Sales Tax Act 1990: zero rating on export, supply of goods

KARACHI: The sales tax laws have allowed zero rating of sales tax on exports or supply of goods. Read more »

Sales Tax Act, 1990: collection of excess sales tax

KARACHI: A person is required to pay sales tax, which was collected under misapprehension of any provision of the act and was not collectable or in excess of tax. Read more »

Sales Tax Act 1990: 17 percent applicable on taxable supplies

KARACHI: A normal sales tax rate at 17 percent is applicable on taxable supplies made by registered person. Read more »

Income tax return filing may be allowed for a day or two

KARACHI: The income tax return filing may continue for next one or two days as last two days were on non-working days. Read more »

Income Tax Ordinance 2001: Income from pension funds tax exempted

KARACHI: The government has allowed tax exemption to the income derived by pensioners invested in various schemes, including pension funds. Read more »

Income Tax Ordinance 2001: total exemption on payment of pension, retirement

KARACHI: Any income representing any payment received by way of gratuity or commutation of pension by an employee on his retirement is exempted from income tax. Read more »

Income Tax Ordinance 2001: Corporate tax rate to be reduced to 25pc

KARACHI: The government has adopted to reduce corporate income tax rate gradually to 25 percent by tax year 2023 and onwards. Read more »

Income Tax Ordinance 2001: tax rates for salary, business individuals

KARACHI: Following are the tax rates for individuals under First Schedule of Income Tax Ordinance, 2001. Read more »

FBR estimates Rs50 billion income tax loss from salary

ISLAMABAD: Federal Board of Revenue (FBR) has estimated loss of Rs50 billion due to downward revision in of tax rates to salary income. Read more »

Income Tax Ordinance 2001: advance tax on paying education fee abroad

KARACHI: Foreign exchange companies are responsible for collecting advance tax on remitting abroad the education related expenses. Read more »

Income Tax Ordinance 2001: advance tax on dealers, commission agents

KARACHI: Every market committee has been required to collect advance tax from dealers, commission agents under income tax laws. Read more »

Income Tax Ordinance 2001: return filers can claim tax adjustment paid on educational fee

KARACHI: Income tax return filers can claim adjustment of advance tax paid on educational fee. Read more »