No more tax credit for new industrial setup

Mar 26

Taxation

No more tax credit for new industrial setup

ISLAMABAD: Tax credit available for establishing new industrial unit has been withdrawn through Tax Laws (Second Amendment) Ordinance, 2021. However, those units already availed the concession would remain eligible till the cutoff time. The Federal Board of Revenue (FBR) on Friday posted Tax Laws (Second Amendment) Ordinance, 2021 on its website. According to tax analysts […]

by Mrs. Anjum Shahnawaz

FBR official awarded ‘removal from service’ on undeclared money, assets

Mar 26

Taxation

FBR official awarded ‘removal from service’ on undeclared money, assets

ISLAMABAD: Federal Board of Revenue (FBR) on Friday imposed major penalty of ‘removal from service’ upon Maqbool Ahmed, a BS-16 officer of Inland Revenue Service (IRS) for concealing assets and money in mandatory declarations besides hiding foreign trips. The FBR initiated disciplinary proceedings against Maqbool Ahmad, Inland Revenue Officer (BS-16), Regional Tax Office, Faisalabad under […]

by Mrs. Anjum Shahnawaz

Stock market sheds 204 points on tax exemption withdrawal

Mar 26

Stock & Commodity

Stock market sheds 204 points on tax exemption withdrawal

KARACHI: The stock market lost 204 points on Friday owing to withdrawal of tax exemption through a presidential ordinance. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,521 points as against previous day’s closing of 45,726 points, showing a decline of 204 points. Analysts at Arif Habib Limited said that last day […]

by Mrs. Anjum Shahnawaz

Tax penalty reduced to half for making false statement

Mar 26

Taxation

Tax penalty reduced to half for making false statement

ISLAMABAD: The tax authorities have reduced penalty amount to half on making false or misleading statement under various sections of Income Tax Ordinance, 2001. Through Tax Laws (Second Amendment) Ordinance, 2021 promulgated a day earlier, the penal amount under Section 182 for misleading or false statement has been reduced to 50 percent from 100 percent […]

by Mrs. Anjum Shahnawaz

Mar 26

Taxation

Date extended up to June 30 for updating tax profile

ISLAMABAD: Federal Board of Revenue (FBR) on Friday extended the last date for updating taxpayer profile up to June 30, 2021. The FBR issued Circular No. 14 of 2021 on March 26, 2021 to extend the date for updating taxpayer profile from March 31, 2021 to June 30, 2021. The date has been extended on […]

by Mrs. Anjum Shahnawaz

Rupee strengthens by 58 paisas against dollar

Mar 26

Money & Banking

Rupee strengthens by 58 paisas against dollar

KARACHI: The Pak Rupee strengthened by 58 paisas against the dollar on Friday as positive sentiments prevailed in the foreign exchange market. The rupee ended Rs154.59 to the dollar from previous day’s closing of Rs155.01 in the interbank foreign exchange market. Currency experts said that the market was remained positive due to approval of funds […]

by Mrs. Anjum Shahnawaz

Tax credit for enlistment in stock exchange abolished

Mar 26

Stock & Commodity, Taxation

Tax credit for enlistment in stock exchange abolished

ISLAMABAD: A tax credit granted to encourage companies for enlistment in stock exchange has been abolished through Tax Laws (Second Amendment) Ordinance, 2021. Sources in Federal Board of Revenue (FBR) said that Section 65C of the Income Tax Ordinance, 2001 has been abolished through Tax Laws (Second Amendment) Ordinance, 2021. They said that this concession […]

by Mrs. Anjum Shahnawaz

First year allowance on plant, machinery withdrawn

Mar 26

Uncategorized

First year allowance on plant, machinery withdrawn

ISLAMABAD: First year allowance has been withdrawn that was allowed on installation of plant and machinery by any industrial unit. The concession has been withdrawn through Tax Laws (Second Amendment) Ordinance, 2021. The first year allowance has been abolished that was available under Section 23A of Income Tax Ordinance, 2001 at the rate of 90 […]

by Mrs. Anjum Shahnawaz

FBR proposed to restore sales tax zero rating

Mar 26

Budget 2021-2022, Trade & Industry

FBR proposed to restore sales tax zero rating

KARACHI: Federal Board of Revenue (FBR) has been proposed to restore zero-rating of sales tax with objective of ‘no payment no refund’. The FBR received proposals for the upcoming budget 2021/2022 from Karachi Chamber of Commerce and Industry (KCCI). It is highlighted that in the budget 2019-2020, the Federal Government rescinded SRO1125 and imposed 17 […]

by Mrs. Anjum Shahnawaz

Immunity to SBP officials proposed in legal proceedings

Mar 25

Money & Banking

Immunity to SBP officials proposed in legal proceedings

ISLAMABAD: The officials of State Bank of Pakistan (SBP) to be given immunity against any legal suit and prosecution for any act of commission or omission done in exercise of any powers. According to proposed amendments to the State Bank of Pakistan Act, 1956 issued by the finance ministry on Thursday, “No suit, prosecution or […]

by Mrs. Anjum Shahnawaz