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BUDGET
National Assembly Approved Finance Bill 2021-2022

National Assembly Approved Finance Bill 2021-2022

The National Assembly of Pakistan on Tuesday approved the Finance Bill 2021-2022 with majority of votes. Prime Minister Imran Khan and other members of the National Assembly also attended the National Assembly session to vote…

BUDGET
FBR Officers Authorized to Arrest Anyone on Concealment of Income

FBR Officers Authorized to Arrest Anyone on Concealment of Income

The Inland Revenue officers of the Federal Board of Revenue (FBR) have been given unlimited powers to arrest any person against the charges of the concealment of income in the recent budget presented. Under the…

BUDGET
Taxes on Salaries and Pensions: FBR Issues Clarification

Taxes on Salaries and Pensions: FBR Issues Clarification

Federal Board of Revenue (FBR) issued a clarification on a news published in the daily Express Tribune, in its issue dated 14th June, 2021 regarding budget proposals on taxation of salary income. FBR explained that the…

BUDGET
Proposed Federal Development Budget

Proposed Federal Development Budget

The federal development budget for the next financial year has been allocated Rs 900 billion, the federal ministries will get Rs 672 billion. According to the documents, Rs 110 billion earmarked for water resources, Rs…

BUDGET
Proposals for development budget of Punjab for next financial year

Proposals for development budget of Punjab for next financial year

Preliminary proposals have been prepared for the development budget of Punjab for the next financial year. Apart from the recommendations for allocating a development package of Rs. 475 billion for the province and Rs. 60…

UPDATES
FTO ordered an investigation against officials of CTO Lahore against recovery of tax without notice

FTO ordered an investigation against officials of CTO Lahore against recovery of tax without notice

The Federal Tax Ombudsman (FTO) has passed an order against the corporate tax office, Lahore (CTO) tax employees, against the cases involved in collecting taxes from government departments without communicating any enforceable order of tax…

BUDGET
Real Estate Sector Demands Extension In Construction Package & Amnesty Scheme

Real Estate Sector Demands Extension In Construction Package & Amnesty Scheme

The real estate sector has demanded in the next budget that the construction package of the Prime Minister and the related amnesty scheme be extended till June 30, 2022. 50% reduction in all fees on…

WORLD TAXES
Rich countries Under Criticism Over G7 Tax Deal

Rich countries Under Criticism Over G7 Tax Deal

Anti-poverty activists on Monday criticized the agreement reached by seven rich countries (G7) to impose a minimum tax on multinational companies, saying it would benefit rich countries at the expense of the poor. The finance…

UPDATES
Income Tax Returns Filing for Tax Year 2020 Reaches 2.93m

Income Tax Returns Filing for Tax Year 2020 Reaches 2.93m

The income tax returns for tax year 2020 have reached to a new peak of 2.93 million against 2.63 million in last year for tax year 2019. Showing an increase of 11.4 percent along with…

TAXATION
Islamabad Chamber of Commerce chief demands fixed tax regime for Traders

Islamabad Chamber of Commerce chief demands fixed tax regime for Traders

Islamabad Chamber of Commerce and Industry President Sardar Yasir Ilyas Khan has urged the government to introduce a fixed tax regime for traders in the upcoming budget. He also said to end the condition of…

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