FBR updates, income tax, budgets and markets for Pakistan
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…
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…
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…
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…
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.…
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…
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…
The FBR has been empowered to require any person or classes of person to integrate their invoice issuing system machines with the FBR's computerised system for real time reporting of sales in…
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…
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…
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…
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.…
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…
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…
There are four different ways to get tax certificate from K Electric: Consumers can easily get tax deduction certificate of K-Electric free-of-cost at their closest Integrated Business Centre (IBC). To facilitate its…
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…
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…
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,…
“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)…
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…