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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 issues clarification on FMCG

FBR issues clarification on FMCG

Federal Board of Revenue (FBR) has clarified that the table prescribing tax rates for minimum tax on turnover basis has been substituted in the Finance Bill-2021 to provide relief to retailers of Fast Moving Consumer…

UPDATES
Senate Panel criticized FBR for sending tax notices

Senate Panel criticized FBR for sending tax notices

Senate Standing Committee on Finance on Monday criticized the Federal Board of Revenue’s (FBR) absolute action against taxpayers, who facing tax notices having tax demands that is many times more than their annual turnovers. During…

BUDGET
Govt decides to withdraw arrestment powers on concealment of Income

Govt decides to withdraw arrestment powers on concealment of Income

The government has finally taken the decision to remove all income tax provisions from the Finance Bill, 2021, relating to the powers of the Inland Revenue officers to arrest any person under the proposed Section…

UPDATES
Government Seeks to Impose tax on Suspicious Gifts transactions among Relatives

Government Seeks to Impose tax on Suspicious Gifts transactions among Relatives

The standing committee informed and proposed that an amendment is under way to streamline legality that deals with the tax structure of the gifts given to the relatives. “Provided that, if the capital asset acquired…

BUDGET
Political parties exempted in Budget from filing income tax returns and paying taxes

Political parties exempted in Budget from filing income tax returns and paying taxes

The government proposed to exempt all registered political parties of Pakistan from the obligation of submitting their annual income tax returns and wealth statements and other related record. Finance Bill 2021 presented on last Friday.…

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
Highlights, New Taxes, Relief and Incentive Measures in Budget 2021-2022

Highlights, New Taxes, Relief and Incentive Measures in Budget 2021-2022

The government presented the next fiscal year’s (2021-2022) budget with a total volume of over Rs. 8 trillion. While presenting the federal budget for financial year 2021-2022, the finance minister Shaukat Tarin presented speech in…

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…

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