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,…
#ActiveTaxpayerList Page 2
131 articles
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…
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…
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,…
Updates
FBR issued no of tax returns submitted up to year end 2020
It is to remind here that the last date for submission / filing of income tax returns by salaried, business individuals, AOPs and companies with special financial year, was December 08, 2020.…
Updates
FBR's datewise activities in year 2020
READ ALSO: Tax measures & reliefs in response to COVID-19 in 2020 by Pakistan READ ALSO: Top tax issues of Pakistan in 2020 ALSO READ: FBR increased the limit of turnover for…
Taxation
Tax measures & reliefs in response to COVID-19 in 2020 by Pakistan
23 August 2020: FBR exempted taxes on import of oxygen gas, oxygen cylinders and cryogenic tanks. This exemption was available for a period of 3 months starting from 23 June 2020. This…
Markets
Prices of all petroleum products increased: A New Year gift
According to a press release issued by the Finance Division, the prices of petroleum products enhanced and will effect from January 01, 2020 for the next fortnight. The price of petrol increased…
Budget
Retailers registered with FBR started obtaining CNIC of consumers on sales above than Rs100,000
Retailers with Sales Tax Registration Number (STR) were providing details of ordinary consumers on sale of goods worth more than Rs 100,000 through monthly sales tax returns. Through the Finance Act 2020,…
Taxation
Cash paid for immovable property required to be reported under anti money laundering and counter terrorism financing : FBR
Every cash transaction for sale or purchase of housing units worth more than Rs. 2 million must be reported under Anti Money Laundering (AML) / Counter Terrorism Financing (CFT). To comply with…
Updates
Field formations directed to pay all income tax refunds submitted by January 31, 2021: FBR
The FBR has directed the field formations to immediately pay all income tax refunds. Filed under section 170 of the Income Tax Ordinance 2001 by January 31, 2021 for the tax year…
Updates
40 percent of registered taxpayers do not file sales tax forms
Forty percent (40%) of the taxpayers registered with the Sales Tax Directorate do not submit their sales tax forms. They cheat the government revenue and honest taxpayers by engaging in the activities…
Updates
Annual Income tax return filing last date December 31 2020 for companies
With the end of the last month of the year 2020, you have only few days left to file annual income tax return (ITR) of Companies' for the tax year 2020. For…
Taxation
Further extension in time for filing income tax return
Extension of time for furnishing returns and other documents. Section 119 of the Income Tax Ordinance 2001 deals with the extension in time for filing annual income tax returns. According to the…
Markets
State bank issued list of chartered accountants firms for audit of banks
SBP's panel of chartered accountants Auditors Maintained Under Section 35 (1) of Banking Companies Ordinance, 1962. State Bank of Pakistan updated the list up to December 21, 2020. Following is the list…
Taxation
Income Tax on Foreign Remittance in Pakistan 2022
Through the study of the Income Tax Ordinance, 2001 in general and the provisions of Section 80 of the Ordinance in particular, reveal the three types of persons to be treated under…
Finance
State bank never declared cryptocurrency illegal: SHC
A two-judge bench headed by Justice Muhammad Karim Khan Agha. He had sought the opinion of the SBP till January 13. On whether there was any law in place to curb cryptocurrency…
Updates
Tax amnesty scheme for builders and developers ending at December 31 2020
Complete procedure to get registration under the said tax amnesty scheme is available under Section 100D of Income Tax Ordinance, 2001. Salient Features of Scheme for Builders and Developers Under Section 100D…
Taxation
Exemption from sales tax on medical and testing equipment regarding covid-19
This Notification shall take effect from the 1st day of October, 2020 and shall remain in force up to the 30 th day of June, 2021.