Jul 19

Withholding Tax Card: Tax rates on salary income

KARACHI: Federal Board of Revenue (FBR) has issued withholding tax card for tax year 2019/2020 effective from July 01, 2019 under which every employer paying salary to employees above threshold income shall deduct withholding tax. According to official documents made available to PkRevenue.com, the FBR said that every person responsible for paying salary to an […]

by Mrs. Anjum Shahnawaz

Withholding Tax Card: non-ATL persons to pay 30pc tax on dividend income

Jul 19

Exclusive, Taxation

Withholding Tax Card: non-ATL persons to pay 30pc tax on dividend income

KARACHI: Federal Board of Revenue (FBR) has issued withholding tax card for tax year 2019/2020 effective from July 01, 2019 under which person not appearing on the Active Taxpayers List (ATL) shall pay up to 30 percent on dividend income. According to documents made available to PkRevenue.com, the FBR said that every person paying dividend […]

by Mrs. Anjum Shahnawaz

Withholding Tax Card: Tax rates on imports of goods for ATL, non-ATL persons

Jul 19

Exclusive, Taxation

Withholding Tax Card: Tax rates on imports of goods for ATL, non-ATL persons

KARACHI: Federal Board of Revenue (FBR) has issued withholding tax rates on imports of goods for persons appearing on Active Taxpayers List (ATL) and for persons not on ATL under Section 148 of Income Tax Ordinance, 2001 for tax year 2019/2020 effective from July 01, 2019. According to documents made available to PkRevenue.com the FBR […]

by Mrs. Anjum Shahnawaz

FBR probes concealment in land, immovable property purchases

Jul 11

Exclusive, Taxation

FBR probes concealment in land, immovable property purchases

ISLAMABAD: Federal Board of Revenue (FBR) has obtained data of land and immovable property transactions from provincial registrar offices and started proceedings against those who concealed the actual amount to purchase the assets. FBR sources said that the data had been obtained on the basis of withholding tax deduction by the property registrars. The sources […]

by Mrs. Anjum Shahnawaz

Immovable property cannot be purchased without bank account: FBR

Jul 7

Exclusive, Taxation

Immovable property cannot be purchased without bank account: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has barred purchase of immovable property by any persons making payment without banking channels. FBR sources told PkRevenue.com that in this regard amendment had been made to Income Tax Ordinance, 2001 in this regard. The sources said that amendment had been made to Income Tax Ordinance, 2001 which explained […]

by Mrs. Anjum Shahnawaz

FBR increases up to 28.34 percent retail value of CNG for sales tax collection

Jun 29

Exclusive, Taxation

FBR increases up to 28.34 percent retail value of CNG for sales tax collection

ISLAMABAD: Federal Board of Revenue (FBR) has enhanced the consumer value of CNG by 28.34 percent for collection of sales tax from July 01, 2019. The FBR issued SRO 690(I)/2019 to notify the consumer value of CNG for the purpose of charging of sales tax from CNG stations by gas transmission and distribution companies. The […]

by Mrs. Anjum Shahnawaz

FBR proposes phenomenal increase in valuation of Karachi immovable properties

Jun 28

Exclusive, Taxation

FBR proposes phenomenal increase in valuation of Karachi immovable properties

ISLAMABAD: Federal Board of Revenue (FBR) has proposed to phenomenal increase in valuation for commercial and residential immovable properties in Karachi for the purpose of collection of income tax. According to new proposed valuation table for immovable properties in Karachi the FBR proposed new rates for seven different categories in 10 areas. The new rates […]

by Mrs. Anjum Shahnawaz

Panama, Paradise leaks and other offshore undeclared assets holders can avail present amnesty scheme

Jun 27

Exclusive, Taxation

Panama, Paradise leaks and other offshore undeclared assets holders can avail present amnesty scheme

ISLAMABAD: Persons having offshore undeclared assets in Panama and Paradise leaks can avail the latest Asset Declaration Scheme 2019, according to a presentation made by Federal Board of Revenue (FBR). According to the presentation made available to PkRevenue.com, Panama and Paradise leaks/offshore property holders can also avail the latest asset declaration scheme 2019, which is […]

by Mrs. Anjum Shahnawaz

Rs260 billion to be documented through withdrawal of Rs40,000 bearer bonds in first phase

Jun 26

Exclusive, Money & Banking

Rs260 billion to be documented through withdrawal of Rs40,000 bearer bonds in first phase

KARACHI: The government will document an amount of Rs260 billion in first phase by withdrawing Rs40,000 denomination bonds. The government has announced to stop circulation of high denomination bearer bonds in order to curb the black economy. Till February 2019 the central directorate of national savings issued Rs259.22 billion bonds of Rs40,000. On Jane 24, […]

by Mrs. Anjum Shahnawaz

FBR asks jewelers to avail amnesty for undeclared assets

Jun 19

Exclusive, Taxation

FBR asks jewelers to avail amnesty for undeclared assets

KARACHI: Federal Board of Revenue (FBR) has asked jewelers to declare their concealed assets by June 30 otherwise possessing black money or undocumented money will face harsh action.The members of gems and jewelers association met senior tax officials at Regional Tax Office (RTO) – II Karachi on Tuesday related to ongoing tax amnesty scheme, sources […]

by Mrs. Anjum Shahnawaz