World Taxes
Inheritance and gift tax rates around the world
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…
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156 articles
Updates
Corruption in Pakistan increased more than Afghanistan: Transparency International reveals
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…
Updates
FBR opposed to restore the zero rating system
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…
Business
IT Exports Increased by 40%
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…
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,…
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).…
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…
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…
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…
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…
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…
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…
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 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…