FBR updates, income tax, budgets and markets for Pakistan
13 articles
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,…
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…
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.…
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…
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…
After registering a local office called Amazon Data Services Pakistan (Pvt) Ltd., Amazon is forming a team for Amazon Web Services (AWS) in Pakistan to adopt cloud computing. The move comes two…