FBR withdraws all appeals in exemption on foreign remittances
Federal Board of Revenue (FBR) has withdrawn all the appeals pertaining to income tax exemption on…
FBR announces planned system downtime up to 30th August 2021
Federal Board of Revenue (FBR) issued Press release today (on 22nd August, 2021) regarding the…
Changes to offences and penalties under Finance Act 2021
The Income Tax (Second Amendment) Ordinance, 2021 promulgated in March 2021 was proposed to be made…
About taxes on corporate income in Pakistan
A resident company is taxed on its worldwide income. Non-resident companies operating in Pakistan…
Updated tax provisions for property rental income in budget 2021-22
Finance Act, 2013 shifted the property income (Property rental income) from fixed tax regime to…
Countries with the highest sales tax rate on retailers
An analysis is provided here of different countries with the highest sales tax rates on their retail…
Govt Considers to end 1% Bank Deduction on IT Export Remittance
The government is considering over stopping banks from deducting 1% or 2% percent tax on IT foreign…
Updated Tax Exemptions and Tax Credits for the Financial Year 2021-2022
Income Tax Ordinance, 2001 provides for tax exemptions, tax credits, reduced tax rates, and…
FBR Issues Circular for Tax Recovery Procedures From Cooperative Housing Societies
Federal Board of Revenue (FBR) issued Circular No. 3 of 2022 Dated: July 5th, 2021 regarding…
Taxpayers to update profile to remain in ATL and skip fine
Taxpayers are required to update their profile by June 30, 2021, to avoid penalty and exclusion from…
