FBR updates, income tax, budgets and markets for Pakistan
80 articles
The Federal Board of Revenue (FBR) has dismissed 29 officials from civil service on charges of inefficiency and misconduct. These dismissals have been done in the past one year. The officials dismissed…
An analysis is provided here of different countries with the highest sales tax rates on their retail sector on the sale of their goods and services. Those countries have a general VAT…
The Federal Board of Revenue fixes the value of locally produced steel and scrap goods for the purpose of payment of sales tax. As per SRO No. 985 (I)/2021 Dated: 4th August…
Governor State Bank of Pakistan, Dr. Reza Baqir, announced two new initiatives to facilitate the introduction of digital financial products and services by financial institutions which will benefit to the society. These…
"Federal Board of Revenue (FBR) has issued a clarification on a news story titled “1 pc advance tax pushes up drug prices significantly” appearing in Daily Business Recorder on 3rd August, 2021.…
The Federal Board of Revenue (FBR) on Tuesday decided to hold 60% of the refund claims to those top tier retailers who would still deny to link and integrate their sales invoicing…
Federal Board of Revenue has issued a clarification on a news story appearing in Daily Times wrongly portraying that "a proposed amendment in the Finance Bill, 2021 makes it mandatory to make…
The standing committee informed and proposed that an amendment is under way to streamline legality that deals with the tax structure of the gifts given to the relatives. “Provided that, if the…
It is learned that a taxpayer, approached to Federal Tax Ombudsman through Waheed Shehzad Butt, Advocate. Against CTO Tax Employees CIR, Enforcement and Additional Commissioner. Where they has demanded non-existence tax demand…
The finance ministers of the Group of Seven's (G7) developed economies on Saturday agreed to raise the global minimum corporate tax rate to at least 15 percent, aimed at raising more money…
Employee's tax refers to that tax which required to deduct by an employer from the amount of salary or remuneration paid by employer or payable or accrue by an employer. This process…
The bill proposes to streamline the tax system for non-profit organisations, listing of firms in the stock market, tax exemptions for oil refineries, special economic zones (SEZs) set up under the China-Pakistan…
France has collected taxes from year 2019, and Spain from this year. Under pressure from voters, US tech companies are paying more and more taxes in the countries where they operate. An…
This was claimed by government sources who added that they are hopeful that Pakistan would be out of the Grey List following the upcoming meeting of global terror financing watchdog. FATF would…
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READ ALSO: Tax measures & reliefs in response to COVID-19 in 2020 by Pakistan READ ALSO: Top tax issues of Pakistan in 2020 ALSO READ: FBR increased the limit of turnover for…
Retailers with Sales Tax Registration Number (STR) were providing details of ordinary consumers on sale of goods worth more than Rs 100,000 through monthly sales tax returns. Through the Finance Act 2020,…
The FBR has directed the field formations to immediately pay all income tax refunds. Filed under section 170 of the Income Tax Ordinance 2001 by January 31, 2021 for the tax year…
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…
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…