FBR updates, income tax, budgets and markets for Pakistan
6 articles
The Income Tax (Second Amendment) Ordinance, 2021 promulgated in March 2021 was proposed to be made part of the Bill for approval by the Parliament as required by the Constitution. The Finance…
The 2.2 million tax return filers were only one-third of those who have valid National Tax Numbers (NTNs). They were doing business in Pakistan but did not file tax returns. This means…
Federal Board of Revenue (FBR) has softened its stance on imposing fines on late filers in the tax year 2020-21. Although the tax authority has not imposed any fines, the fines have…
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…
Offence: Where any person fails to furnish a return of income as required under section 114 within the due date. Penalties: Such person shall pay a penalty equal to 0.1% of the…
The State Bank of Pakistan imposed over Rs 271 million penalties on four banks. For the quarter ending September 30, 2020. Reasons behind the SBP action is due to non-compliance with legal…