FBR explains tax treatment on foreign controlled entity by resident Pakistani

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday explained treatment of tax on foreign controlled entity by a resident Pakistani. Read more »

FBR excludes self-generated goodwill from intangibles

ISLAMABAD: Federal Board of Revenue (FBR) has said that self-generated goodwill or any adjustment arising on account of account treatment as may be prescribed in rules has been excluded from the definition... Read more »

FBR issues withholding tax rates on cash, online banking transactions

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... Read more »

FBR issues rules for filing biannual withholding statement

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday notified amendments to Income Tax Rules, 2002 under which withholding agents are required to file withholding statements biannually instead monthly. Read more »

Withholding Tax Card: non-ATL persons to pay 30pc tax on dividend income

KARACHI: Federal Board of Revenue (FBR) has issued withholding tax card for tax year 2019/2020 effective from July 01, 2019 under which person not appearing on the Active Taxpayers List (ATL) shall... Read more »

Withholding Tax Card: Tax rates on imports of goods for ATL, non-ATL persons

KARACHI: Federal Board of Revenue (FBR) has issued withholding tax rates on imports of goods for persons appearing on Active Taxpayers List (ATL) and for persons not on ATL under Section 148... Read more »

FBR seeks power companies help for mandatory registration of businesses

ISLAMABAD: Federal Board of Revenue (FBR) has sought help of ministry of power for invoking Section 181AA of Income Tax Ordinance, 2001 whereby it is mandatory for a businessman to get registered... Read more »

FBR probes concealment in land, immovable property purchases

ISLAMABAD: Federal Board of Revenue (FBR) has obtained data of land and immovable property transactions from provincial registrar offices and started proceedings against those who concealed the actual amount to purchase the... Read more »

Income Tax Ordinance 2001: Income from pension funds tax exempted

KARACHI: The government has allowed tax exemption to the income derived by pensioners invested in various schemes, including pension funds. Read more »

Income Tax Ordinance 2001: total exemption on payment of pension, retirement

KARACHI: Any income representing any payment received by way of gratuity or commutation of pension by an employee on his retirement is exempted from income tax. Read more »

Income Tax Ordinance 2001: Corporate tax rate to be reduced to 25pc

KARACHI: The government has adopted to reduce corporate income tax rate gradually to 25 percent by tax year 2023 and onwards. Read more »

Income Tax Ordinance 2001: tax rates for salary, business individuals

KARACHI: Following are the tax rates for individuals under First Schedule of Income Tax Ordinance, 2001. Read more »