ISLAMABAD: Federal Board of Revenue (FBR) has explained levy of withholding tax on profit on debt for tax year 2019/2020 applicable from July 01, 2019. The FBR said that every person, other than a company, receiving profit on debt from persons mentioned in clause (a) to (d) of sub-section (1) of Section 151 are separately […]
KARACHI: Federal Board of Revenue (FBR) has issued withholding tax card for tax year 2019/2020 and prescribed the rate of withholding income tax to be deducted/collected on transactions made through banking system either by cash or online transfers.
ISLAMABAD: Federal Board of Revenue (FBR) has issued explanation to implementation of federal excise duty on edible oils. The FBR issued change in regime of FED on ghee and cooking / edible oils introduced through Finance Act, 2019 and applicable from July 01, 2019: FED on ghee and edible oils was payable at 16 percent […]
KARACHI: Persons whose names are not appearing in the Active Taxpayers List (ATL) will be subjected to hundred percent increased rate of withholding tax, Federal Board of Revenue (FBR) said in a circular issued to explain changes made in Income Tax Ordinance, 2001 through Finance Act, 2019. The FBR issued Circular No. 19 of 2019 […]
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday said that unexplained foreign remittances will be subject to income tax.
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday said the amended income tax law attract 200 percent penalty amount of tax evaded in cases of undeclared offshore assets. The FBR issued income tax circular to explain the changes brought through Finance Act, 2019 regarding offshore assets and tax evasion. The FBR said that through the […]
ISLAMABAD: Federal Board of Revenue (FBR) has made mandatory the purchase of immovable property of fair market value above Rs5 million through banking channel. The FBR issued explanation to the Finance Act, 2019 on Tuesday regarding purchase of assets through banking channel under Section 75A of Income Tax Ordinance, 2001. The FBR said that a […]
ISLAMABAD: Federal Board of Revenue (FBR) has issued changes brought through Finance Act, 2019 in exemption regime under Sixth Schedule of the Sales Tax Act, 1990. Following changes have been made in Table-1 of the Schedule: i. Exemptions at the existing serial numbers 2,3, and 72, relating to meat, fish, poultry meat etc. have been […]
ISLAMABAD: Federal Board of Revenue (FBR) has said that the consumers items falling under mandatory retail price print will be assessed at declared retail price at clearance stage instead of determination through customs value.
KARACHI: Federal Board of Revenue (FBR) has issued withholding tax rates for winning prize bonds, cross word, raffle, lottery and quiz for tax year 2019/2020 as effective from July 01, 2019. The FBR said that every person making payment shall collect withholding tax from persons on active taxpayers list (ATL) and double the amount of […]