FBR issues procedure for availing exemption certificate by erstwhile FATA/PATA residents

Mar 29

Taxation

FBR issues procedure for availing exemption certificate by erstwhile FATA/PATA residents

ISLAMABAD: Federal Board of Revenue (FBR) issued a procedure for issuing tax exemption certificate for residents of erstwhile FATA/PATA. The FBR issued circular No. 13 of 2021 stating that a standardized procedure for the issuance of Exemption Certificate on quarterly basis is being rolled out so as to ensure fair operationalization of the exemptions enshrined […]

by Mrs. Anjum Shahnawaz

SBP signs pact for digitizing government payments

Mar 29

Money & Banking

SBP signs pact for digitizing government payments

KARACHI: State Bank of Pakistan (SBP) on Monday signed an agreement with Controller General of Accounts Pakistan (CGAP) for digitizing payments of the federal government. A SBP statements said that through the Memorandum of Understanding (MoU) the federal government payment would be digitized through RAAST – Pakistan’s First Instant Payment System, launched in January 2021 […]

by Mrs. Anjum Shahnawaz

Mar 28

Trade & Industry

Tax exemption withdrawal ahead budget to adversely affect trade, industry

KARACHI: The apex trade body of the country has expressed reservations over withdrawal of tax exemptions ahead of federal budget 2021/2022 and said that it will adversely affect trade and industry. Mian Nasser Hyatt Maggo, President of Federation of Pakistan Chambers of Commerce and industry (FPCCI) in a statement on Sunday said that under the […]

by Mrs. Anjum Shahnawaz

Tax recovery through bank accounts should only from unregistered persons

Mar 28

Budget 2021-2022, Trade & Industry

Tax recovery through bank accounts should only from unregistered persons

KARACHI: Federal Board of Revenue (FBR) has been urged to restrict its powers of tax recovery from bank accounts on unregistered persons. In its proposals for budget 2021/2022, Karachi Chamber of Commerce and Industry (KCCI) pointed out Section 140 of Income Tax Ordinance, 2001 that is related to recovery of tax from persons holding money […]

by Mrs. Anjum Shahnawaz

FBR suggested to stop intelligence, investigation raids

Mar 28

Budget 2021-2022, Taxation, Trade & Industry

FBR suggested to stop intelligence, investigation raids

The Karachi Chamber of Commerce and Industry (KCCI) has called upon the Federal Board of Revenue (FBR) to reevaluate its approach to tax enforcement, urging a halt to the aggressive raids conducted by the Directorate of Intelligence and Investigation.

by Mrs. Anjum Shahnawaz

Exchange companies to pay 0.6pc withholding tax on cash withdrawal

Mar 28

Taxation

Exchange companies to pay 0.6pc withholding tax on cash withdrawal

ISLAMABAD: The concessionary rate of tax allowed to exchange companies on cash withdrawal has been linked to active taxpayers list. The amendment has been brought through Tax Laws (Second Amendment) Ordinance, 2021, officials in Federal Board of Revenue (FBR) said. The rate of tax is 0.15 percent under section 231A on cash withdrawal by an […]

by Mrs. Anjum Shahnawaz

Tax concession to charitable organizations linked to return filing

Mar 27

Taxation

Tax concession to charitable organizations linked to return filing

ISLAMABAD: A charitable organization is entitled for 100 percent tax credit only on filing annual return of income for the tax year, according to Tax Laws (Second Amendment) Ordinance, 2021. Sources in Federal Board of Revenue (FBR) said that the exemption regime has been replaced with tax credit for charitable organizations. Through Tax Laws (Second […]

by Mrs. Anjum Shahnawaz

Tax credit for eligible capital investment allowed

Mar 27

Taxation

Tax credit for eligible capital investment allowed

ISLAMABAD: Tax credit of 25 percent on capital investment on an industrial undertaking has been allowed under Tax Laws (Second Amendment) Ordinance, 2021. Sources in Federal Board of Revenue (FBR) said that a new Section 65G has been introduced to Income Tax Ordinance, 2001 through amended ordinance. According to the new section: “65G Tax credit […]

by Mrs. Anjum Shahnawaz

Return filing made mandatory for computer software exporters

Mar 27

Taxation

Return filing made mandatory for computer software exporters

ISLAMABAD: The filing of income tax return is mandatory for persons engaged in exporting computer software to avail 100 percent tax credit. Sources in Federal Board of Revenue (FBR) on Saturday said that the exemptions for IT and IT enabled services had been withdrawn through Tax Laws (Second Amendment) Ordinance, 2021. However, a tax credit […]

by Mrs. Anjum Shahnawaz

Mar 27

Stock & Commodity

Weekly Review: stock market likely to move positive on stable exchange rate

KARACHI: The stock market likely to move positive during next week owing to strengthening of Pak Rupee against the dollar and stable external position. However, third wave of COVID-19 is ongoing and smart lockdowns are being placed to counter it hence the element of uncertainty cannot be ignored, analysts at Arif Habib Limited said. The […]

by Mrs. Anjum Shahnawaz