FBR updates, income tax, budgets and markets for Pakistan
20 articles
Unlocking the Power of Payoneer for International Payments in Pakistan. Payoneer is one of the great international payment system where you can explore lot of benefits. It is available in Pakistan also…
Tax Exemption of Foreign Source Income of Returning Expatriates. According to Section 51 of Income Tax Ordinance, 2001 foreign source income of returning expatriates is exempt from tax. Following is the text…
Payoneer How Long to Receive Money. When I started using Payoneer in 2020 to receive money from different digital platforms then I realized that it is very easy to use as well…
On the plea of the Federal Board of Revenue (FBR), the Supreme Court of Pakistan has suspended the Sindh High Court (SHC) order which declared illegal the issuance of FBR notices to…
The proposed increase of five percent (5%) in the withholding tax (WHT) on telecommunication services and the standard rate of 17% percent sales tax on import of computers and accessories is expected…
The State Bank of Pakistan (SBP) has set a new deadline of June 30, 2022, for exchange companies to ensure the implementation of the Biometric Verification System (BVS). A circular issued by…
The government has given legal cover to foreign remittances through Money Service Bureaus (MCBs), Exchange Companies (ECs) and Money Transfer Operators (MTOs), which would be considered as foreign exchange remitted from outside…
In Pakistan taxation or non-taxation of foreign remittances has historically been in the spotlight both from the tax policy and tax law enforcement perspectives – more so, since early 1970s. In the…
Karachi Tax Bar Association (KTBA) urges the Federal Board of Revenue (FBR) to issue fresh directions to banks for not collecting withhold tax under section 154A of the Income Tax Ordinance from…
Let us see the taxation of IT and IT enabled services, freelancer and startups. Both income tax and sales tax provisions are here hereby explained. Further, the recent changes in taxation of…
The main purpose of these revisions is to promote ease of doing business. To ease the current instructions, minimizing the redundancies and delegating more powers to the Authorized Dealers to facilitate the…
According to the State Bank of Pakistan (SBP), this is an increase of 212$ million in March. Arrivals have been accelerating every month since the launch of the Roshan Digital Account (RDA)…
As per the latest data released by the State Bank of Pakistan (SBP), the workers' remittances enhanced by 24.17 percent as compared to the same month in last year 2020. On a…
Budget proposal available to expand the scope of tax incentives available for income from the export of software, IT services and IT-enabled services, a statement said. For this purpose, the 'Tax Exemption'…
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…
According to media reports published, that if any such proposals are finalized, they could be incorporated through a presidential ordinance amending the Income Tax Ordinance, 2001 (Ordinance).The whole exercise is aimed at…
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…
Through the study of the Income Tax Ordinance, 2001 in general and the provisions of Section 80 of the Ordinance in particular, reveal the three types of persons to be treated under…
Foreign Exchange (FE) circular No. 02 dated August 05, 2020 explains, a non resident person is eligible to open foreign currency account. State Bank of Pakistan clarified that non-resident person also eligible…
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…