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UPDATES
List of Budget suggestions finalized by senate body

List of Budget suggestions finalized by senate body

The Senate Standing Committee on Finance finalised its suggestions regarding Finance Bill, 2021-22, during a session of the meeting on Wednesday. The meeting of the finance committee which was presided over by Senator Talha Mahmood…

BUDGET
Tax Experts disclosed FBR’s three budgetary proposals impracticable

Tax Experts disclosed FBR’s three budgetary proposals impracticable

Tax experts have termed Federal Board of Revenue’s (FBR) three budgetary proposals are not practicable. These includes 1- collection of withholding tax on domestic electricity bills, 2- sales tax from sugar on printed retail price…

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
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…

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…

BUDGET
Budget in front but Pakistan and IMF will discuss taxes next week

Budget in front but Pakistan and IMF will discuss taxes next week

Pakistan and the International Monetary Fund (IMF) are working to eliminate their differences over new taxation measures. The government’s willing to increase sales tax rate on fertilizer to 10% and charge 17% tax on import…

BLOG
Tax Practitioners Urged FBR to issue FTNs against Withholding tax Deduction

Tax Practitioners Urged FBR to issue FTNs against Withholding tax Deduction

Tax practitioners have urged the Federal Board of Revenue (FBR) to issue Free Tax Numbers (FTNs) to persons who are not liable for withholding tax. In its proposals for budget 2021/2022, the Karachi Tax Bar…

BUDGET
FBR called for income tax proposals for 2021/2022 budget

FBR called for income tax proposals for 2021/2022 budget

The Federal Board of Revenue (FBR) called for income tax proposals for the 2021/2022 budget and asked stakeholders to submit the same by February 15, 2021. The FBR has asked suggestions from the tax offices…

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