Budget
List of sales tax exemptions granted in budget 2021-2022
Under section 13 of The Sales Tax Act 1990, the Sixth Schedule of the Sales Tax Act, 1990 specifically and explicitly mentions those goods on which exemption of sales tax is available.…
#TaxUpdates Page 3
164 articles
Updates
FBR removes tax officials despite resistance from tax machinery
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…
World Taxes
Countries with the highest sales tax rate on retailers
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…
Finance
SBP launches digital cheques clearing and unified QR Code System
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…
Budget
Proposed Federal Development Budget
According to the documents, Rs 110 billion earmarked for water resources, Rs 113 billion for NHA and Rs 53 billion for PEPCO. Rs 60 billion allocated for emergency and other situations and…
Budget
Real Estate Sector Demands Extension In Construction Package & Amnesty Scheme
The real estate sector has demanded in the next budget that the construction package of the Prime Minister and the related amnesty scheme be extended till June 30, 2022. 50% reduction in…
World Taxes
Rich countries Under Criticism Over G7 Tax Deal
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…
Updates
Income Tax Returns Filing for Tax Year 2020 Reaches 2.93m
Currently, the Federal Board of Revenue (FBR) has released the provisional revenue collection figures for the first eleven months of current tax year / fiscal year. According to the information, FBR has…
Updates
FBR Encouraged Taxpayers’ to get their legal cases resolved through ADRC
Federal Board of Revenue is taking steps to expedite the disposal of pending cases in various tax appeal forums including Commissioners Inland Revenue Appeals, Appellate Tribunal Inland Revenue, High Courts and Supreme…
Updates
Corruption in Pakistan increased more than Afghanistan: Transparency International reveals
According to the 2020 Corruption Perceptions Index (CPI), corruption is damaging the healthcare system and contributing to the democratic backwardness of COVID-19 epidemics. Countries that perform well on the index invest more…
Updates
FBR opposed to restore the zero rating system
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…
Taxation
Resident and Non Resident status under tax laws of Pakistan
Non-resident Pakistani is exempt from payment of taxes, which a resident Pakistani is liable to pay. Prior to the Finance Act 2019, an individual was treated as a "resident individual" for a…
Updates
Taxpayer bound to make e-payment of duties and taxes over Rs 1 million: FBR
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…
Updates
FBR extends scope of sales tax on IT Services and IT Enabled Services
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).…
Updates
FBR has been asked to be fully digitized by July 2021: PM Says
It allow the government to increase tax collection and allocate more resources in the social sector. It will help increase spending on human capital. Addressing the inaugural function of the National Highways…
Business
Telecom sector tax share increases 129% in FY20: PTA
"Lockdown has led to a significant increase not only in the number of subscribers but also in the use of telecom services as a result of increased demand for telecom services. The…
Updates
Tax audit of Rahat Fateh Ali Khan resumed on information of secret bank accounts
Rahat Ali Khan found it costly not to disclose the amounts in the secret accounts in the annual income tax returns. Singer Rahat Fateh Ali Khan could not satisfy the FBR regarding…
Taxation
Income Tax Return Filing reached at it's peak
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…
Updates
e-payment limit of taxes abolished
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…
Finance
'Raast' first instant digital payment system launched by Pakistan
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…