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UPDATES
Annual Income tax return filing last date December 31 2020 for companies

Annual Income tax return filing last date December 31 2020 for companies

With the end of the last month of the year 2020, you have only few days left to file annual income tax return (ITR) of Companies‘ for the tax year 2020. For filing an ITR…

UPDATES
FBR tax offices renamed

FBR tax offices renamed

Federal Board of Revenue (FBR) on Monday issued an office order under Section 4(1)(r) of FBR Act, 2007. Whereby FBR renamed it’s field offices of three major cities. The new names of FBR tax offices…

UPDATES
No more withholding tax on educational fees

No more withholding tax on educational fees

Federal Board of Revenue (FBR) revised withholding tax rate on educational fee. Applicable from the tax year 2021. Tax card uploaded by FBR revised up to 30th June 2020 though Finance Act 2020. FBR revised…

TAXATION
Changes in rates of withholding tax on sales to retailers, wholesalers, distributors

Changes in rates of withholding tax on sales to retailers, wholesalers, distributors

Federal Board of Revenue (FBR) issued changes in withholding tax rates on sales made. Sales made by manufacturers to retailers, wholesalers and distributors during the tax year 2021. New rates implemented through Finance Act 2020.…

WORLD TAXES
Afghan transit trade starting through Wagah from July 15

Afghan transit trade starting through Wagah from July 15

  ISLAMABAD: Pakistan has allowed Afghan exports through Wagah border crossing from July 15, 2020, a statement said on Monday. At the special request of the Government of Afghanistan and to facilitate transit trade to…

WORLD TAXES
Pakistan, Hungry sign MoU for avoiding double taxation

Pakistan, Hungry sign MoU for avoiding double taxation

ISLAMABAD: The Federal Board of Revenue (FBR) said in a statement on Wednesday that the exchange of information between Pakistan and Hungary under the new version of income tax evasion and prevention of financial theft.…

UPDATES
PM Imran Khan Big Incentive for Construction Industry In Pakistan

PM Imran Khan Big Incentive for Construction Industry In Pakistan

PM Imran Khan Big Incentive for Construction Industry In Pakistan The President of the SAARC Chamber of Commerce and Industry said that the massive package for the construction industry is a ray of hope at…

BUDGET
Finance Act 2020 | FBR Budget Salient Features | Tax Year 2021 |

Finance Act 2020 | FBR Budget Salient Features | Tax Year 2021 |

Finance Act 2020 | FBR Budget Salient Features | Tax Year 2021 | Industrial Relief Measures Exemption of additional custom duties on those tariff lines which are now @ 0%customs duty in tariff. Reduction of…

FINANCE
Imported LNG prices for gas companies increased

Imported LNG prices for gas companies increased

KARACHI: OGRA increased the prices of imported LNG for gas companies. A price notification has been issued for the month of July. The price of LNG for Sui Northern increased by 0. 0.35 per mmbtu…

WORLD TAXES
Highest Statutory Corporate Income Tax Rates in the World, 2019

Highest Statutory Corporate Income Tax Rates in the World, 2019

Country Name Continent Name Tax Rate United Arab Emirates* Asia 55% Comoros Africa 50% Puerto Rico North America 37.5% Suriname South America 36% Chad Africa 35% Democratic Republic of the Congo Africa 35% Equatorial Guinea…

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