returns yet, then you need to file an extension in filing ta returns to avoid penalties and interest. Stats about tax return filing Up to the 24 March 2023, following figures were noted about number of tax returns filed up to that date: From the above facts it is clear that there are lot of taxpayers [&hellip;]
- [Prize Bond List 750 Issued Today 17 April 2023](https://tax.net.pk/2023/04/17/prize-bond-list-750-issued-today-17-april-2023/): Prize Bond List 750 Issued Today 17 April 2023 Prize Bond List 750 Issued Today 17 April 2023. Prize bond draw of Rs750 is scheduled on 17 April 2023. No 94 Prize bond draw of Rs750 is scheduled at Peshawar on 17 April 2023 (Monday). Furthermore, the worth of the Rs&nbsp;750 prize bond&nbsp;is: Value of Prize Bond Rs 750 Draw City Peshawar Draw Date 17-04-2023 First Prize 1,500,000 PKR (1 Prize) Second Prize 500,000 PKR (3 Prizes) Third Prize 9,300 PKR (1,696 Prizes) You can download and check Rs750 prize bond draw result here: DRAW OF Rs.750/- PRIZE BOND Held At Peshawar [&hellip;]
- [Prize Bond List 750 Online Check 17 April 2023 Peshawar](https://tax.net.pk/2023/04/17/prize-bond-list-750-online-check-17-april-2023-peshawar/): Prize Bond List 750 Online Check 17 April 2023 Peshawar Prize Bond List 750 Online Check 17 April 2023 Peshawar. As you know that&nbsp;750 Prize bond&nbsp;is drawn in Pakistan 4 times in a year. Moreover, after every three months draw is held in different cities of Pakistan according to the schedule issued by&nbsp;Directorate of National savings. 750 Prize Bond Draw List Schedule 2023 750 Prize bond draw list is scheduled at the following dates in year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.750/- January 16, 2023 Monday Karachi Rs.750/- April 17, 2023 Monday Peshawar Rs.750/- July 17, 2023 Monday Rawalpindi [&hellip;]
- [Prize Bond Result 750 All Draws 2023](https://tax.net.pk/2023/04/16/prize-bond-result-750-all-draws-2023/): Prize Bond Result 750 All Draws 2023 Prize Bond Result 750 All Draws 2023. 750 Prize bond&nbsp;draw is held in Pakistan 4 times in a year. It is drawn in different cities of Pakistan according to the annual schedule issued by&nbsp;Directorate of National savings. Prize Bond 750 Draw Schedule for year 2023 This year 750 Prize bond draw is scheduled at the following dates in year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.750/- January 16, 2023 Monday Karachi Rs.750/- April 17, 2023 Monday Peshawar Rs.750/- July 17, 2023 Monday Rawalpindi Rs.750/- October 16, 2023 Monday Muzaffarabad Current 750 Prize Bond [&hellip;]
- [Prize Bond List 750 Online Check | 17 April 2023](https://tax.net.pk/2023/04/15/prize-bond-list-750-online-check-17-april-2023/): Prize Bond List 750 Online Check | 17 April 2023 Prize Bond List 750 Online Check | 17 April 2023. Rupees&nbsp;750 Prize bond&nbsp;is drawn in Pakistan 4 times in a year. After every three months draw is held in different cities of Pakistan according to the schedule issued by&nbsp;Directorate of National savings. 750 Prize Bond Draw Schedule 2023 750 Prize bond draw is scheduled at the following dates in year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.750/- January 16, 2023 Monday Karachi Rs.750/- April 17, 2023 Monday Peshawar Rs.750/- July 17, 2023 Monday Rawalpindi Rs.750/- October 16, 2023 Monday Muzaffarabad [&hellip;]
- [750 Prize Bond Draw Schedule 2023](https://tax.net.pk/2023/04/14/750-prize-bond-draw-schedule-2023/): 750 Prize Bond Draw Schedule 2023 750 Prize Bond Draw Schedule 2023. Rupees&nbsp;750 Prize bond&nbsp;is drawn in Pakistan 4 times in a year. After every three months draw is held in different cities of Pakistan according to the schedule issued by Directorate of National savings. Prize Bond 750 Draw Schedule 2023 750 Prize bond draw is scheduled at the following dates in year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.750/- January 16, 2023 Monday Karachi Rs.750/- April 17, 2023 Monday Peshawar Rs.750/- July 17, 2023 Monday Rawalpindi Rs.750/- October 16, 2023 Monday Muzaffarabad Coming 750 Prize Bond Draw The next&nbsp;Prize [&hellip;]
- [Interior Ministry Notification for Eid Holidays 2023](https://tax.net.pk/2023/04/14/interior-ministry-notification-for-eid-holidays-2023/): Interior Ministry Notification for Eid Holidays 2023 Interior Ministry Notification for Eid Holidays 2023. The federal government on Thursday announced that it had approved a five-day Eid holidays for Eid Ul Fitr 2023. The government said that the Eid holidays were approved on the recommendation of the Cabinet Division. The interior ministry said that the Eid holidays will start from April 21 and will end to April 25. Moreover, according to media news, the regular notification of the Eid holidays will be issued by the Ministry of Interior itself. READ ALSO: Public National Holidays in Pakistan 2023 | Calendar 2023 If [&hellip;]
- [750 Euro to PKR Today - Euros to Pakistani Rupees](https://tax.net.pk/2023/04/13/750-euro-to-pkr-today-euros-to-pakistani-rupees/): 750 Euro to PKR Today &#8211; Euros to Pakistani Rupees 750 Euro to PKR Today &#8211; Euros to Pakistani Rupees. Here we will explain you that how much is €750.00 in Pak Rupees today. The seven hundred fifty euros is worth ₨236,250 (PKR) today which is two hundred thirty-six thousand two hundred fifty Pakistani rupees as of 11:45AM PST in open market currency rates to convert EUR against PKR currency. The current exchange rate is Rs315. 750 EURO is equal to 236,250 PKR Euro Rate is Rs315 Euro, USD Dollar, Dirham, Yuan Currency Rates to Pak Rupees Following are latest Euro, [&hellip;]
- [Top 10 Richest Women in the World 2023](https://tax.net.pk/2023/04/11/top-10-richest-women-in-the-world-2023/): Top 10 Richest Women in the World 2023 Top 10 Richest Women in the World 2023. F Bettencourt Meyers, having $80b wealth I the richest women in the world in 2023. Julia Koch, is at second number with $59b wealth. Alice Walton with $56b is on third number. Jacqueline Mars with $38b is on fourth number in the list of richest women of world. Miriam Adelson with $35b is standing at fifth number in the list. Rafaela Aponte-Diamant with $31b is sixth richest women of world. At the seventh place Susanne Klatten with $27b wealth is standing in list. Gina Rinehart [&hellip;]
- [Top 10 Most Polluted Cities in World in 2022](https://tax.net.pk/2023/04/11/top-10-most-polluted-cities-in-world-in-2022/): Top 10 Most Polluted Cities in World in 2022 Top 10 Most Polluted Cities in World in 2022. Now a days pollution has become a big problem for the masses of the world especially people living in developing and under-developing countries. Why Clean Air is Necessary? There is a need to take steps to minimize the pollution from world. Here list is given that why end of pollution is necessary: What are the Effects of Air Pollution? Following are some of the effects of air pollution on the masses: World&#8217;s Most Polluted Cities in 2022 According to a tweet shared by [&hellip;]
- [How to Find Number of SIMs Registered against your CNIC](https://tax.net.pk/2023/04/06/how-to-find-number-of-sims-registered-against-your-cnic/): How to Find Number of SIMs Registered against your CNIC How to Find Number of SIMs Registered against your CNIC. Here we will explain you that how to know the&nbsp;number of SIM cards issued against your CNIC. You can learn here to verify the number of&nbsp;SIMs&nbsp;against your CNIC number, let us move to read it out. How many Mobile Phone SIMs can be registered against one CNIC Number? There is a limit to the number of SIMs one can get against his&nbsp;CNIC number. As per the rules set by&nbsp;Pakistan Telecommunication Authority (PTA), an individual citizen can have a maximum of 5 [&hellip;]
- [750 Prize Bond List 2023 | 17 April 2023](https://tax.net.pk/2023/04/04/750-prize-bond-list-2023-17-april-2023/): 750 Prize Bond List 2023 | 17 April 2023 750 Prize Bond List 2023 | 17 April 2023. Rupees 750 Prize bond is drawn 4 times in a year. After every three months draw is held in different cities of Pakistan at their scheduled time. Every year Prize bond schedule is issued by Directorate of National savings. 750 Prize Bond Schedule 2023 Prize bond draw of Rupees 750 is scheduled at the following dates in year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.750/- January 16, 2023 Monday Karachi Rs.750/- April 17, 2023 Monday Peshawar Rs.750/- July 17, 2023 Monday Rawalpindi [&hellip;]
- [20 Online Business Ideas to Start in 2023](https://tax.net.pk/2023/03/26/20-online-business-ideas-to-start-in-2023/): 20 Online Business Ideas to Start in 2023 20 Online Business Ideas to Start in 2023. In this digital era, everyone now believes that online business idea is a great opportunity for startups and freelancers. Not only freelancers and IT-related professionals are getting benefits from online business ideas but also goods and services providers have massive opportunities to expand their businesses. What is an Online Business Idea? Online business is one of the businesses where all the activities are performed over the internet. One person who is running an online business may be involved in buying and selling products online or [&hellip;]
- [Dua for First Ashra of Ramadan](https://tax.net.pk/2023/03/23/dua-for-first-ashra-of-ramadan/): Dua for First Ashra of Ramadan Dua for First Ashra of Ramadan. According to Hadith narrated by Salman Farsi (R.A.), who said that Prophet Muhammad (S.A.W.) said:  “Ramadan is a month whose beginning is mercy, its middle is forgiveness and its end is ransom from the Fire”. (Sahih Ibn Khuzaymah, Hadith No. 1887) Pehle Ashray ki Dua First Ashra means first ten days of Ramadan. First Ashra Dua, also known as ‘Pehle Ashray ki Dua’ in Urdu language, is a Dua for the first 10 days of Holy month of Ramadan. Muslims in the entire world recite this 1st ashra Dua [&hellip;]
- [When is the 1st Date of Ramadan](https://tax.net.pk/2023/03/22/when-is-the-1st-date-of-ramadan/): When is the 1st Date of Ramadan When is the 1st Date of Ramadan. Ramadan is a very holy month for Muslims. Muslims fast for this whole month by obeying the order of God. When Does Ramadan Start in Pakistan? This year 1st Ramadan 2023 in Pakistan has been announced to start from 23rd March, 2023. When Does Ramadan Start in Saudi Arabia? This year 1st Ramadan 2023 in Saudi Arabia is expected on 23rd March, 2023. Ramadan in Pakistan Ramadan is one of the holiest event in Islam. Each year, Muslims in Pakistan as well as all over the world [&hellip;]
- [Minimum Nisab for Zakat Deduction on Saving Bank Account 2023](https://tax.net.pk/2023/03/22/minimum-nisab-for-zakat-deduction-on-saving-bank-account-2023/): Minimum Nisab for Zakat Deduction on Saving Bank Account 2023 Minimum Nisab for Zakat Deduction on Saving Bank Account 2023. As per the letter issued by The Ministry of Poverty Alleviation and Social Safety, the minimum nisab has been fixed for Zakat deduction on Saving bank accounts for the year 2023.  Who is eligible for zakat? As per the notification, bank will deduct zakat from saving accounts, profit and loss sharing accounts and other similar accounts having a minimum balance of Rs103,159 or above, on the first of Ramadan. Moreover, last year the Nisab for Zakat fixed at Rs88,927 in the [&hellip;]
- [200 Prize Bond List 2023 Faisalabad 15 March 2023](https://tax.net.pk/2023/03/16/200-prize-bond-list-2023-faisalabad-15-march-2023/): 200 Prize Bond List 2023 Faisalabad 15 March 2023 200 Prize Bond List 2023 Faisalabad 15 March 2023. Prize bond draw of Rs200 was scheduled to announce on 15 March 2023. Its No 93 Prize bond draw of Rs200 which was held at Faisalabad on 15 March 2023. Worth of the Rs200 prize bond&nbsp;1st prize is Rs.750,000 will be awarded to the single winner while second prize of the prize bond 200 worth Rs.250,000 will be awarded to 5 lucky winners and the third prize of the prize bond 200 will be given to 2,394 participants for Rs.1,250/- each. Value of Prize [&hellip;]
- [200 prize bond draw today announced | 15 March 2023](https://tax.net.pk/2023/03/15/200-prize-bond-draw-today-announced-15-march-2023/): 200 prize bond draw today announced | 15 March 2023 200 prize bond draw today announced | 15 March 2023. Prize bond draw of Rs200 was scheduled to announce on 15 March 2023. Its No 93 Prize bond draw of Rs200 which was held at Faisalabad on 15 March 2023. Worth of the Rs200 prize bond 1st prize is Rs.750,000 will be awarded to the single winner while second prize of the prize bond 200 worth Rs.250,000 will be awarded to 5 lucky winners and the third prize of the prize bond 200 will be given to 2,394 participants for Rs.1,250/- each. Value [&hellip;]
- [200 Prize Bond Lucky Draw Result Today](https://tax.net.pk/2023/03/15/200-prize-bond-lucky-draw-result-today/): 200 Prize Bond Lucky Draw Result Today 200 Prize Bond Lucky Draw Result Today. Rs200 prize bond draw is held in different cities in Pakistan after every three months according to the prize bond schedule issued by the Directorate of&nbsp;National Savings. 200 Prize Bond Draw Schedule 2023 A&nbsp;Prize bond draw of Rupees 200&nbsp;is scheduled on the following dates in the year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.200/- March 15, 2023 Wednesday Faisalabad Rs.200/- June 15, 2023 Thursday Quetta Rs.200/- September 15, 2023 Friday Hyderabad Rs.200/- December 15, 2023 Friday Multan Today 200 Prize Bond Draw The upcoming&nbsp;Prize bond draw [&hellip;]
- [200 Prize Bond Draw List | 15 March 2023](https://tax.net.pk/2023/03/14/200-prize-bond-draw-list-15-march-2023/): 200 Prize Bond Draw List | 15 March 2023 200 Prize Bond Draw List | 15 March 2023. Rs200 prize bond draw is held in different cities in Pakistan after every three months according to the prize bond schedule issued by the Directorate of National Savings. Rs200 Prize Bond Schedule 2023 A&nbsp;Prize bond draw of Rupees 200&nbsp;is scheduled on the following dates in the year 2023: PRIZE BOND DRAW DATE DAY CITY Rs.200/- March 15, 2023 Wednesday Faisalabad Rs.200/- June 15, 2023 Thursday Quetta Rs.200/- September 15, 2023 Friday Hyderabad Rs.200/- December 15, 2023 Friday Multan Next 200 Prize Bond Draw [&hellip;]
- [List of City Dialing Codes in Pakistan](https://tax.net.pk/2023/03/14/list-of-city-dialing-codes-in-pakistan/): List of City Dialing Codes in Pakistan List of City Dialing Codes in Pakistan. Here a list of dialing codes has been given for different cities in Pakistan. The following city codes are used while dialing a phone call on landline numbers in these cities. Telephone Dialing Codes for Different Cities in Pakistan The following complete list has been given for city-wise telephone dialing codes for landline numbers. City Area Codes Abottabad 992 Attock 57 Awaran 856 Badin 297 Bahawalnagar 63 Bahawalpur 62 Bajaur Agency 942 Bannu / N. Waziristan Agency (including F.R. Bannu) 928 Barkhan / Kohlu 829 Bhakkar 453 [&hellip;]
- [FBR IRIS System Maintenance: Services to Remain Unavailable from August 8 to August 10, 2026](https://tax.net.pk/2026/08/08/fbr-iris-system-maintenance-august-2026/): FBR IRIS Maintenance Schedule August 2026: IRIS Services Temporarily Unavailable The Federal Board of Revenue (FBR) today announced on his website that a planned system maintenance activity for its IRIS platform and allied services scheduled to begin at 12:30 AM on Saturday, August 8, 2026, and expected to continue until 5:00 AM on Monday, August 10, 2026. FBR IRIS Maintenance Schedule The announced maintenance window is as follows: Particular Details Maintenance Start Saturday, August 8, 2026 – 12:30 AM Maintenance End Monday, August 10, 2026 – 5:00 AM Affected System FBR IRIS platform and allied services Expected Impact Temporary unavailability of [&hellip;]
- [FBR Introduces Simplified Tax Regime for Small Shopkeepers Through SRO 1166(I)/2026](https://tax.net.pk/2026/07/28/fbr-sro-1166-2026-small-shopkeepers-tax-scheme/): FBR Launches Special Tax Scheme for Small Shopkeepers Under SRO 1166(I)/2026 A Major Step Toward Ease of Doing Business for Pakistan’s Small Retail Sector Small shopkeepers and retailers are the backbone of Pakistan’s economy. This sector from grocery stores and clothing outlets to electronics and household goods retailers, millions of small businesses creating employment opportunities and sharing in economic activity in the country. Small retailers always feel the tax system complex, difficult to comply with. In this regard, the Federal Board of Revenue (FBR) has recently introduced a new Special Procedure for Small Shopkeepers through SRO 1166(I)/2026. It will simplify tax [&hellip;]
- [Pakistan Budget 2026-27: Proposed Salary Tax Rates for Salaried Individuals](https://tax.net.pk/2026/06/17/proposed-salary-tax-rates-pakistan-budget-2026-27/): Proposed Salary Tax Rates for Salaried Individuals in Pakistan Budget 2026-27 The Finance Bill for the 2026‑27 budget proposes a reduction in income tax rates for salaried individuals. Most salaried taxpayers above Rs. 2.2 million in annual taxable income will enjoy a reduction in their tax liability. Here is the proposed slabs, existing salary tax rates, and how much salaried individuals can save once the changes in tax rates take effect. Proposed vs. Existing Salary Tax Rates for FY 2026‑27 S.No Taxable Income Existing Tax Rate Proposed Tax Rate 1 Up to Rs. 600,000 0% 0% 2 Rs. 600,000 – Rs. [&hellip;]
- [Budget 2026-27: Government Proposes Massive Increase in Late Tax Return Filing Penalties](https://tax.net.pk/2026/06/13/late-tax-return-filing-penalty-budget-2026-27/): Late Tax Return Filing Penalty Increased in Pakistan Under Budget 2026-27 The Federal Budget 2026–27 has proposed a major increase in the late tax return filing penalties (ATL surcharge) imposed on taxpayers (individuals, AOPs and Companies) who file their income tax returns after the due date. Through an amendment to Section 182A(1)(a) of the Income Tax Ordinance, 2001, the Federal Government has revised the ATL (Active Taxpayers List) surcharge as follows: Taxpayer Category Previous Surcharge Proposed Surcharge Individuals Rs. 1,000 Rs. 25,000 AOPs Rs. 10,000 Rs. 50,000 Companies Rs. 20,000 Rs. 100,000 The proposed amendment is to encourage timely filing of [&hellip;]
- [Pakistan Budget 2026-27 to Be Presented Today in National Assembly](https://tax.net.pk/2026/06/12/pakistan-budget-2026-27-announcement-today/): Pakistan Budget 2026-27 to Be Announced Today Islamabad, June 12, 2026: The Federal Government is scheduled to present the Pakistan Budget 2026-27 in the National Assembly today. Finance Minister Muhammad Aurangzeb will present the federal budget proposals for the upcoming fiscal year 2026-2027. He will unveil it after approval by the Federal Cabinet. The National Assembly session for the budget presentation is expected to begin at 3:00 PM. The budget is expected on the government&#8217;s revenue targets, expenditure plans, taxation measures, and key economic priorities for FY 2026-27. Businesses, taxpayers, investors, and salaried individuals all over the Pakistan are keenly watching [&hellip;]
- [Prize Bond Draw Schedule 2026 Pakistan – Complete Draw Dates List](https://tax.net.pk/2026/06/12/prize-bond-draw-schedule-2026-pakistan/): Prize Bond Draw Schedule 2026 In Pakistan, prize bonds is very popular investment among the people. People like to invest in this mode of investment because it&#8217;s easy to invest, encash, backed by the Government of Pakistan, and profit is also paid on the premium prize bonds. Knowing prize bonds draw dates in advance is very important because you never miss a draw result, stay updated with official announcements, easy to manage, and timely prize money process, peace of mind. Here schedule for the year starting from January 2026 to December 2026 is given. Such schedule is for denominations of: Prize [&hellip;]
- [Premium Prize Bond Draw 10 June 2026 for Rs. 25,000 and Rs. 40,000 Bonds](https://tax.net.pk/2026/06/09/premium-prize-bond-draw-10-june-2026/): Premium Prize Bond Draw for Rs. 25,000 and Rs. 40,000 on 10 June 2026 The next Premium Prize Bond Draw for denominations of Rs. 25,000 and Rs. 40,000 is scheduled to be held on 10 June 2026. Prize bond holders across Pakistan wait for the official draw results announced by the State Bank of Pakistan (SBP) and National Savings Pakistan. Premium Prize Bonds is very popular among public because: they offer regular profit payments and opportunity to win prizes as well. What Are Premium Prize Bonds? Premium Prize Bonds are different from regular prize bonds, these bonds provide: Currently, Premium Prize [&hellip;]
- [New Taxes on E-commerce Transactions in Pakistan](https://tax.net.pk/2025/07/31/new-taxes-on-e-commerce-transactions-in-pakistan/): New Taxes on E-commerce Transactions in Pakistan: In the recent budget (Finance Act 2025) Government of Pakistan has taken some significant steps towards the taxation of local ecommerce industry of Pakistan. The new amendments in the Income tax Ordinance 2001 and Sales Tax Act 1990 will affect all those ecommerce businesses operating through online platforms, websites, or courier based Cash on Delivery (COD) Model. Below are the significant highlights of amendments in tax laws of Pakistan which are necessary for your understanding: Enhanced Definition of “Online Market Place” Through Finance Act 2025, section 2(38B) of income Tax Ordinance 2001 amended and [&hellip;]
- [FBR Extends Sales Tax &amp; FED Return Filing Deadline for June 2025](https://tax.net.pk/2025/07/25/fbr-extends-sales-tax-fed-return-filing-deadline-for-june-2025/): FBR Extends Sales Tax &amp; FED Return Filing Deadline for June 2025 &#8211; The Federal Board of Revenue (FBR) has officially extended the last date for filing sales tax and Federal excise Duty Return for the period of June 2025. FBR Extends Sales Tax &amp; FED Return Filing Deadline for June 2025 New due date to file the sales tax and FED return is now 4th August 2025 which was due on 18.07.2025. This extension has been granted to to facilitate the taxpayers that they must ensure their monthly compliance delaying due to technical issues facing on FBR Iris Portal. FBR [&hellip;]
- [Budget 2025 Update: FBR Broadens Definition of Online Marketplace](https://tax.net.pk/2025/07/22/fbr-online-marketplace-definition-2025/): Budget 2025 Update: FBR Broadens Definition of Online Marketplace: In the recent federal budget 2025-26, the Federal Board of Revenue (FBR) has redefined &#8220;Online Market Place&#8221; for the purpose of regularizing and taxing the fast growing digital economy of Pakistan. One of the important update in the Income Tax Ordinance, 2001, is the redefinition of the term “online marketplace.” The change in definition will bring a massive change to a wide range of digital platforms and sellers, remodeling how e-commerce competitors deals with the tax system in Pakistan. New Definition of &#8220;Online Marketplace&#8221; Section 2(38B): “online marketplace” means an information technology [&hellip;]
- [FBR Opens Tax Return Filing Tax Year 2025 - Great Submit Now](https://tax.net.pk/2025/07/21/fbr-opens-tax-return-filing-tax-year-2025/): FBR Opens Tax Return Filing Tax Year 2025 &#8211; Recently Federal Board of Revenue (FBR) has formally issued the tax return form for Tax Year 2025. It is a great news and now taxpayers can submit their annual income tax returns by using the updated form via the FBR Iris Portal. It is highly recommended to you to file your annual income tax returns well before the last date to avoid tax notices and penalties thereafter. What is Deadline Line for Filing Tax Return? For Filing Tax Return for Tax Year 2025 last date to file tax return for Salaried class, [&hellip;]
- [FBR Biometric Verification Mandatory by 31st July 2025 - What Taxpayers Must Know?](https://tax.net.pk/2025/07/20/fbr-biometric-verification-deadline-2025/): FBR Biometric Verification Mandatory by 31st July 2025 &#8211; What Taxpayers Must Know? &#8211; If you&#8217;re Sales tax registered taxpayers in Pakistan, the deadline is ahead: 31st July 2025 like you did your biometric verification last year in July. Under the provision of proviso to sub-rule (4) of rule 5 of the Sales Tax Rules, 2006, every individual, any member of an association of persons, and a director of a company are required to visit e-Sahulat Centre of NADRA during the month of July every year for biometric re-verification Why FBR Biometric Verification Mandatory by 31st July 2025? You must know [&hellip;]
- [FBR Introduces Multi-Factor Login Authenticator for Sales Tax Users](https://tax.net.pk/2025/07/18/fbr-multi-factor-login-authenticator-sales-tax-login/): FBR Multi-Factor Login Authenticator &#8211; To ensure privacy, increase of security and simplify access to the sales tax system the Federal Board of Revenue (FBR) through Pakistan Revenue Automation Limited (PRAL) has launched a Multi-Factor Login Authentication system for sales tax registered taxpayers. What are the key features of the new FBR Multi-Factor Login Authenticator? Following are the key features of the new system introduced by the FBR for logging FBR Iris Portal for those taxpayers who are also registered in sales tax with FBR.
- [Rs 750 Prize Bond Result July 2025](https://tax.net.pk/2025/07/17/rs-750-prize-bond-result-july-2025-rawalpindi/): The Rs 750 Prize Bond Draw No 103 was held on Tuesday, 15th July 2025 in Rawalpindi. This quarterly draw was conducted by the Directorate of National Saving of Pakistan. Winning Numbers &#8211; Rs 750 Prize Bond Result July 2025
- [Lahore Tax Bar Requests FBR to Extend Sales Tax Return Filing Deadline](https://tax.net.pk/2025/07/16/lahore-tax-bar-requests-fbr-to-extend-sales-tax-return-filing-deadline/): Lahore Tax Bar Requests FBR to Extend Sales Tax Return Filing Deadline &#8211; Recently Lahore Tax Bar Association has formally written to the Federal Board of Revenue for an extension in filing sales tax returns for the months of April, May and June 2025. The association has requested 31st July 2025 to be the extended deadline. Reasons Behind the Lahore Tax Bar Requests FBR to Extend Sales Tax Return Filing Deadline The Lahore Tax Bar Association has highlighted the following several technical and operational issues which are effecting the compliance on timely basis. Proposed Relief by Lahore Tax Bar Association Considering [&hellip;]
- [Prize Bond Draw Schedule 2025 - Dates, Cities &amp; How to Check Results in Pakistan](https://tax.net.pk/2025/07/15/prize-bond-draw-schedule-pakistan-2025/): Prize bond is one of the most liked mode of investment and saving in Pakistan. Issued by the Government of Pakistan through the State Bank of Pakistan and managed by the National Savings of Pakistan. Prizes are distributed among winners through lucky draws on different dates in different cities. What is the Prize Bond Draw Schedule? Prize Bond Draw schedule is the list published by the Directorate of National Savings about the dates, cities and denominations of different prize bonds to be drawn. A complete schedule is issued by the Directorate of National Savings for a complete year. Prize Bond Denominations [&hellip;]
- [Section 21(s) of Income Tax Ordinance 2001: Disallowance of Expenses on Cash Receipts Over Rupees 200,000](https://tax.net.pk/2025/07/13/section-21s-of-income-tax-ordinance-2001-disallowance-of-expenses-on-cash-receipts-over-rupees-200000/): Introduction The new amendment relates to the disallowance of business expenses under section 21s of the Income Tax Ordinance 2001. During assessment proceedings under section 122, if the FBR detects that a cash transaction exceeding Rupees 200,000 has been received against a single invoice, it may disallow 50% of the related business expenses which eventually increases the tax tax liability for the taxpayers who received the cash payment against sales. What is Section 21(s)? A new amendment has been introduced in the Income Tax Ordinance, 2001 through the Finance Act, 2025 by inserting a new sub-section 21(s). This new amendment introduced [&hellip;]
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- [Extension of Date in Submission of Sales Tax and Federal Excise Return](https://tax.net.pk/2024/04/20/extension-of-date-in-submission-of-sales-tax-and-federal-excise-return/): Extension of Date in Submission of Sales Tax and Federal Excise Return Extension of Date in Submission of Sales Tax and Federal Excise Return. Recently the Federal Board of Revenue (FBR) has extended the last date for submission of Sales Tax and Federal Excise Return for the month of March 2024. New date for filing sales tax return is now up to April 22, 2024. Moreover, it is reminded here that the previously last date for filing of monthly sales tax return was April 18, 2024. For this purpose, the FBR has recently circulated an office directive to the Inland Revenue [&hellip;]
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- [Rs 750 Prize Bond Draw List 15 April 2024](https://tax.net.pk/2024/04/15/rs-750-prize-bond-draw-list-15-april-2024/): Rs 750 Prize Bond Draw List 15 April 2024 Rs 750 Prize Bond Draw List 15 April 2024. The 98th draw for the Rs. 750 prize bond is scheduled to take place in Hyderabad on April 15, 2024. Here are the details: Prizes of Rs 750 Prize Bond Draw If you’re participating in this draw, I wish you the best of luck! Remember, it’s a chance to win a big reward, and who knows—you might be one of the fortunate winners! 🎉🤞 Winners of Rs 750 Prize Bond Draw Dated 15 April 2024 Following are winners of Rs 750 Prize bond draw held at 15 April 2024 at [&hellip;]
- [Active Tax Payer List 15 April 2024](https://tax.net.pk/2024/04/15/active-tax-payer-list-15-april-2024/): Active Tax Payer List 15 April 2024 Active Tax Payer List 15 April 2024. Following is the active tax payer list issued by the Federal Board of Revenue (FBR) on 15th April 2024. This list contains the taxpayers details who have submitted their annual income tax returns for tax year 2023 up to 14th April 2024. How to check Active Tax payer List? You can verify your active taxpayer status by sending an SMS to the Federal Board of Revenue (FBR) at 9966 with the message ‘ATL CNIC #’ or by visiting the FBR website. The Active Taxpayer List (ATL) is [&hellip;]
- [Withholding Tax on Cash Withdrawal from Bank in 2025](https://tax.net.pk/2024/03/28/withholding-tax-on-cash-withdrawal-from-bank-in-2025/): Tax on cash withdrawals from bank
- [25000 Premium Prize Bond Draw List 11 March 2024](https://tax.net.pk/2024/03/15/25000-premium-prize-bond-draw-list-11-march-2024/): 25000 Premium Prize Bond Draw List 11 March 2024 25000 Premium Prize Bond Draw List 11 March 2024. Prize bonds is a type of investment and lot of citizens in Pakistan invest in these prize bonds. In addition to negotiable prize bonds Government of Pakistan also issues premium prize bonds for denomination of Rs25000 and Rs40000. Premium prize bonds in Pakistan are issued specifically in the name of investors and are non-negotiable (means cannot be transferred to others). These are available in two different denominations for Rs25000 and Rs40000. On 11 March 2024 premium prize bond draw for Rs25000 was held and [&hellip;]
- [40000 Premium Prize Bond Draw Result Today | 11 March 2024](https://tax.net.pk/2024/03/13/40000-premium-prize-bond-draw-result-today-11-march-2024/): 40000 Premium Prize Bond Draw Result Today | 11 March 2024 40000 Premium Prize Bond Draw Result Today | 11 March 2024. Prize bonds is a type of investment and lot of citizens in Pakistan invest in these bonds. In addition to normal negotiable prize bonds Government also issues premium prize bonds. Premium prize bonds are issued specifically in the name of investor and are non-negotiable. These are available in two denominations like, for Rs25000 and Rs40000. On 11 March 2024 premium prize bond draw for Rs40000 was held and Directorate of National Savings issued list of prize winners. This draw [&hellip;]
- [When Zakat Deducted by Bank in Pakistan](https://tax.net.pk/2024/03/09/when-zakat-deducted-by-bank-in-pakistan/): When Zakat Deducted by Bank in Pakistan When Zakat Deducted by Bank in Pakistan. Zakat is one of the Islamic financial term. It is obligation to pay by the wealthy Muslims to the needy persons. This year Government of Pakistan has fixed Nisab for Zakat for the year 1444-45 A.H at Rs135,179. This Nisab for zakat will be used for zakat deduction from: Zakat deduction date will be on 1st of Ramadan. It is expected on March 12 or 13 (subject to appearance of the moon in Pakistan) for zakat deduction for year 2024.
- [What is the Solution for Becoming Active Tax Filer 2024](https://tax.net.pk/2024/03/02/what-is-the-solution-for-becoming-active-tax-filer-2024/): What is the Solution for Becoming Active Tax Filer 2024 What is the Solution for Becoming Active Tax Filer 2024. All tax filers who have not filed their income tax returns for tax year 2023 or filed it after due date, they all are out of Active Taxpayers list from 1st March 2024. What is the Solution? i) File tax return for tax year 2023, if not filed already and pay ATL fine/penalty of Rs1,000 for individual and salaried class, Rs10,000 for Partnership businesses and Association of Persons (AOP) and Rs20,000 for Private/Public Limited Company. ii) If the return for tax [&hellip;]
- [FBR Going to Issue New Active Taxpayers List Tomorrow](https://tax.net.pk/2024/02/29/fbr-going-to-issue-new-active-taxpayers-list-tomorrow/): FBR Going to Issue New Active Taxpayers List Tomorrow FBR Going to Issue New Active Taxpayers List Tomorrow. The Federal Board of Revenue (FBR) is going to issue the new Active Taxpayers List (ATL) tomorrow for the tax year 2023 on March 1, 2024. This list will consist the names of those taxpayers who have filed their annual income tax returns for the tax year 2023 within due date. If submitted after due date up to 29th February 2024 then penalty also need to pay before 1st March 2024. The current Active taxpayers list (ATL), which is updated until February 25, [&hellip;]
- [Profit Rates on Behbood Saving Certificates 2024](https://tax.net.pk/2024/02/11/profit-rates-on-behbood-saving-certificates-2024/): Profit Rates on Behbood Saving Certificates 2024 Profit Rates on Behbood Saving Certificates 2024. Central Directorate of National Savings has recently revised the profit rates on different National Savings investment schemes. As per the the notification issued by the Ministry of Finance, the profit rates on the following have not been changed and remain unchanged at 16.08%.: All about Behbood Saving Certificates Here we will explain you little bit about the Behbood Saving Certificates which are issued by the Central Directorate of National Savings.
- [Prize Bond Schedule 2024 Online Check](https://tax.net.pk/2024/01/28/prize-bond-schedule-2024-online-check/): Prize Bond Schedule 2024 Online Check Prize Bond Schedule 2024 Online Check. Government of Pakistan, Central Directorate of National Savings has recently issued prize bond draw schedule for the year 2024. Prize Bond schedule 2024 has been issued both for regular prize bonds as well as premium prize bonds. Regular prize bonds are available for denominations of Rs1500 , Rs750 , Rs200 and Rs100. Premium prize bonds are available in denominations of Rs25000 and Rs40000. Every month draws are held for different denominations of prize bonds and prizes are distributed among the winners of prize money. Download Prize Bond Schedule for [&hellip;]
- [How to get Learning Driving License / Permit](https://tax.net.pk/2023/12/23/how-to-get-learning-driving-license-permit/): How to get Learning Driving License / Permit How to get Learning Driving License / Permit. Now you do not need to visit to a driving license center and wait and stand in que to get your learning license. There is a great news for citizens of Pakistan that such facility has been provided by Government of Punjab online. Now you can get your learning license online by visiting the following link: https://dlims.punjab.gov.pk/applications-form Follow the instructions given in above link and after payment of fees online, applicants can download and print the learner license online. Applicants require to complete the form [&hellip;]
- [114B of Income Tax Ordinance 2001: FBR Powers to Enforce Filing of Returns](https://tax.net.pk/2023/12/14/114b-of-income-tax-ordinance-2001-fbr-powers-to-enforce-filing-of-returns/): 114B of Income Tax Ordinance 2001: FBR Powers to Enforce Filing of Returns 114B of Income Tax Ordinance 2001: FBR Powers to Enforce Filing of Returns. New section 114B added through Finance Act, 2022. Whereby, FBR has been given powers to issue Income Tax General Order in respect of persons who are not appearing on the active taxpayers list (ATL) but are liable to file tax returns . FBR has been given powers of: 1.      Disabling of Mobile Phones and mobile phone SIMs, 2.      Discontinuation of electricity and gas connections. Before inclusion of any person in the general order, following conditions are required [&hellip;]
- [FBR issued Notices Under Section 114(4) of Income Tax Ordinance 2001](https://tax.net.pk/2023/12/14/fbr-issued-notices-under-section-1144-of-income-tax-ordinance-2001/): FBR issued Notices Under Section 114(4) of Income Tax Ordinance 2001 FBR issued Notices Under Section 114(4) of Income Tax Ordinance 2001. For tax year 2023, the extended date to file tax return was 31st October 2023. FBR then issued tax notices under section 114(4) of Income Tax Ordinance 2001 to those taxpayers who still not submitted tax returns and not submitted extension applications. Last date to file tax return was 30th September 2023 for salaried, individual, Partnership businesses and it was extended up to 31st October 2023. Decision was taken by FBR after achieving targets of tax filing as compare to previous [&hellip;]
- [25000 Premium Prize Bond List Draw Result 11 December 2023](https://tax.net.pk/2023/12/12/25000-premium-prize-bond-list-draw-result-11-december-2023/): 25000 Premium Prize Bond List Draw Result 11 December 2023 25000 Premium Prize Bond List Draw Result 11 December 2023. Yesterday Rs 25000 premium prize bond draw was held and the Directorate of National savings has issued full list of winners of prizes. There are three prizes for winners. First prize is Rs 30 Million for two winners. Second prize is for Rs 10 Million for 5 Winners. Third prize is 700 Prizes of Rs.300,000/- Each. Here complete draw list is given for Rs 25000 premium prize bond draw which was held on 11 December 2023 at Rawalpindi city. Prize Bonds Draw List 2023&nbsp;Check [&hellip;]
- [Honey Business in Pakistan and Price](https://tax.net.pk/2023/12/07/honey-business-in-pakistan-and-price/): Honey Business in Pakistan and Price Honey Business in Pakistan and Price. Honey is a great gift of God. Honey tastes sweet and is syrupy in form. Produced by honeybees from the nectar of flowers. It is used by humans as a sweetener and a spread. Business of honey production is very ancient. This business has a long history. It is used as a medicine as well as food. Even the Prophet Mohammed (Peace be Upon Him) glorified the healing powers of honey. The Quran also praises honey&#8217;s healing ability. Medical Benefits of Honey Consumption Honey has lot of benefits which [&hellip;]
- [How to Become Active Tax Filer in Pakistan in 2024](https://tax.net.pk/2023/12/03/how-to-become-active-tax-filer-in-pakistan-in-2024/): How to Become Active Tax Filer in Pakistan in 2024 How to Become Active Tax Filer in Pakistan in 2024. To become a tax filer is beneficial for all those citizens who are getting some taxable income, earning foreign source income in Pakistan, or receiving foreign remittances from abroad. Reduced tax rates are also available for active tax filers on purchase or sale any property, vehicle etc., and profit on investment from any financial institution. Moreover, no tax is charged on cash withdrawals (currently it is .6% if cash withdrawn from bank is above than Rs50,000 in a day) from bank [&hellip;]
- [1500 Prize Bond Full List 15 November 2023](https://tax.net.pk/2023/11/16/1500-prize-bond-full-list-2023-2/): 1500 Prize Bond Full List 15 November 2023 1500 Prize Bond Full List 15 November 2023. Yesterday Rs 1500 prize bond draw was scheduled and same the Directorate of National savings has issued full list of winners of prizes. There are three prizes for winners. First prize is Rs 3 Million for one winner. Second prize is for 3 winners which is Rs 1 Million each. Third prize is Rs 18,500 each for 1,696 winners. Here complete draw list is given for Rs 1500 draw which was held on 15 November 2023 at Faisalabad city. Prize Bonds Draw List 2023 Check [&hellip;]
- [1500 Prize Bond List 15 November 2023](https://tax.net.pk/2023/11/15/1500-prize-bond-list-15-november-2023/): 1500 Prize Bond List 15 November 2023 1500 Prize Bond List 15 November 2023. Investment in prize bonds is very renowned investment type among the general public in Pakistan. Now you can also invest in premium prize bonds. Premium prize bonds&nbsp;have unique features that these are issued particularly the in name of the investor and cannot be transferred to other. In addition to prize amount to winners, profit is also issued to investors periodically. Today is draw of Rs 1500 prize bond which is scheduled on 15 November (Wednesday) at Faisalabad city. The 1500 Prize Bond draw takes place every three [&hellip;]
- [100 Prize Bond List 15 November 2023](https://tax.net.pk/2023/11/15/100-prize-bond-list-2023-pdf/): 100 Prize Bond List 15 November 2023 100 Prize Bond List 15 November 2023. Investment in prize bonds is very famous among the general public in Pakistan. Now a days Government is also issuing premium prize bonds in addition to other bonds. Premium prize bonds are issued specifically in name of the investor and cannot be transferred to other. In addition to prize amount to winners, profit is also issued to investors periodically. Today is draw of Rs 100 prize bond which is scheduled on 15 November (Wednesday) at Lahore city. Moreover, the prize amount of the Rs100 prize bond&nbsp;1st prize [&hellip;]
- [Latest Update on Extension of Date for Filing of Income Tax Returns](https://tax.net.pk/2023/11/02/latest-update-on-extension-of-date-for-filing-of-income-tax-returns/): Latest Update on Extension of Date for Filing of Income Tax Returns Latest Update on Extension of Date for Filing of Income Tax Returns. Premier tax authority in Pakistan the Federal Board of Revenue (FBR) has informed that over 2.9 million income tax returns have been submitted for the tax year 2023 till October 31, 2023. Moreover, the FBR has not further extended the last date for filing of income tax returns beyond October 31, 2023. Total returns filed up to 31st Oct,2023 for tax year 2023 were 2.9 Million approximately as against 2.57 Million filed during the similar period of [&hellip;]
- [No More Extension in Filing Tax Return 2023 in Pakistan](https://tax.net.pk/2023/10/31/no-more-extension-in-filing-tax-return-2023-in-pakistan/): No More Extension in Filing Tax Return 2023 in Pakistan No More Extension in Filing Tax Return 2023 in Pakistan. Federal Board of Revenue (FBR) has informed to the general public through tweet on his official X account (formally twitter) that there is no more extension in filing annual income tax returns in Pakistan for tax year 2023. Now, if anyone wants to file his/her tax return then he/she needs to submit extension application to the commissioners income tax of FBR. You can also submit extension application on Iris portal of FBR for tax year 2023 tax return. Last date to [&hellip;]
- [Last Date to File Tax Income Return 2023 is ahead](https://tax.net.pk/2023/10/30/last-date-to-file-tax-income-return-2023-is-ahead/): Last Date to File Tax Income Return 2023 is ahead Last Date to File Tax Income Return 2023 is ahead. Every year taxpayers file their tax returns in compliance to tax laws of their country. In Pakistan, last date to file tax returns for taxpayers is set according to their type of registration. For sole proprietors, individuals, salaried class and Partnership Businesses the last date is 30th September every year. However, for those who are registered with SEPC as corporate taxpayers (Private and Limited Companies) the last date to file tax return is 31st December. This year, Federal Board of Revenue [&hellip;]
- [National Savings Prize Bonds Draw 750 Results Announced](https://tax.net.pk/2023/10/17/national-savings-prize-bonds-draw-750-results-announced/): National Savings Prize Bonds Draw 750 Results Announced National Savings Prize Bonds Draw 750 Results Announced. Rs 750 prize bond draw was held on 16 October 2023 at Muzaffarabad city. You can fined here detailed result is given here to check and download the latest list of 750 prize bond draw. Directorate of National savings announced the draw result of 750 prize bond. 1st Prize Bond Number, Prize Value 1,500,000 PKR to one Winner 593831 2nd Prize Bond Numbers, Prize Value 500,000 PKR to three winners 513366 827500 894418 3rd Prize Bond Numbers, Prize value 9300 PKR to 1,696 winners 000224 [&hellip;]
- [750 Prize Bond List 16 October 2023](https://tax.net.pk/2023/10/16/750-prize-bond-list-16-october-2023/): 750 Prize Bond List 16 October 2023 750 Prize Bond List 16 October 2023. Prize bond draw No. 96th for Rs750 is scheduled on 16th October 2023 on Monday at Muzaffarabad City. There are three prizes of Rs750 prize bond: The first prize is for one winner which is RS1,500,000. The second prize is for three winners which is RS500,000 for each winner. The third prize is for 1,696 winners which is RS9,300 for each winner. Income Tax deduction on the prize amount is @15% for tax filers in FBR and @30% for persons not on the active taxpayers list. However [&hellip;]
- [750 Prize Bond List 2023 Next Draw Date](https://tax.net.pk/2023/10/11/750-prize-bond-list-2023-next-draw-date/): 750 Prize Bond List 2023 Next Draw Date 750 Prize Bond List 2023 Next Draw Date. Next Rs750 value&nbsp;prize bond draw&nbsp;is scheduled on 16th October 2023. It will be the 96th prize bond draw on 16th October 2023 on Monday at Muzaffarabad City. You can check here list of winners of the prize bond draw going to held in October 2023. Do you know there are three different categories of prizes for winners of the RS750 prize bond draw. Tax rate on Prize Bond Winnings amount Amounts of prizes against prize bonds are gross amounts before the deduction of tax on [&hellip;]
- [Good News Expected for Reduction in Petrol Prices on 15 October](https://tax.net.pk/2023/10/08/good-news-expected-for-reduction-in-petrol-prices-on-15-october/): Good News Expected for Reduction in Petrol Prices on 15 October Good News Expected for Reduction in Petrol Prices on 15 October. After the decrease in the prices of petroleum products at the global level. The possibility of a big decrease in the prices of petroleum products also expected in Pakistan as well. The price of petrol in the world market recently decreased by 12 dollars. After which the price of petrol reached the level of 102 dollars per barrel. While the price of diesel has decreased by 9 dollars to 117 dollars per barrel. After the reduction in prices, the [&hellip;]
- [PTA Tax on Samsung Galaxy S22 Ultra in Pakistan 2023](https://tax.net.pk/2023/10/06/pta-tax-on-samsung-galaxy-s22-ultra-in-pakistan-2023/): PTA Tax on Samsung Galaxy S22 Ultra in Pakistan 2023 PTA Tax on Samsung Galaxy S22 Ultra in Pakistan 2023. In 2023, the Pakistan Telecommunication Authority (PTA) has a tax policy for mobile phones, including the highly anticipated Samsung Galaxy S22 Ultra. This blog post will discuss the details of the PTA tax on the Samsung Galaxy S22 Ultra in Pakistan. PTA Tax Policy The PTA tax policy regulates the import and sale of mobile phones in Pakistan. Under this policy, all mobile phones, including the Samsung Galaxy S22 Ultra, are subject to a certain tax amount based on their value. [&hellip;]
- [USD Dollar to PKR Exchange Rate History 1947 to 2023](https://tax.net.pk/2023/10/03/usd-dollar-to-pkr-exchange-rate-history-1947-to-2023/): USD Dollar to PKR Exchange Rate History 1947 to 2023 USD Dollar to PKR Exchange Rate History 1947 to 2023. The exchange rate between the Pakistani Rupee (PKR) and the United States Dollar (USD) has always been a topic of interest for individuals and businesses alike. The fluctuations in the exchange rate can have a significant impact on the economy, trade, and the purchasing power of the people. Historical Exchange Rate Let&#8217;s take a look at the exchange rate history of 1 Rupee to Dollar in Pakistan up to the year 2023: Year Exchange Rate (PKR to USD) 1947 1 Dollar [&hellip;]
- [The Importance of the Flow of Money in the Economy](https://tax.net.pk/2023/10/02/the-importance-of-the-flow-of-money-in-the-economy/): The Importance of the Flow of Money in the Economy The Importance of the Flow of Money in the Economy. In a modern economy, the flow of money is important for its proper functioning. Money acts as the lifeblood of an economy, facilitating transactions and enabling economic activities in the country. Why money flow in the economy matters? Let us discuss why Money Flow in the Economy Matters? Money as the Economy&#8217;s Lifeblood Why flow of money is economy&#8217;s lifeblood? Let us discuss! Stimulating Economic Growth Let us discuss how flow of money stimulates economic growth! Efficient Resource Allocation Flow of [&hellip;]
- [Latest Petrol Prices in Pakistan 1st October 2023](https://tax.net.pk/2023/10/02/latest-petrol-prices-in-pakistan-1st-october-2023/): Latest Petrol Prices in Pakistan 1st October 2023 Latest Petrol Prices in Pakistan 1st October 2023. As of 1st October 2023, the petrol prices in Pakistan reduced by Government, bringing relief to the consumers. Moreover, the Government of Pakistan has made this decision keeping in mind the increasing burden on the general public due to rising fuel costs. Further the new prices are as follows: New prices of petroleum products are applicable from 1st October 2023. Price of petrol has been reduced by Rs 8 per liter and reduction in price of diesel is Rs 11 per liter. Previously, the prices [&hellip;]
- [FBR Extends Last Date to File Income Tax Returns to 31st October 2023](https://tax.net.pk/2023/10/01/fbr-extends-last-date-to-file-income-tax-returns-to-31st-october-2023/): FBR Extends Last Date to File Income Tax Returns to 31st October 2023 FBR Extends Last Date to File Income Tax Returns to 31st October 2023. The Federal Board of Revenue (FBR) has announced an extension in the last date for filing income tax returns. Taxpayers now have until 31st October 2023 to submit their returns for the current tax year. Previously, last date to file tax returns for salaried taxpayers, individuals, Partnership business and AOPs was 30th September 2023. This decision comes as a relief to individuals and businesses who may have faced challenges in meeting the previous deadline. It [&hellip;]
- [Understanding Section 7e of the Income Tax Ordinance 2001](https://tax.net.pk/2023/09/22/understanding-section-7e-of-the-income-tax-ordinance-2001/): Understanding Section 7e of the Income Tax Ordinance 2001 Understanding Section 7e of the Income Tax Ordinance 2001. According to the FBR, a new section 7E was introduced through Finance Act, 2022. Here in this section, for tax year 2022 and onwards, every resident person (with some exemptions) has been assumed and treated to have earned as income, an amount equal to five per cent of the fair market value of the capital asset he owns in Pakistan. What is Section 7e? It means that every person will pay such tax if he holds more than one properties (Capital Assets with some exemptions) whose [&hellip;]
- [Exciting News: Apple iPhone 15 Pro Max Price in Pakistan](https://tax.net.pk/2023/09/16/exciting-news-apple-iphone-15-pro-max-price-in-pakistan/): Exciting News: Apple iPhone 15 Pro Max Price in Pakistan Exciting News: Apple iPhone 15 Pro Max Price in Pakistan. Apple has always been at the forefront of innovation when it comes to smartphones. Moreover with each new release, they push the boundaries of what is possible in terms of technology and design. However one of the most highly anticipated releases from Apple is the iPhone 15 Pro Max. Moreover this flagship device is set to revolutionize the way we use our smartphones. New Features and Specifications of iPhone 15 Pro Max The iPhone 15 Pro Max is expected to come [&hellip;]
- [200 Prize Bond Full List 15 September 2023](https://tax.net.pk/2023/09/16/200-prize-bond-full-list-15-september-2023/): 200 Prize Bond Full List 15 September 2023 200 Prize Bond Full List 15 September 2023. Are you eagerly waiting for the latest 200 Prize Bond Full List? Well, your wait is over as the full list for the 15th of September 2023 has been announced. Moreover in this blog post, we will provide you with all the details you need to know about the 200 Prize Bond Full List for this month. Moreover the latest draw of Rs200&nbsp;prize bond&nbsp;No 95th was held in Hyderabad on Friday on 15 September 2023. What is a Prize Bond? Before we dive into the [&hellip;]
- [200 Prize Bond List 2023: Check the Latest Results and Download the PDF](https://tax.net.pk/2023/09/15/200-prize-bond-list-2023-check-the-latest-results-and-download-the-pdf/): 200 Prize Bond List 2023: Check the Latest Results and Download the PDF 200 Prize Bond List 2023: Check the Latest Results and Download the PDF. If you are a participant in the 200 prize bond scheme, then you must be eagerly waiting for the results of the 200 prize bond list for the year 2023. Moreover, this scheme, organized by the State Bank of Pakistan, is a popular investment option for many individuals as it offers the chance to win attractive prizes. Whether you have won the bond or not, checking the results is always an exciting experience. In this [&hellip;]
- [200 Prize Bond List 2023 Online and Get the Latest Results](https://tax.net.pk/2023/09/15/200-prize-bond-list-2023-online-and-get-the-latest-results/): 200 Prize Bond List 2023 Online and Get the Latest Results 200 Prize Bond List 2023 Online and Get the Latest Results. Latest draw of Rs200&nbsp;prize bond&nbsp;will held today in Hyderabad on Friday on 15 September 2023. Moreover announcement of the lucky winners of the Prize Bond 200 Draw going to held on 15 September 2023? We have the full list of winners right here for you and you can online check it. Welcome to our blog post on checking the 200 prize bond list for the year 2023. Moreover in this post, we will guide you on how to check [&hellip;]
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- [Check out the Latest 1500 Prize Bond List 2023 in Pakistan](https://tax.net.pk/2023/08/17/check-out-the-latest-1500-prize-bond-list-2023-in-pakistan/): Check out the Latest 1500 Prize Bond List 2023 in Pakistan Check out the Latest 1500 Prize Bond List 2023 in Pakistan. Here you can check out online the latest Rs1500 prize bond held on 15 August 2023 in Peshawar city. Moreover it was balloting No. 95 of Rs1500 prize bond held in Peshawar city on 15th August 2023. Further there are three prizes against&nbsp;1500 prize bond draw: First prize is Rs3000000 for one winner. Second prize is Rs1000000 for three no of winners. Third prize will Rs18500 for 1696 winners of 1500 prize bond draw held on 15 August 2023. [&hellip;]
- [Petrol Diesel Price in Pakistan Today 16 August 2023](https://tax.net.pk/2023/08/16/petrol-diesel-price-in-pakistan-today-16-august-2023/): Petrol Diesel Price in Pakistan Today 16 August 2023 Petrol Diesel Price in Pakistan Today 16 August 2023. Today prices increased after fortnightly review of government regarding petrol and diesel prices. It is second consecutive increase in petrol prices in fortnight. Price of petrol revised from 272.95 to 290.45. Moreover, price of high speed diesel oil revised by government from 273.40 to 293.40. Further there is increase of Rs17.50 in petrol prices per liter and Rs20 increase in prices of high speed diesel oil. According to finance division said prices of petroleum products were raised because petroleum prices in the international [&hellip;]
- [Full List of Prize Bond 100 Draw 15 August 2023](https://tax.net.pk/2023/08/16/full-list-of-prize-bond-100-draw-15-august-2023/): Full List of Prize Bond 100 Draw 15 August 2023 Full List of Prize Bond 100 Draw 15 August 2023. Congratulations to all winners of Prize Bond 100 draw held on 15 August 2023 (Tuesday) in Karachi City. Moreover it was No 43rd&nbsp;prize bond draw&nbsp;for RS100 on 15 August 2023 as per the prize bond schedule for the year 2023. Moreover, the worth of the Rs100 prize bond&nbsp;1st prize is PKR 700,000. Further the 2nd prize is PKR 200,000. The 3rd prize is PKR 1,000. For the first prize, there is only one prize. Moreover, for the second prize, there are [&hellip;]
- [Full List of Prize Bond 1500 Draw 15 August 2023](https://tax.net.pk/2023/08/16/full-list-of-prize-bond-1500-draw-15-august-2023/): Full List of Prize Bond 1500 Draw 15 August 2023 Full List of Prize Bond 1500 Draw 15 August 2023. Here you can check online complete draw list of 1500 prize bond. However prize bond draw held on 15 August 2023 at Peshawar City. Moreover it was balloting No. 95 of Rs1500 prize bond held in Peshawar city on 15th August 2023. Moreover there are three prizes against 1500 prize bond draw: First prize is Rs3000000 for one winner. Further second prize is Rs1000000 for three no of winners. Third prize is Rs18500 for 1696 winners of 1500 prize bond draw [&hellip;]
- [100 Prize Bond Draw Result Today 15 August 2023](https://tax.net.pk/2023/08/15/100-prize-bond-draw-result-today-15-august-2023/): 100 Prize Bond Draw Result Today 15 August 2023 100 Prize Bond Draw Result Today 15 August 2023. Today is the&nbsp;prize bond draw&nbsp;for the RS100 prize bond. It is scheduled on 15 August 2023 (Tuesday) in Karachi City. It will be the No 43rd prize bond draw for RS100 on 15 August 2023 as per the prize bond schedule for the year 2023. The withholding tax rate on the prize amount of any prize bond is @15% in the case of filers and @30% in the case of&nbsp;non-filers&nbsp;of&nbsp;income tax returns&nbsp;with FBR. Moreover, the worth of the Rs100 prize bond&nbsp;1st prize is [&hellip;]
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- [1500 Prize Bond List 15 August 2023](https://tax.net.pk/2023/07/28/1500-prize-bond-list-15-august-2023/): 1500 Prize Bond List 15 August 2023 1500 Prize Bond List 15 August 2023. The next draw of prize bond is for RS1500 denomination prize bond. It is scheduled on 15 August 2023 on Tuesday at Peshawar city. You can check here for the full list of winners for the Rs1500 Prize Bond Draw&nbsp;which will held on Tuesday, August 15th, 2023, in Peshawar here. Moreover, download the complete list here of winners for the Prize Bond 1500. However, you can check the draw results for the&nbsp;1500&nbsp;Prize Bond 1500 List&nbsp;2023 for August 15th, 2023, and check your Prize Bond 1500 online. Moreover, [&hellip;]
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- [How to Download Zong Tax Certificate Online in 2023](https://tax.net.pk/2023/07/21/how-to-download-zong-tax-certificate-online-in-2023-through-my-zong-app/): How to Download Zong Tax Certificate Online in 2023 How to Download Zong Tax Certificate Online in 2023. Here is the step-by-step guide for understanding the process of downloading your Zong tax certificate. Zong Tax Certificate is a document that the withholding agent issues under rule 42 of the Income Tax Rules 2002. It is required to declare in the annual income tax returns. Tax deducted under section 236 of the Income Tax Ordinance on Phone usage is mentioned on such certificate. Step-by-step procedure to download Zong Tax Certificate through &#8216;My Zong App&#8217;
- [Full List of Prize Bond 750 Draw 17 July 2023](https://tax.net.pk/2023/07/18/full-list-of-prize-bond-750-draw-17-july-2023/): Full List of Prize Bond 750 Draw 17 July 2023 Full List of Prize Bond 750 Draw 17 July 2023. The complete list of the 95th No prize bond draw of RS750 which has been drawn on 17 July 2023 is available here. You can check here the full list of winners issued by the Directorate of National Savings of Pakistan. List of Prize Value of RS750 Prize Bond Draw This latest draw held at Rawalpindi City on 17 July 2023. Three different prizes issues to winners of such prize bonds. The first prize amount is PKR1,500,000 for one winner. The [&hellip;]
- [Today Draw Result 750 Prize Bond July 2023](https://tax.net.pk/2023/07/17/today-draw-result-750-prize-bond-july-2023/): Today Draw Result 750 Prize Bond July 2023 Today Draw Result 750 Prize Bond July 2023. Rs750 value prize bond draw is scheduled today. It is the 95th prize bond draw on 17th July 2023 at Rawalpindi City. You can check here a list of winners of the prize bond draw going to be held today. There are three categories of prizes for winners of the RS750 prize bond draw. The first prize is for one winner which is amounting to RS1,500,000. The second prize is for three winners which are amounting to RS500,000 for each winner. The third prize is [&hellip;]
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- [How to Check NTN Number Online in 2023](https://tax.net.pk/2023/07/14/how-to-check-ntn-number-online-in-2023/): How to Check NTN Number Online in 2023 How to Check NTN Number Online in 2023. The complete procedure will be given here to get and verify the National Tax Number (NTN No) through CNIC, Passport No, Registration, or Incorporation No. Step-by-step procedure to check National Tax Number (NTN) Online Let us check the complete step-by-step procedure to get NTN No: Benefits of Having NTN No The National Tax Number (NTN) holder and tax Payer have a lot of benefits from the Government tax &amp; fees. Moreover, only taxpayers can get Government contracts and can participate in the auctions. Further, the [&hellip;]
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- [What are the Benefits of being a tax filer in Pakistan in 2023?](https://tax.net.pk/2023/07/12/what-are-the-benefits-of-being-a-tax-filer-in-pakistan-in-2023/): What are the Benefits of being a tax filer in Pakistan in 2023? What are the Benefits of being a tax filer in Pakistan in 2023? For taking benefits of being a tax filer in Pakistan you have to submit your tax return for the latest tax year. FBR Tax Return 2023 Last Date? The tax year 2023 which is also called the financial year 2022-23 has just closed. Moreover, the tax return for such tax year has also been allowed by the Federal Board of Revenue (FBR) to submit. As per the previous year&#8217;s practice following are the due dates [&hellip;]
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- [How to Start a Business in 2023](https://tax.net.pk/2023/07/07/how-to-start-a-business-in-2023-and-business-ideas/): How to Start a Business in 2023 How to Start a Business in 2023. Business is always preferred over the 9 to 5 job routine. Whatever qualification you have completed it provides you a way to take steps towards a startup. Because education leans you how to handle the business or any other skilled work in a better way. It is experienced from the passage of time which better indicate to you how to start a business in the best way! Today here will explain to you what matters you should consider while starting a business! What Steps Need to Take [&hellip;]
- [Revised Tax on Sale of Property in Pakistan 2023-2024](https://tax.net.pk/2023/07/05/revised-tax-on-sale-of-property-in-pakistan-2023-2024/): Revised Tax on Sale of Property in Pakistan 2023-2024 Revised Tax on Sale of Property in Pakistan 2023-2024. In the recent budget, the Government of Pakistan increased the rate of income tax on the sale and transfer of immovable property. This tax is payable at the time of sale and transfer of immovable property under section 236C of ITO 2001. New Rates of Tax for filers and non-filer on the Sale and transfer of immovable property The previous rate of income tax on the sale and transfer of property was 2% for filers and 4% for non-filers of income tax. However, [&hellip;]
- [What is the tax on the sale purchase of immovable property in Pakistan?](https://tax.net.pk/2023/07/04/what-is-the-tax-on-the-sale-purchase-of-immovable-property-in-pakistan/): What is the tax on the sale purchase of immovable property in Pakistan? What is the tax on the sale purchase of immovable property in Pakistan? The government of Pakistan has enhanced the rate of Advance Tax on the sale or purchase of immovable properties by filers and non-filers of income tax returns from July 1, 2023. This step initiated by govt to increase the collection of taxes and will target the non-filers of income tax returns especially. The rates of filers of income tax returns have also been increased as compared to previous rates of taxes for filers. This tax [&hellip;]
- [Withholding Tax on Cash Withdrawals from Banks implemented](https://tax.net.pk/2023/07/04/withholding-tax-on-cash-withdrawals-from-banks-implemented/): Withholding Tax on Cash Withdrawals from Banks implemented Withholding Tax on Cash Withdrawals from Banks implemented. In Pakistan, the recent federal budget was announced on 9th June 2023. In this budget Government of Pakistan proposed to implement again withholding tax (WHT) on cash withdrawals from banks. Moreover, this step initiated by the Government to bring more and more people into the tax net and increase the documentation of the economy. This tax will apply to those persons whose names are not on the active taxpayer&#8217;s list of the Federal Board of Revenue (FBR). Previously, such tax ended with the removal of [&hellip;]
- [Apply for Fresh Accountant Jobs in Lahore](https://tax.net.pk/2023/07/04/apply-for-fresh-accountant-jobs-in-lahore/): Apply for Fresh Accountant Jobs in Lahore Apply for Fresh Accountant Jobs in Lahore. Currently, there is a requirement for trainees staff in Lahore for accounts and tax work. Complete details of this job are given here: Job Description and other terms Staff is required to Global Tax Consultants in Lahore Pakistan. Staff is required in a trainees capacity and stipend of Rs20,000 per month will be given. Work is related to tax and accounts. The placement of the staff currently will be at the client location in Lahore near Bhaptian Chowk. Timing of the office is from 9:00 AM to [&hellip;]

## Pages

- [Pakistan Salary Tax Calculator 2026-27 – Calculate Monthly & Annual Tax Online](https://tax.net.pk/salary-tax-calculator-pakistan-2026-27/): Pakistan Salary Tax Calculator 2026-27 Here, the Pakistan Salary Tax Calculator 2026-27 helps salaried individuals calculate their income tax payable under the proposed salary tax rates recently announced in the Federal Budget 2026-27. we are presenting here a salary tax calculator which is a simple and accurate tool to calculate annual as well as monthly tax deductions based on slab of salary income. It is beneficial for employees, HR professionals, accountants, payroll managers, tax managers, advocates, FBR tax practitioners or tax consultants. The calculation of tax on salary income here has been given under the proposed salary tax rates for the [&hellip;]
- [Salary Tax Calculator Tax Year 2024 – Calculate Income Tax on Salary in Pakistan](https://tax.net.pk/salary-tax-calculator-tax-year-2024/): Pakistan Salary Tax Calculator for Tax Year 2024 Salary Tax Calculator Tax Year 2024. Tax Rates applicable on Salary Income was changed for tax year 2024. These new tax rates are applicable from July 2023 to June 2024. These were amended in Finance Act 2023 for the financial year 2023-2024. Calculating income tax on salary can be difficult when you have to consider different income tax slabs, tax rates, and annual salary income. The Salary Tax Calculator Tax Year 2024 makes this process very easy and simple by helping salaried individuals to calculate their annual and monthly income tax. This salary [&hellip;]
- [Days Calculator: Days, Months and Years Between Two Dates](https://tax.net.pk/days-calculator-between-two-dates/): Days Calculator: Days, Months and Years Between Two Dates Days Calculator: Days, Months and Years Between Two Dates. Here we have given days calculator between two dates. You can very easily calculate number of days between two dates. The result are given in Years, months, days, hours, minutes and seconds. Introduction Have you ever needed to find out the number of days between two dates? Whether you are planning an event, tracking a project&#8217;s progress, or simply curious about the time elapsed, our Days Calculator tool can help you with just that! Days Calculator Days Calculator Between Two Dates Start Date: [&hellip;]
- [My Easy Age Calculator](https://tax.net.pk/my-easy-age-calculator/): My Easy Age Calculator My Easy Age Calculator. Here we have provided you a very easy and simple age calculator. Where you can enter your date of birth and it provide you your exact age. Introduction: Age calculators have become a popular tool in the digital age. They provide a quick and convenient way to determine your age down to the minute. Understanding Age Calculators: Age calculators are tools designed to calculate a person&#8217;s age based on their date of birth. They take the date of birth as input and provide the age in years, months, days, and sometimes even minutes. [&hellip;]
- [Currency Converter Online | Currency Exchange Rate](https://tax.net.pk/currency-converter-online-calculator-and-latest-foreign-currency-exchange-rates/): Currency Converter Online | Currency Exchange Rate Currency Converter Online | Currency Exchange Rate. Use our Currency Converter Online Calculator for hundred of currencies. Here you can get the latest online currency exchange rates from all over the world at a single click. To get the result you have to enter the values below and calculate today’s exchange rates for any two currencies. You will select the relevant two currencies and submit them to get today&#8217;s currency exchange rate. For example, if you want to know today&#8217;s dollar value in Pakistani rupees then you need to select the USD dollar and [&hellip;]
- [Online NTN Verification by CNIC – Check NTN Number with FBR](https://tax.net.pk/online-ntn-verification-by-cnic-national-tax-number-by-fbr/): What is NTN Verification by CNIC? Through NTN verification a taxpayer can verify it&#8217;s National Tax Number and tax registration with the Federal Board of Revenue (FBR). This facility helps all taxpayers to verify their tax information easily and quickly. Salaried, business individuals, and companies should verify their tax information periodically to verify their particulars. What is a National Tax Number (NTN)? As per FBR, your 13-digit CNIC number automatically acts as your National Tax Number (NTN). Old 7-digit NTN number completely replaced with CNICs to make simple tax registration process and record keeping of taxpayers. However, if you need old [&hellip;]
- [Links](https://tax.net.pk/links-latest-tax-news-and-updates-top-tax-consultants-lahore-pakistan-near-me/): IRIS (FBR) https://iris.fbr.gov.pk/infosys/public/txplogin.xhtml Active Tax Payer’s List (Income Tax) https://e.fbr.gov.pk/ATLSearchUtilityIT.aspx?ID=1 Active Tax Payer’s List (Sales Tax) https://e.fbr.gov.pk/ATLSearchUtility.aspx Search CPR (FBR) https://e.fbr.gov.pk/DocumentVerification.aspx Online Notice Verification (FBR) https://e.fbr.gov.pk/TAMSNoticeVerification.aspx Taxpayer Online Verification https://e.fbr.gov.pk/Registration/onlinesearchTaxpayer.aspx?rand=2 Blacklisted for Sales Tax https://e.fbr.gov.pk/ATLSearchUtility.aspx?ID=2 FBR’s Web portal for e-filing https://e.fbr.gov.pk/AuthLogin.aspx Federal Board of Revenue (FBR) http://fbr.gov.pk/ SRB’s Web portal for e-filing https://e.srb.gos.pk/ Sindh Revenue Board (SRB) http://www.srb.gos.pk/home/index.jsp Punjab Revenue Authority (PRA) https://pra.punjab.gov.pk/ Khyber Pakhtunkhwa Revenue Authority (KPRA) https://kpra.kp.gov.pk/AuthLogin.aspx Balochistan Revenue Authority (BRA) https://bra.gob.pk/AuthLogin.aspx Government of Pakistan http://www.pakistan.gov.pk/ Large Taxpayer Unit (LTU), Karachi http://ltukarachi.gov.pk/ Large Taxpayer Unit (LTU), Lahore http://ltulahore.gov.pk/ National Bank of Pakistan http://nbp.com.pk/ Online Dictionary http://dictionary.reference.com/ Regional Tax Office [&hellip;]
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