Withholding tax rates for brokerage, commission updated

ISLAMABAD: Federal Board of Revenue (FBR) has updated withholding tax rates for brokerage and commission income for tax year 2021. The FBR issued withholding tax card 2020-2021 incorporating amendment to Income Tax Ordinance, 2001 made through Finance Act, 2020. Under Section 233 of Income Tax Ordinance, 2001 federal government, provincial government, local authority, company, association […]

by Mrs. Anjum Shahnawaz

FBR asks taxpayers to update profile to avoid penalty

ISLAMABAD: Federal Board of Revenue (FBR) has asked taxpayers to update their profile with necessary information by December 31, 2020 in order to avoid fine and penalty. The FBR in a statement on Thursday said that complexity of return forms was an embodiment of the complexity of tax law. “Nevertheless, there is a dire need […]

by Mrs. Anjum Shahnawaz

Duty drawback payment to be made on FIFO basis

ISLAMABAD: Federal Board of Revenue (FBR) has said that payment of duty drawback will be paid on First-in First-out (FIFO) basis taking into account the date of filing of claim. The FBR on Thursday issued SRO 714(I)/2020 to issue rules for processing duty drawback claims. The FBR said that comprehensive audit of duty drawback payments […]

by Mrs. Anjum Shahnawaz