FBR gets 1.81 million active taxpayers for 2017

KARACHI: The total number of active taxpayers has increased to 1.81 million for tax year 2017, according to latest weekly Active Taxpayers List (ATL) released by Federal Board of Revenue (FBR).  ... Read more »

Income Tax Ordinance 2001: collection of tax from company in liquidation

KARACHI: A director of a company is jointly responsible for payment of tax due bay a company, which is in liquidation. Read more »

Income Tax Ordinance 2001: Tax recovery through arrest, attachment of property

KARACHI: Federal Board of Revenue (FBR) has powers to attach moveable or immovable properties and through arrest of a person for recovery of due amount of taxes. Read more »

Eliminating all tax exemptions, concessions planned

KARACHI: The government considering to withdraw all types of tax exemptions and concessions during next few years. Read more »

Income Tax Ordinance 2001: Due date for payment of tax

KARACHI: Federal Board of Revenue (FBR) has explained the due date for payment of tax under Section 137 of Income Tax Ordinance, 2001. Read more »

Setting up transfer pricing directorate withdrawn

KARACHI: The government has withdrawn setting up Directorate General of Transfer Pricing that was established to conduct audit for determination of transfer price at arm’s length transactions. Read more »

Non-filers allowed motor vehicle purchase on enhanced tax rates

KARACHI: In order to generate sizeable revenue during the current fiscal year the government has lifted the ban on non-filers for purchasing motor vehicles. Read more »

Tax on undistributed profits not to applicable beyond tax year 2019

KARACHI: The tax on undistributed profits will not be applicable beyond tax year 2019 as limit has been introduced through Finance Supplementary (Second Amendment) Bill, 2019 presented in the National Assembly on... Read more »

Income Tax Ordinance 2001: minimum tax on income of certain taxpayers

KARACHI: Federal Board of Revenue (FBR) has said that the minimum tax shall apply to income of certain taxpayers including individuals and corporate entities. Read more »

SRB suspends sales tax registration of seven event management service providers for non-filing

KARACHI: Sindh Revenue Board (SRB) has suspended sales tax registration of seven event management service providers for non-compliant of monthly return filing. Read more »

Procedure to avail reduced income tax rate on import of raw material

KARACHI: Federal Board of Revenue (FBR) has explained the procedure for filing application for availing reduced rate of withholding income tax on import of raw material through online system – Iris. Read more »

Salary persons’ bank deposits surge by 17.26pc to Rs1,569 billion

KARACHI: Bank deposits of salaried persons have sharply increased by 17.26 percent to Rs1,569 billion for the period ended December 31, 2018 as compared with Rs1,338 billion in the same period of... Read more »