Bank account details made mandatory for registered taxpayers

ISLAMABAD: All registered taxpayers are required to update their profile by providing details of bank accounts otherwise they will be excluded from Active Taxpayers List (ATL). The Finance Bill, 2020 has proposed... Read more »

Filing annual tax return made mandatory for FTR taxpayers

ISLAMABAD: The filing of annual income tax return has been made mandatory for taxpayers falling under Final Tax Regime (FTR). The Finance Bill, 2020 has proposed amendment to Section 114 of Income... Read more »

Tax amendments to property income introduced

ISLAMABAD: Finance Bill, 2020 has proposed many changes to taxation of property income for tax year 2021. According to commentary of PWC A. F. Ferguson Chartered Accountants, prior to amendments made through... Read more »

Process for automated scrutiny of income tax returns introduced

ISLAMABAD: An automated scrutiny of income tax returns has been introduced to Income Tax Ordinance, 2001 through Finance Bill, 2020. For this purpose a new sub-section 2A has been inserted to Section... Read more »

Resident ship owners to pay tonnage tax at US 75 cents

ISLAMABAD: A Pakistan resident ship owning company shall pay tonnage tax of an amount equivalent to US 75 cents per ton, as proposed through Finance Bill, 2020. A new clause (c) has... Read more »

FBR allows Rs9.4 billion regulatory duty exemption on vehicle import

ISLAMABAD: Federal Board of Revenue (FBR) has allowed exemption from regulatory duty to the tune of Rs9.4 billion on import of vehicles during outgoing fiscal year. According to official documents, the revenue... Read more »

Main focus to pay back Rs2,900 billion international loans during next fiscal year: Hafeez Shaikh

ISLAMABAD: The main focus of the government during next fiscal year to pay back international loans of Rs2,900 billion, said Dr. Abdul Hafeez Sheikh, Advisor to Prime Minister on Finance, at post... Read more »