FBR updates, income tax, budgets and markets for Pakistan
34 articles
What is the tax on the sale purchase of immovable property in Pakistan? The government of Pakistan has enhanced the rate of Advance Tax on the sale or purchase of immovable properties…
What is section 7e of the Income Tax Ordinance 2001. According to the FBR, a new section 7E was introduced through Finance Act, 2022. Whereby for the tax year 2022 and onwards,…
What is the Latest FBR Property Valuation Rates 2022:. Federal Board of Revenue (FBR) issues Immovable Property valuation rates of different cities of Pakistan. FBR's these property valuation rates are near to…
The FBR has issued 40 notifications to downward revised Property Valuation Rates of Immovable Properties tables here on Thursday. Previously, in December 2021, to revise the rates of fair market value of…
Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has assured land developers that the federal government will extend the exemption on wealth reconciliation statement for first-time home buyers beyond…
Further instructions disappointed all stakeholders (tax consultants / practitioners, taxpayers, chambers etc.,) who have already requested to the FBR for extension of last date for Tax Year 2020. Last Friday, FBR has…
Persons who are not required to file there income tax returns are explained under section 115 of Income Tax Ordinance, 2001. Section 115 of the Income Tax Ordinance, 2001 is reproduced here:…
The package came into force under Section 100D of the Income Tax Ordinance 2001 and the Eleventh Schedule Amendment under the Tax Laws Amendment Ordinance 2020. Construction package is applicable to land…
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,…
POS system is a cloud based system. Needs a computer, an internet connection and a software downloaded from Pakistan Revenue Automation Private Limited (PRAL). Due to simple software, very few retailers taking…
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…
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.…
Karachi Tax Bar Association (KTBA) wrote a letter to Dr. Muhammad Ashfaq, Member Inland Revenue (Operations), Federal Board of Revenue (FBR) regarding the matter. Issues already highlighted at November 17, 2020 but…
Weboc is a computerized system that provides customs clearance for import and export of goods. Developed by PRAL. It's login and Password which is issued after completion of a series of procedures.…
Scope of tax Under Section - 3(1) Scope of tax Under Section - 3(1) Subject to the provisions of this Act, there shall be charged, levied and paid a tax known as…
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…