Updates
About 200,000 late filers got active taxpayers status
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…
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Budget
FBR Submits Proposed Tax Exemptions Withdrawal Bill in National Assembly secretariat
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…
Finance
SBP advised all banks to develop digital portals for end-to-end digitalisation
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…
Finance
Naya Pakistan LDA Apartments: Bank of Punjab & LDA Sign Deal
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…
Updates
Third Covid wave: FBR directed only 50 percent 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…
World Taxes
Tax Havens, a Global Issue
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…
Budget
Income Tax Credit Proposed for IT Sector
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 'Tax Exemption'…
Taxation
Freelancers Get Tax Notices of Billion Dollars Scam Exposed by FBR
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…
Updates
KTBA requested the FBR to withdraw clarification regarding mode of furnishing of tax notices
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's earlier explanation and limited the entire…
Taxation
Government Increased taxes on computers, laptops and their accessories
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…
Budget
Cabinet approved budget proposals to meet the IMF's Demands
The Income Tax Second Amendment Act 2021 approved in a cabinet meeting chaired by Prime Minister Imran Khan after resisting the IMF's demand for more than a year. The IMF suspended more…
World Taxes
Digital Tax Increased Ad Rates by Google
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…
Updates
Track and Trace System: Contract signed between FBR and AJCL
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…
Taxation
FBR Allowed to tourists to import vehicles without Duties and Taxes
The FBR proposed amending the Customs Rules 2001 in a notification issued here on Friday. According to SRO.201 (I) / 2021, "tourist" means "a person not normally resident in Pakistan, who enters…
Taxation
PTBA highlighted issues in Active Taxpayer List
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…
World Taxes
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…
Business
Business Registration facility 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…
Updates
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…
Markets
Customers complaints: HBL Bank on Top of the list
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…
Updates
Late Return Filers Can Join ATL After Payment of Surcharge
Active Taxpayer List (ATL) is available on FBR'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…