FBR updates, income tax, budgets and markets for Pakistan
86 articles
For getting information regarding the IRS refund status, you must have information regarding the following ? Taxpayer must enter the SSN or IRS Individual Taxpayer Identification Number Which mentioned on taxpayer's tax…
(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)…
Last date for online applications is January 15, 2021 and for more details click here: hec.gov.pk/site/ARL. "The programme is managed by HEC Pakistan in collaboration with the Tempus Public Foundation, Hungary." Online…
Epidemics and lock downs affect people financially and more importantly mentally. During the lock down business, businesswomen and business people left to work from home. While working from home can save money…
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 Chancellor announced a reduction in VAT rate for the hospitality and tourism sectors in this epidemics situation. This temporary reduction in VAT rates from 20% to 5% would be maintained till…
National Job Portal launched in November, 2020 by Prime Minister, Imran Khan. It is an another step towards the vision of Digital Pakistan. Around 2 million jobs are created in Pakistan each…
The top tax havens are island countries such as the British Virgin Islands, Samoa and Malta. Tax shelters are places where rich people keep money in foreign accounts for a different reasons,…
With the UAE's first mall launching the service. Visitors to the Dubai Mall can now take advantage of the hassle-free option to claim a hassle-free VAT return. Seven self-service kiosks set up…
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…
Federal Board of Revenue (FBR) ceased manual processing of income tax refunds. FBR ordered regional tax offices that process the tax refunds at central level through State Bank of Pakistan (SBP). An…
The ADB defined the 'Karakoram' bond as "an offshore bond denominated in Pakistan rupees and settled in US dollars, listed on a major stock exchange, and settled through an international central securities…
The FBR said in an official tweet that under section 114 of the Income Tax Ordinance 2001, all persons who have houses consisting of 500 square yards or vehicles of one thousand…
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…
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…
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…
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%…
FBR has acquired all authentic information of all filers and non-filers, which include: 1 million filers claiming to have non-taxable income but evidence to the contrary exists. More than 3.5 million NTN…
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…
Pakistan ranked 116th among 128 countries on the absence of corruption index. A World Justice Project (WJP) Survey conducted by Gallup Pakistan. Survey results based on Factor 2 of the World Justice…