Budget
National Assembly Approved Finance Bill 2021-2022
Prime Minister Imran Khan and other members of the National Assembly also attended the National Assembly session to vote on budget 2021-2022. There were 172 votes in favor of the Finance Bill…
#TopTaxNews Page 2
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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…
World Taxes
Tax Deadline 2021 for World Corporate Income Taxes
Here, Tax deadlines for 2021, Income Tax Due dates or Tax Calendar is given for Individuals, Association of Persons (AOPs) and Company (Corporate Sector) of Pakistan and for World Corporate Income Tax…
Blog
Government fixes Nisab for Zakat at Rs80,933 for 2021
A notification issued by the Administrator-General Zakat about zakat Nisab. Where the Nisab on bank accounts decided to a minimum of Rs 80,933 balance. It applies to Bank accounts like savings bank…
Budget
FBR Submits Proposed Tax Exemptions Withdrawal Bill in National Assembly secretariat
The bill proposes to streamline the tax system for non-profit organisations, listing of firms in the stock market, tax exemptions for oil refineries, special economic zones (SEZs) set up under the China-Pakistan…
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…
Taxation
Tax on Agricultural Income in Pakistan
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…
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…
Business
IT Exports Increased by 40%
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…
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
Procedure for registration of FBR informer
Complete procedure for registration as informer and other conditions are specified in the Income Tax Rules, 2002. An “Informer” means any person, a group of persons or a company who provides any…
Updates
FBR considering proposals to tax benefit to non-resident or overseas Pakistanis
According to media reports published, that if any such proposals are finalized, they could be incorporated through a presidential ordinance amending the Income Tax Ordinance, 2001 (Ordinance).The whole exercise is aimed at…
Markets
State Bank of Pakistan maintained the Monetary Policy rate for the next two months
State Bank of Pakistan Governor Dr. Raza Baqir said that the MPC observed the annual inflation rate. According to him, Inflation rate predicted from 7 to 9%. Baqir said that due to…
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).…
Taxation
Corporate tax exemptions
Profits arrived from the business unit of an electric power generation project established in Pakistan are exempt from tax. Profits earned by a company from the export of computer software, IT services,…
Budget
FBR called for income tax proposals for 2021/2022 budget
The FBR has asked suggestions from the tax offices including Large Taxpayer Offices (LTOs), Medium Tax Offices (MTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) as well as traders and…
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…