Taxation
How to register a construction company in Pakistan
While registering a construction company in Pakistan, the process can be divided in to following parts, There are three types of businesses on the basis of legal structure, In case of sole…
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Finance
IMF reports stagflation in Pakistan
Pakistan’s economy may grow by 1%, inflation may cross above 10%. Unemployment going to increase by the end of this fiscal year. Facts speculated in the World Economic Outlook (WEO) report that…
Markets
Free use of foreign currency account outside Pakistan stopped by government
In an effort to document economy, dismantle manipulations of foreign currency markets and money laundering, the Federal Government has notified Foreign Currency Accounts Rules, 2020 w.e.f. 9th October 2020. Another condition of…
Updates
FBR upgrades FASTER to FASTER PLUS system for issuance of Refunds
FBR’s automation process of refund of Sales Tax started in 2002. Through introduction of STARR system a semi-automated system. Refund claimants would file refund claims through Refund Claims Preparatory System (RCPS). Data…
Taxation
Taxation of gifts in Pakistan
The FBR will consider provision of gift from closed blood relations. If received through cross cheque or banking channel. Otherwise it will add in income chargeable to tax. The FBR has also…
Taxation
Persons required to get sales tax registration with FBR
According to sub-section (41) of section 2, “taxable supply” means a supply of taxable goods made by,[by an importer, manufacturer, wholesaler (including dealer), distributoror retailer] Other than a supply of goods which…
Taxation
FBR issued valuation for sale of used cars for purpose of collecting sales tax.
The FBR issued SRO 93(I)/2020 to amend Sales Tax Rules, 2006. The FBR issued the rules to implement to the law introduced through Finance Act, 2020 to determine the valuation of used…
Taxation
FBR Extended Last Date For Filling Of Income Tax Returns Of Tax Year 2020
Federal Board of Revenue (FBR) extended last date for submission of annual income tax returns up to December 08, 2020. The last date for submission of tax return was 30th September 2020.…
Updates
Increase of tax on profit on debt for the persons other than companies
Previously, upto tax year 2019, the persons (mentioned in clauses a to d of sub section (1) of section 151) other than the companies were liable to tax on profit on debt…
Taxation
Banks agreed to provide data to FBR regarding withdrawals, deposits, credit card payments and loan
The Federal Board of Revenue (FBR) and the Pakistan Banks Association (PBA) have finally reached an agreement on the implementation of Sections 165 and 165A of the Income Tax Ordinance 2001. The…
Taxation
Ministry of commerce announced the import policy of new and used cars under Import Policy Order, 2020
Ministry of commerce announced the import policy of new and used cars under Import Policy Order, 2020. The ministry issued SRO 902(I)/2020 dated September 25, 2020. Notified the Import Policy Order, 2020…
Taxation
FBR sought suggestions from stakeholders on the TOR
Mr Abid Shaban the Chairman of Technical Committee of Federal Board of Revenue (FBR), aimed to create a taxpayer friendly environment. He invited suggestions for improving various functions of the tax machinery.…
Taxation
Tax returns from Karachi city low-income areas surprisingly on top
Karachi's wholesale and retail markets, which meet the needs of low-income and middle-class areas of city, regularly submitting their due taxes in accordance with their incomes. Tax Compliance in Posh areas In…
Updates
FBR introduced income tax return form in Urdu language
Federal Board of Revenue (FBR) has introduced income tax return form in Urdu language. In order to facilitate taxpayers, a FBR spokesman said on Wednesday. The spokesman said that on the vision…
Finance
Pakistan's current account balance again remains in surplus
Pakistan’s current account balance continued to remain in surplus for the second consecutive month. At $297 million in August as inflows of foreign currencies were higher than outflows. According to central bank…
Taxation
FBR issued order of Rs 35m tax penalty on Justice Isa’s wife
The Federal Board of Revenue (FBR) issued order of Rs 35million tax penalty on Sarina Isa, the wife of Justice Qazi Faez Isa. Commissioner Inland Revenue and International Taxes Zone Zulfiqar Ahmed…
Updates
FBR decided to introduce an automated system of online filing of tax appeals
The Federal Board of Revenue has decided to introduce an automated system of electronic filing of appeals. This system will enable to taxpayers to file there appeal matters with Commissioner appeals online.…
Budget
FBR allowed adjustability of property expenses against income from rent on property for all individuals and AOP's
FBR issued circular no. 03 of 2020, dated 3rd September, 2020. Whereby, FBR allowed adjustability of property expenses against income from rent on property for all individuals and AOP's Amendment in Finance…
Budget
FBR increased the limit of turnover for withholding agents
Federal Board of Revenue FBR increased the limit of turnover for withholding agents. Taxpayers having turnover above Rs 100 million will need to deduction of withholding tax. Income Tax Circular No. 03…
World Taxes
Which countries tax their citizens the most?
Which countries tax their citizens the most? In 2019, the highest income earners in Sweden pay a 57.19 percent, highest in the world. This is more than the OECD average of 41.65…