SRB suspends sales tax registration of Turnotech for defaulting tax payment

KARACHI: Sindh Revenue Board (SRB) has suspended sales tax registration of M/s. Turnotech (Pvt) Limited defaulting tax payment and non-compliance of filing monthly returns. In a notice the SRB said that M/s.... Read more »

Inland Revenue offices to observe extended working hours on June 29 – 30

ISLAMABAD: The offices of Inland Revenue have been directed to observe extended working hours on last two days of current fiscal year in order to facilitate taxpayers in payment of duty and... Read more »

FBR exempts duty, taxes on import of Remdesivir

ISLAMABAD: Federal Board of Revenue (FBR) on Monday exempt duty and taxes on import of antiviral drugs for prevention of coronavirus. The FBR issued SRO 557(I)/2020 to exempt income tax on import... Read more »

Stock market gains 299 points after intra-day losses

KARACHI: The stock market increased by 299 points on Monday after making recovery of intra-day losses. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,738 points as against 33,438... Read more »

Senate committee rejects taxpayers profiling, real-time access to information

ISLAMABAD: The Standing Committee on Finance, Revenue and Economic Affairs, in a meeting, has rejected new clauses of taxpayers profiling and real-time access to information. The committee strongly rejected the amendments to... Read more »

Rupee gains five paisas against dollar

KARACHI: The rupee gained by five paisas against dollar on Monday after some improvement in foreign exchange reserves was seen in the latest data. The rupee ended Rs166.59 to the dollar from... Read more »

CGT on shares disposal to be collected on June 29

KARACHI: National Clearing Company Pakistan Limited (NCCPL) on Monday said that Gain Tax (CGT) for the month of May 2020 will be collected on June 29, 2020. In a statement the NCCPL... Read more »

Tax slabs for salaried person for tax year 2020/2021

KARACHI: Following are the tax slabs for salaried persons to be applicable during tax year 2021 (2020/2021). S. No. Taxable income Rate of tax (1) (2) (3) 1. Where taxable income does... Read more »

Amendments to taxability on payments for goods, services and contracts

KARACHI: The Finance Bill 2020 has proposed changes to taxability on payments made for goods, services and contracts. According to explanation to amendments made to Section 153 of Income Tax Ordinance, 2001... Read more »

Finance Bill proposes significance amendments to income tax at import stage

KARACHI: The Finance Bill 2020 has proposed significant amendments related to income tax at import stage in Section 148 of Income Tax Ordinance, 2001 as it was described by BDO Pakistan Audit... Read more »