Updates
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…
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Markets
State bank issued list of chartered accountants firms for audit of banks
SBP's panel of chartered accountants Auditors Maintained Under Section 35 (1) of Banking Companies Ordinance, 1962. State Bank of Pakistan updated the list up to December 21, 2020. Following is the list…
Taxation
Income Tax on Foreign Remittance in Pakistan 2022
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…
Markets
PTI federal government has once again dropped a petrol bomb on the people
According to the details, it is bad news for the people. The government dropped petrol bomb on the people. The price of petroleum products was increased by Rs.5. According to the notification…
Taxation
Taxpayers are still allowed to file income tax returns: FBR
For the betterment of the taxpayers, the FBR has clarified that they should file their tax returns. As soon as possible as those who file late returns will be penalized accordingly. It…
Taxation
FBR clarification: good news for overseas Pakistanis for taking exemption from tax on profit on bank deposits
Federal Board of Revenue (FBR) made it mandatory for overseas Pakistanis to seek income tax exemption on 'profit on bank deposits' received from remittances deposited in their local bank. Exemption Certificate needs…
Updates
Covid-19 & No extension in date of tax return filing: statutory time already lapsed: FBR
The FBR informed all the Chief Commissioners of Inland Revenue in the office order about the last date of filing of returns. However, the FBR said that taxpayers who seek extension of…
Updates
Cyber security advisory issued by PRAL for FBR employees working from home
PRAL said that turning to remote work due to the ongoing corona virus epidemic could create cyber security issues for the FBR and its employees. Attackers are taking advantage of the situation,…
Updates
FBR disposed off cases without audit: Notices Issued
After failing to properly deal with 310,000 tax audit cases through proper scrutiny, the Federal Board of Revenue (FBR) has started dealing with cases pending for six years in a hurry, a…
Updates
Taxes on petroleum products changed
The government changed the taxes on petroleum products, petroleum levy on diesel reduced by Rs 2.43 per liter and petrol by Rs 1.32 per liter. The reduction in levy implemented from today.…
Taxation
Cottage industry not required to get sales tax registration
Registration Section 14 Registration Section 14(1) Every person engaged in making taxable supplies in Pakistan, including zero-rated supplies, in the course or furtherance of any taxable activity carried on by him, falling…
Taxation
Sales tax zero rated Supplies in Pakistan
(a) goods exported, or the goods specified in the Fifth Schedule; Goods of Fifth Schedule of Sales Tax Act 1990 1- (i) Supply, repair or maintenance of any ship which is neither;(a)…
Taxation
Good news for salaried taxpayers: salary tax adjustments through employer
Salaried class employees, should get tax adjustment on there salary from their employers under the Income Tax Ordinance 2001. There is no need for waiting a refund claim from the Federal Board…
Finance
State Bank of Pakistan (SBP) authorized to non-resident individuals holding Pakistan Origin Card (POC) to open foreign currency account
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…
Updates
Income tax return filing reached at 2.93 million
Active Taxpayer list (ATL) issued on the basis of Tax Year 2019. Statistics based on the Income tax returns submitted up to November 15, 2020. Last year on the basis of tax…
Business
China launches 6G satellite: We are still on 4G
Whilst engineers in most countries are still trying to install 5G networks. China has sent the ‘world’s first 6G’ test satellite into orbit. China launched, along with 12 other satellites, from the…
Updates
CAF autumn result announced by ICAP today
Examination dates of CAF autumn attempt was from 21st to 26th September 2020. Commencement Date of submission of Forms was at 1st July 2020. Last date for submission of forms without 50%…
Markets
Good news: Petrol prices reduced by government
The petroleum products prices reduced by the federal government on Sunday. PTI government issued a notification through Ministry of Finance, announcing to reduce petrol prices to Rs100.69 per liter. The per-litre prices…
Budget
Disallowance of Commission: Commission in respect of Third Schedule Items
Amendment made through Finance Act 2019, to disallow any expenditure incurred on account of commission in respect of supplies covered by the Third Schedule to the Sales Tax Act, 1990 (STA), if…
Taxation
Sales tax refunds: Required documents & process
Monthly sales tax returns submitted treated as a refund claim. With supportive documents including the required information in the format or software. No refund claim shall be entertained if the taxpayer fails…