FBR updates, income tax, budgets and markets for Pakistan
41 articles
The return filers now require to submit "Taxpayer's Profile". These include particulars of bank accounts, utility connections, business premises including all manufacturing, storage or retail outlets etc. Under section 114A(1) of Income…
Active taxpayer list is a record of taxpayers who have submitted their tax returns of previous years. It’s updated on the basis of previous years submission of tax returns. The active taxpayers…
During the first 15 days of next month, the federal government reduced the price of petrol by Rs 1.57 per liter. According to the details, the price of petrol reduced by Rs…
Federal Board of Revenue (FBR) updated rate of income tax on vehicles used for both passenger and goods transportation for tax year 2021 (July 01, 2020 to June 30, 2021). The FBR…
The Banking Mohtasib (Ombudsman) Pakistan received 14,587 complaints against banks for the year ended December 31, 2019. The annual report of Banking Mohtasib Pakistan received the following no of complaints: Relief provided…
With compliance of 21 points out of 27 action plan placed to combat money laundering and terror financing. The FATF’s meeting started in Paris on Wednesday. The FATF meeting will decide fate…
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…
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…
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…
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.…
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…
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…
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.…
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…
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…
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.…
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…
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…
Federal Board of Revenue (FBR) issued list of business sectors for mandatory income tax integration under income tax laws. SRO issued vide no 779(I)/2020 by FBR to amend Income Tax Rules 2002.…
Tax relief proposed for telecom sector in ECC committee meeting. Whereby, advance income tax on the telecom sector proposed to abolish and reduction in the FED rate. Matter moved to a committee…