Tax concessions to pilots withdrawn

KARACHI: Tax concessions on income in the shape of total allowances available to pilots of any Pakistani airlines have been withdrawn from July 01, 2022. The tax concessions have been withdrawn through Finance Act, 2022 by amending provisions of Income Tax Ordinance, 2001. READ MORE: Pakistan grants tax exemption to charitable organizations According to the […]

by Faisal Shahnawaz

Import of mobile phones allowed Rs23.15 billion as tax concession

Oct 19

IT & Telecom, Taxation

Import of mobile phones allowed Rs23.15 billion as tax concession

ISLAMABAD: Federal Board of Revenue (FBR) issued details of sales tax concessions to the tune of Rs23.15 billion granted on import mobile phones. The FBR issued the cost of allowing reduced rate of sales tax on the import of cellular phones during fiscal year 2020. FBR sources said that the beneficiaries of sales tax concessions […]

by Mrs. Anjum Shahnawaz

Airlines’ pilots get Rs430 million tax concession on allowances

Oct 7

Taxation

Airlines’ pilots get Rs430 million tax concession on allowances

ISLAMABAD: Pilots of Pakistani airlines have availed tax concession to the tune of Rs430 million during tax year 2020 on allowances received from their respective airlines. According to official statistics made available to PkRevenue.com, the pilots of Pakistani airlines are entitled of reduction in tax liability under Clause 1(1AA) of Part 3 of Second Schedule […]

by Mrs. Anjum Shahnawaz

FBR grants Rs2.42 billion as income tax concession to teachers, researchers

Jul 25

Taxation

FBR grants Rs2.42 billion as income tax concession to teachers, researchers

ISLAMABAD: Federal Board of Revenue (FBR) has granted tax concession to the tune of Rs2.42 billion on the income of teachers and researchers. The tax has been granted during the tax year 2019/2020. Officials at the FBR said that the tax concession was granted under reduction in tax rates. The officials said that another amount […]

by Mrs. Anjum Shahnawaz

FBR grants Rs30 billion as tax concession to new business entities

Jun 30

Taxation

FBR grants Rs30 billion as tax concession to new business entities

ISLAMABAD: Federal Board of Revenue (FBR) has granted Rs30 billion as initial allowance to new business entities during fiscal year 2019/2020. The concession of allowance has been granted under Section 23 of Income Tax Ordinance, 2001. As per Section 23 the allowance has been granted as: Section 23. Initial allowance.— Sub-Section (1): A person who […]

by Mrs. Anjum Shahnawaz

Exemptions, concessions cost Rs972.4 billion in 2018/2019

Jun 10

2019-2020, Budget, Finance, Taxation

Exemptions, concessions cost Rs972.4 billion in 2018/2019

ISLAMABAD: The economy has incurred duty and tax losses to the tune of Rs972.4 billion due to exemptions and concessions during the fiscal year 2018/2019, according to Economic Survey 2018/2019 launched on Monday. The cost of tax exemptions included: income tax Rs141.6 billion, sales tax Rs597 billion; and Rs233.1 billion as customs duty. Income Tax: […]

by Faisal Shahnawaz

Massive cut in tax exemptions, concessions likely in budget 2019/2020

Jun 9

2019-2020, Budget, Exclusive, Taxation

Massive cut in tax exemptions, concessions likely in budget 2019/2020

ISLAMABAD: The government has planned to a massive cut tax in exemptions and concessions in the budget 2019/2020, which is scheduled to be announced on June 11, 2019. Sources told PkRevenue.com that the government had committed with the World Bank and other international agencies to withdraw large size exemptions given to various sectors and individuals […]

by Faisal Shahnawaz