FBR updates, income tax, budgets and markets for Pakistan
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…
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. The talks between the both…
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…
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…
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…
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…
"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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…