Taxation
Tax on Agricultural Income in Pakistan
Tax on Agricultural Income in Punjab Agricultural income is an exempt income from tax under section 41 of the Income Tax Ordinance, 2001. Such exemption from tax under ITO 2001 ( section…
#FBR Page 21
515 articles
World Taxes
Inheritance and gift tax rates around the world
This is the list of countries by inheritance tax rates and tax rates on the amount of gift. Inheritance tax is also termed as estate tax in some countries. Inheritance tax is…
Business
IT Exports Increased by 40%
This growth attributed to the increase in exports of telecommunications, computers and information services. IT ministry claimed that it has achieved the highest ever growth rate for IT exports. He also clarified…
Updates
Tax Profiles updation not required to salaried taxpayers: FBR
According to an explanation issued by the FBR to a Lahore-based chartered accountant firm, "salaried individuals does not require to update their tax profile. However, under Section 181 of the Income Tax…
Taxation
Resident and Non Resident status under tax laws of Pakistan
Non-resident Pakistani is exempt from payment of taxes, which a resident Pakistani is liable to pay. Prior to the Finance Act 2019, an individual was treated as a "resident individual" for a…
Updates
Taxpayer bound to make e-payment of duties and taxes over Rs 1 million: FBR
Mohsin Rafique informed the participants that as per the requirements of FATF and as a direction towards digitization and automation of the economy, the federal government has now bound to all importers…
Updates
Procedure for registration of FBR informer
Complete procedure for registration as informer and other conditions are specified in the Income Tax Rules, 2002. An “Informer” means any person, a group of persons or a company who provides any…
Markets
State Bank of Pakistan maintained the Monetary Policy rate for the next two months
State Bank of Pakistan Governor Dr. Raza Baqir said that the MPC observed the annual inflation rate. According to him, Inflation rate predicted from 7 to 9%. Baqir said that due to…
Updates
FBR extends scope of sales tax on IT Services and IT Enabled Services
The FBR issued SRO 77 (1) 2021 to amend SRO 495 (1) / 2016 on July 4, 2016 regarding the imposition of sales tax on services provided in Islamabad Capital Territory (ICT).…
Business
Non-textile sector DLTL refunds approved
"I am pleased to announce that Rs 213 million has been sanctioned for DLTL payments in the non-textile sector," Abdul Razzaq Dawood, Advisor to the Prime Minister on Trade and Investment, said…
Taxation
Corporate tax exemptions
Profits arrived from the business unit of an electric power generation project established in Pakistan are exempt from tax. Profits earned by a company from the export of computer software, IT services,…
Budget
FBR called for income tax proposals for 2021/2022 budget
The FBR has asked suggestions from the tax offices including Large Taxpayer Offices (LTOs), Medium Tax Offices (MTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) as well as traders and…
Updates
FBR has been asked to be fully digitized by July 2021: PM Says
It allow the government to increase tax collection and allocate more resources in the social sector. It will help increase spending on human capital. Addressing the inaugural function of the National Highways…
Updates
Penalties will not be imposed on late filers of income tax returns: FBR
Federal Board of Revenue (FBR) has softened its stance on imposing fines on late filers in the tax year 2020-21. Although the tax authority has not imposed any fines, the fines have…
Taxation
FBR allowed to registered persons to file non-export refund claims
The FBR issued instructions to the field formations on non-export and carry forward based sales tax refunds. The decision has been taken for the convenience of taxpayers, who are unable to get…
Taxation
Criteria for selection & conduct of income tax audit
The Federal Board of Revenue (FBR) has issued a criteria for selection and conduct of income tax audit under Section 214C of the Income Tax Ordinance, 2001. The criteria have been given…
Business
Law enforcement agencies sealed 609 illegal petrol pumps
About 4.5 million liters of smuggled petrol and diesel have also sealed during the operation, a statement issued by the PM office said on Friday. The authorities have initiated crackdown against the…
Business
Japan action against trade of illegal used cars in Pakistan
Amid growing protests among the Pakistani business community in Japan, the Japanese government has announced action against the approval of used vehicles on the basis of forged / forged documents. "In response…
Updates
No law to bring back assets abroad: Shabar Zaidi.
Former Federal Board of Revenue (FBR) chairman Shabar Zaidi has said there is no law to bring back assets abroad. The question is, how did 120 billion go abroad? He said these…
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…