KARACHI: Federal Board of Revenue (FBR) has explained the due date for payment of tax under Section 137 of Income Tax Ordinance, 2001.
KARACHI: The government has withdrawn setting up Directorate General of Transfer Pricing that was established to conduct audit for determination of transfer price at arm’s length transactions.
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.
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 Wednesday.
KARACHI: Federal Board of Revenue (FBR) has said that the minimum tax shall apply to income of certain taxpayers including individuals and corporate entities.
KARACHI: Sindh Revenue Board (SRB) has suspended sales tax registration of seven event management service providers for non-compliant of monthly return filing.
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.
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 the last year.
KARACHI: The number of active taxpayers has surpassed 1.8 million for tax year 2017, according to latest weekly Active Taxpayers List (ATL) released by Federal Board of Revenue (FBR).
KARACHI: Federal Board of Revenue (FBR) has recently issued updated Income Tax Ordinance, 2001 and explained the concealed or unexplained income for the purpose of tax chargeability.
KARACHI: Banks have been required to deduct 5 percent withholding tax at 5 percent on payments for off-shore digital services.
ISLAMABAD: Federal Board of Revenue (FBR) has said that 20 percent as final tax will be collected from person paying an amount against production of commercial or advertisement to a foreign entity.