Taxation
Income tax returns filing reached at new peak
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,…
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Updates
Taxpayer bound to make e-payment of duties and taxes over Rs 1 million: FBR
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…
Updates
Procedure for registration of FBR informer
Complete procedure for registration as informer and other conditions are specified in the Income Tax Rules, 2002. An “Informer” means any person, a group of persons or a company who provides any…
Updates
FBR considering proposals to tax benefit 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…
Markets
State Bank of Pakistan maintained the Monetary Policy rate 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…
Updates
FBR extends scope of sales tax on IT Services and IT Enabled Services
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).…
Finance
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…
Business
Non-textile sector DLTL refunds approved
"I am pleased to announce that Rs 213 million has been sanctioned for DLTL payments in the non-textile sector," Abdul Razzaq Dawood, Advisor to the Prime Minister on Trade and Investment, said…
Taxation
Corporate tax exemptions
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,…
Budget
FBR called for income tax proposals for 2021/2022 budget
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…
Updates
FBR has been asked to be fully digitized by July 2021: PM Says
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…
Business
Telecom sector tax share increases 129% in FY20: PTA
"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…
Updates
Penalties will not be imposed on late filers of income tax returns: FBR
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…
Taxation
FBR allowed to registered persons to file non-export refund claims
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…
Taxation
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…
Business
WhatsApp delayed its new privacy policy as users run away to other 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…
Business
Law enforcement agencies sealed 609 illegal petrol pumps
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…
Business
Japan action against trade of illegal used cars in Pakistan
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. "In response…
Updates
No law to bring back assets abroad: 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…
Updates
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…