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 »

Active taxpayers’ number surpasses 1.8 million for tax year 2017

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). Read more »

Income Tax Ordinance 2001: Unexplained, concealed income or assets

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. Read more »

MCC Peshawar announces auction of mobile phones on Jan 22

ISLAMABAD: Model Customs Collectorate (MCC) Peshawar announced to conduct public auction of confiscated mobile phones on January 22, 2019. Read more »

Banks require to collect 5pc withholding tax on off-shore digital services

KARACHI: Banks have been required to deduct 5 percent withholding tax at 5 percent on payments for off-shore digital services. Read more »

Media to pay 20pc final tax on foreign produced advertisements

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. Read more »

Customs Intelligence Peshawar announces public auction of confiscated vehicle on Jan 24

ISLAMABAD: Directorate of Intelligence and Investigation (Customs), Federal Board of Revenue (FBR), Peshawar has announced public auction of confiscated vehicles scheduled to be held on January 24, 2019. Read more »

Withholding tax rate on winning prize bonds

KARACHI: The rate of withholding tax on prizes and winning under Section 156 of Income Tax Ordinance, 2001 for Tax Year 2019. Read more »

Withholding tax rates on income from property for Tax Year 2019

KARACHI: Federal Board of Revenue (FBR) has issued rate of withholding tax to be collected on income from property during Tax Year 2019. Read more »

Curbs on non-filers trap tax authorities

ISLAMABAD: The tax authorities are facing challenging revenue collection after imposing curbs on non-filers in the budget 2018/2019. Read more »

FBR transfers 52 IRS officers in major reshuffle

ISLAMABAD: Federal Board of Revenue (FBR) notified transfers and postings of 52 officers of Inland Revenue Service (IRS) in a major reshuffle on Saturday. Read more »

Tax bars express concerns over short-term stay orders

KARACHI: Shahid Masood Manzar, Chairman, Appellate Tribunal Inland Revenue (ATIR) has visited Karachi Tax Bar Association to discuss early disposal of cases. Read more »