FBR updates, income tax, budgets and markets for Pakistan
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…
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…
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…
According to details, Sima Kamil said that under the 'Apna Ghar' scheme, banks have so far received loan applications of Rs 22 billion while loans of Rs 5 billion have been approved.…
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…
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…
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…
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; and Sixteen percent for others. Marriage halls and…
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…
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…
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,…
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.…
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…
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…
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…
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…
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's alternative…
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…
According to an explanation issued by the FBR to a Lahore-based chartered accountant firm, "salaried individuals does not require to update their tax profile. However, under Section 181 of the Income Tax…
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 "resident individual" for a…