Taxation
Income Tax Return Filing reached at it's peak
The FBR issued the weekly ATL – 2019 updated on the basis of returns filed up to January 10, 2021. The ATL-2019 will remain applicable till February 28, 2021 as the FBR…
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Updates
e-payment limit of taxes abolished
To this end, a joint meeting has been convened by the State Bank of Pakistan through video link at the request of the Karachi Customs Agents Association. (KCAA). Attended by more than…
Finance
'Raast' first instant digital payment system launched by Pakistan
A major step towards achieving maximum efficiency in the economy of payment and digitization of sending and receiving. Prime Minister Imran Khan on Monday launched the country's first instant digital payment system…
Taxation
Weekly Tax Updates: January 10 2021
Tax Updates | Federal Board of Revenue | Tax News | Income Tax Ordinance 2001 | Sales Tax Act 1990 | FBR |
Updates
FBR launched operation: Get Sales tax registration otherwise face three years imprisonment
According to Federal Board of Revenue (FBR) the tax offices is going to launch operations against the persons who make taxable supplies but are not registered with sales tax. Cottage industry not…
Finance
The State bank of Pakistan launching a new payment system called ‘Raast’
The State Bank of Pakistan (SBP) is ready to introduce a global payment system called 'Raast', which will be a huge leap in the digitization of the country's financial system. Payment systems…
Updates
FBR appealed to all taxpayers to file income tax returns before march 2021
The Federal Board of Revenue has issued a statement stating that there has been a significant improvement in the collection of income tax returns for the tax year 2020. As of December…
Updates
FBR formed committee to improve Income Tax Return forms
This step of FBR is part of various reforms under the special direction of the Prime Minister of Pakistan. FBR urged timely design / finalization of income tax return forms for individuals,…
Updates
FBR established Export Oriented Sectors Registration Cell (ESRC)
The FBR nominated following officers to the cell: Khalid Mehmood, Second Secretary (ST-L&P), Imran Ullah Khan, Senior Auditor (ST-L&P) and Majid Hussain Abbasi, Inspector (ST-L&P). The functions of the ESRC are to:…
Taxation
Taxation of Builders and Developers
There is a complete package covering tax impact from all aspects. Taxpayer is eligible to take the immunity for the same has to be made by June 30, 2021 previously it was…
Updates
Shabbar Zaidi opposed restoring Pakistan's export sector to zero rating
Previously, exporters paid taxes and claimed refunds after exports. The previous government introduced zero rating in the last phase of its tenure, but on the advice of Zaidi, reversed by the PTI…
Taxation
Significant progresses in corporate taxes
Currently, the Government of Pakistan has introduced amendments in the following areas, taking into account the extraordinary economic conditions caused by the Covid 19 epidemic. Fixed tax regime introduced for builders and…
Finance
E-stamping Revenue Reaches Rs. 201.3 Billion at year end 2020
E-Stamping, a flagship project of the Punjab Information Technology Board (PITB), aims to automate the issuance of stamps in Punjab. Since its launch in November 2014, e-stamping has now achieved a milestone…
Updates
Government appointed permanent chairman of the FBR after six months
According to the notification of appointment by Establishment Division, Javed Ghani of Grade 22 has been appointed as Chairman of FBR. His appointment as Chairman FBR will take effect immediately. According to…
Taxation
Company tax return
The tax year for company tax return is starting from 1 July through 30 June. However, tax authorities have powers to allow a special year-end. ALSO READ: Annual Income tax return filing…
Budget
FBR allowed to taxpayers to file settlement application for agreed assessment
The Federal Board of Revenue has issued a statement saying that the government has added a new section 122D to the Income Tax Ordinance 2001 through the Finance Act 2020. Under which…
Markets
Bitcoin trading reached at highest volume
The latest milestone in the world's most popular cryptocurrency came on December 16, less than three weeks after it first crossed 20,000, and the bitcoin has risen 800 percent since mid-March. With…
Updates
FBR directed to issue income tax exemption certificates against gratuity and provident funds
Inland Revenue service sources said that the FBR has issued a directive in response to taxpayers' complaints that tax offices are refusing to grant income tax exemptions against gratuity and provident funds.…
Taxation
FBR launched electronic filing of appeals from 1st January 2021
The Federal Board of Revenue has started electronic filing of appeals from January 1, 2021. Under with the orders of Inland Revenue tax authorities, the first appeal is filed with the Commissioner…
Business
PTCL license expired
PTCL informed to Pakistan Stock Exchange (PSX), that the integrated license was issued for 25 years. License to PTCL was effective from January 01, 1996 and it was valid under December 31,…