ISLAMABAD: Federal Board of Revenue (FBR) has received 2.63 million income tax returns for tax year 2020 by February 28, 2021, just one day ahead of issuing new Active Taxpayers List (ATL). According to a statement issued on Sunday the FBR said that it had received 2.63 million income tax returns for tax year 2020 […]
ISLAMABAD: Federal Board of Revenue (FBR) needs to collect Rs2,047 billion in last four months of the current fiscal year to achieve the revenue annual collection target of Rs4,963 billion, according to estimates of PkRevenue.com made after eight months collection issued on Sunday. The FBR will need to grow the revenue at 64 percent during […]
ISLAMABAD: The government on Sunday decided to keep prices of petroleum products unchanged during first fortnight of March 2021. This is the second fortnight in a row when the government decided to keep the POL prices unchanged. The prices as of February 01, 2021 remain effective for the first fortnight of March 2021. The government […]
ISLAMABAD: Directorate of Customs Intelligence and Investigation (I&I) Faisalabad has announced public auction of huge quantity Indian origin fabric on March 03, 2021. According to details the directorate announced to auction of confiscated goods and vehicles lying in the State Warehouse, I&I Customs Faisalabad. A huge quantity of 18,870 kilograms of Indian origin Shafoon cloth […]
Income Tax Ordinance, 2001 has defined the meaning of salary for the purpose of determining income of a paid employee. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) defined the salary as : (1) Any salary received by an employee in a tax year, […]
Income Tax Ordinance, 2001 has defined the meaning of royalty paid by companies for use of rights. The Income Tax Ordinance, 2001 up dated up to June 30, 2020 issued by the Federal Board of Revenue (FBR), defined the meaning of ‘royalty’ as any amount paid or payable, however described or computed, whether periodical or […]
Income Tax Ordinance (ITO), 2001 has explained principal officer of a company for the purpose or apply law and rules for the purpose of income tax payment. The Income Tax Ordinance, 2001 updated up to June 30, 2001 issued by the Federal Board of Revenue (FBR) defined ‘principal officer’ with reference to a company or […]
Income Tax Ordinance, 2001 has defined the meaning of liaison office of a company for the purpose of imposition and calculation of income tax. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) defined ‘liaison office’ as a place of business acting for the principal, […]
KARACHI: Federal Board of Revenue (FBR) has proposed penalty for defaulting in payment for customs clearance by Authorized Economic Operators (AEOs). The FBR issued SRO 263(I)/2021 dated February 23, 2021 and proposed amendment to Customs Rules, 2002 related to authorized economic operators. According to the law, the authorized economic operator (AEO) is a certified entity […]