May 20

Amnesty scheme should be extended for one year: ABAD

KARACHI: The Association of Builders and Developers (ABAD) has demanded the government of extending the amnesty scheme granted for boosting of construction sector. ABAD Chairman Fayyaz Ilyas in a statement demanded to extend amnesty scheme for real estate and construction industry by at least one year. He said that due to unprecedented situation created by […]

by Mrs. Anjum Shahnawaz

FBR officials given access to declarations filed under amnesty scheme

Apr 4

Taxation

FBR officials given access to declarations filed under amnesty scheme

ISLAMABAD: The senior officials of the Federal Board of Revenue (FBR) have been authorized to access declarations of undisclosed income and assets under amnesty scheme of year 2019. The FBR issued SRO 369(I)/2021 to notify Assets Declaration Rules, 2021 dated March 31, 2021. Under rule 15 access has been authorized to declarations under the act […]

by Mrs. Anjum Shahnawaz

Amnesty date for developers, builders extended up to June 30

Dec 31

Taxation

Amnesty date for developers, builders extended up to June 30

ISLAMABAD: The federal government has extended the last date for amnesty scheme to builders and developers up to June 30, 2021, sources said on Thursday. The date for availing immunity from declaration of investment by builders and developers is expiring today i.e. December 31, 2020. The sources said that the date has been extended for […]

by Mrs. Anjum Shahnawaz

Amnesty to builders, developers be extended for one year: FPCCI

Dec 26

Uncategorized

Amnesty to builders, developers be extended for one year: FPCCI

KARACHI: Pakistan’s apex trade body has urged the prime minister to extend the date for availing a tax amnesty for builders and developers for one year. Mian Anjum Nisar, President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) while appreciating the Prime Minister of Pakistan for introducing Amnesty Scheme for Construction Industry, said that […]

by Mrs. Anjum Shahnawaz

FBR initiates framing ‘concealment of assets’ cases against defaulting amnesty declarants

Sep 12

Taxation

FBR initiates framing ‘concealment of assets’ cases against defaulting amnesty declarants

KARACHI: Federal Board of Revenue (FBR) has initiated the process of framing cases under concealment of assets against persons who declared under an amnesty scheme but failed to pay taxes within the given timeline. The FBR distributed a number of cases with tax offices having jurisdiction over the cases of those persons, who declared their […]

by Mrs. Anjum Shahnawaz

FBR urged to extend date for tax amnesty payment

Jun 19

Taxation

FBR urged to extend date for tax amnesty payment

KARACHI: Karachi Tax Bar Association (KTBA) has urged Federal Board of Revenue (FBR) to extend the date for making payment for amnesty scheme declarants. The KTBA in a letter to FBR chairperson on Thursday pointed out that the due date of payment of tax under section 6 of the Assets Declaration Ordinance, 2019 (“ADO, 2019”), […]

by Mrs. Anjum Shahnawaz

Key points of amnesty scheme for real estate sector

Jun 17

Budget 2020-2021, Taxation

Key points of amnesty scheme for real estate sector

KARACHI: The federal government has made amnesty granted to real estate sector to the part of Finance Bill, 2020 in order to get approval from the Parliament. Deloitte Yousuf Adil Chartered Accountants in their budget explanations said that to stimulate investment in real estate and construction sector, a no-questions-asked amnesty has been introduced. Under this […]

by Mrs. Anjum Shahnawaz

Probe launched into amnesty scheme cases

May 20

Taxation

Probe launched into amnesty scheme cases

ISLAMABAD: The Federal Tax Ombudsman (FTO) has launched investigation of over 12,000 pending cases of aggrieved taxpayers who could not avail Assets Declaration Scheme 2019 despite payment of due taxes before the deadline. According to FTO News Letter, for availing the facility, the taxpayers had already paid tax amounting to Rs2.6 billion before the deadline, […]

by Mrs. Anjum Shahnawaz

Immunity under Section 111 is Tax Amnesty

Apr 5

Taxation

Immunity under Section 111 is Tax Amnesty

KARACHI: Granting immunity from Section 111 of Income Tax Ordinance, 2001 is an amnesty, senior tax officials at Federal Board of Revenue (FBR) said. This section of the ordinance deals with unexplained income or assets. This section is powerful tool against concealed or black money. This was made part to the ordinance as deterrence against […]

by Mrs. Anjum Shahnawaz

FTO takes Suo moto notice in pending 11,000 tax amnesty cases

Jan 9

Taxation

FTO takes Suo moto notice in pending 11,000 tax amnesty cases

KARACHI: Federal Tax Ombudsman (FTO) has taken suo moto notice in 11,000 cases related to tax amnesty scheme for tax year 2018, a tax bar said on Thursday. The Karachi Tax Bar Association (KTBA) in a notification circulated to its members stated that the office of the FTO had taken a Suo Moto Notice on […]

by Mrs. Anjum Shahnawaz