FBR updates, income tax, budgets and markets for Pakistan
122 articles
"I am directed to refer to the subject and to state that all LT0s/MT0/CTOs/RTOs shall remain open and observe extended working hours till 12:00midnight on Friday, 15thOctober, 2021, to facilitate the taxpayers…
Federal Board of Revenue has issued a clarification on a news story titled “FBR issues thousands of suspicious exemption certificates” appearing in a magazine with the name “Profit” in its edition of…
The Federal Board of Revenue (FBR) has advised Tier-1 Retailers to integrate their invoicing systems with the tax Realtime invoicing system of Federal Board of Revenue. FBR has given 15th August, 2021…
Tax on Agricultural Income in Punjab Agricultural income is an exempt income from tax under section 41 of the Income Tax Ordinance, 2001. Such exemption from tax under ITO 2001 ( section…
According to media reports, exporters have approached the Prime Minister and various parliamentary committees with a proposal to restore the sales tax zero rating system in the budget (2020-21). The industry's alternative…
This growth attributed to the increase in exports of telecommunications, computers and information services. IT ministry claimed that it has achieved the highest ever growth rate for IT exports. He also clarified…
Mohsin Rafique informed the participants that as per the requirements of FATF and as a direction towards digitization and automation of the economy, the federal government has now bound to all importers…
The FBR issued SRO 77 (1) 2021 to amend SRO 495 (1) / 2016 on July 4, 2016 regarding the imposition of sales tax on services provided in Islamabad Capital Territory (ICT).…
The FBR issued the weekly ATL – 2019 updated on the basis of returns filed up to January 10, 2021. The ATL-2019 will remain applicable till February 28, 2021 as the FBR…
To this end, a joint meeting has been convened by the State Bank of Pakistan through video link at the request of the Karachi Customs Agents Association. (KCAA). Attended by more than…
A major step towards achieving maximum efficiency in the economy of payment and digitization of sending and receiving. Prime Minister Imran Khan on Monday launched the country's first instant digital payment system…
Tax Updates | Federal Board of Revenue | Tax News | Income Tax Ordinance 2001 | Sales Tax Act 1990 | FBR |
According to Federal Board of Revenue (FBR) the tax offices is going to launch operations against the persons who make taxable supplies but are not registered with sales tax. Cottage industry not…
The State Bank of Pakistan (SBP) is ready to introduce a global payment system called 'Raast', which will be a huge leap in the digitization of the country's financial system. Payment systems…
This step of FBR is part of various reforms under the special direction of the Prime Minister of Pakistan. FBR urged timely design / finalization of income tax return forms for individuals,…
There is a complete package covering tax impact from all aspects. Taxpayer is eligible to take the immunity for the same has to be made by June 30, 2021 previously it was…
E-Stamping, a flagship project of the Punjab Information Technology Board (PITB), aims to automate the issuance of stamps in Punjab. Since its launch in November 2014, e-stamping has now achieved a milestone…
The tax year for company tax return is starting from 1 July through 30 June. However, tax authorities have powers to allow a special year-end. ALSO READ: Annual Income tax return filing…
The Federal Board of Revenue has issued a statement saying that the government has added a new section 122D to the Income Tax Ordinance 2001 through the Finance Act 2020. Under which…
The latest milestone in the world's most popular cryptocurrency came on December 16, less than three weeks after it first crossed 20,000, and the bitcoin has risen 800 percent since mid-March. With…