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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

Ministry of commerce announced the import policy of new and used cars under Import Policy Order, 2020. Import Policy Order 2020 The ministry issued SRO 902(I)/2020 dated September 25, 2020. Notified the Import Policy Order,…

TAXATION
FBR sought suggestions from stakeholders on the TOR

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. Chairman technical committee…

TAXATION
Tax returns from Karachi city low-income areas surprisingly on top

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 comparison, tax…

UPDATES
FBR introduced income tax return form in Urdu language

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 of the Prime…

FINANCE
Pakistan’s current account balance again remains in surplus

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 data released…

TAXATION
FBR issued order of Rs 35m tax penalty on Justice Isa’s wife

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 on September 14…

UPDATES
FBR decided to introduce an automated system of online filing of tax appeals

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. It is an…

BUDGET
FBR allowed adjustability of property expenses against income from rent on property for all individuals and AOP’s

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 Act, 2016 In…

BUDGET
FBR increased the limit of turnover for withholding agents

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 of 2020 a…

WORLD TAXES
Which countries tax their citizens the most?

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 percent. Normally, income…

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