FBR updates, income tax, budgets and markets for Pakistan
515 articles
Taxpayers are required to update their profile by June 30, 2021, to avoid penalty and exclusion from Active Taxpayers List (ATL) under section 114A of Income Tax Ordinance, 2001. The last date…
Prime Minister Imran Khan and other members of the National Assembly also attended the National Assembly session to vote on budget 2021-2022. There were 172 votes in favor of the Finance Bill…
All the field offices of the Federal Board of Revenue will remain open till 12:00 midnight on 30th June, 2021. To facilitate the taxpayers' in payment of duties and taxes. FBR has…
READ ALSO: Auto Sector wins Tax Relief in Budget 2021-2022 On Friday, Shaukat Tarin added while talking at the session of the National Assembly, that income tax exemption on medical expenses will…
FBR action against unregistered persons who are liable to be registered and are required to pay due sales tax on their taxable supplies under the Sales Tax Act, 1990, Federal Board of…
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…
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…
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…
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 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…
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…
Under the Finance Bill, 2021, the FBR proposed Section 203A (Power to arrest and prosecute) in the Income Tax Ordinance 2001. It must be remembered that Section 184 (Penalty for concealment of…
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.…
While presenting the federal budget for financial year 2021-2022, the finance minister Shaukat Tarin presented speech in the national assembly session by portraying the state of the economy that the Pakistan Tehreek-e-Insaf…
According to the documents, Rs 110 billion earmarked for water resources, Rs 113 billion for NHA and Rs 53 billion for PEPCO. Rs 60 billion allocated for emergency and other situations and…
Preparations for Punjab's budget for the next financial year 2021 are underway. The P&D Board has prepared the first proposed draft of the development budget for the next financial year. It proposed…
According to media, the IMF proposed to charge a tax of 7.5% on all pension holders because the government’s discussion with the IMF and the World Bank on the federal budget for…
It is learned that a taxpayer, approached to Federal Tax Ombudsman through Waheed Shehzad Butt, Advocate. Against CTO Tax Employees CIR, Enforcement and Additional Commissioner. Where they has demanded non-existence tax demand…
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…
Currently, the Federal Board of Revenue (FBR) has released the provisional revenue collection figures for the first eleven months of current tax year / fiscal year. According to the information, FBR has…