The Federal Board of Revenue (FBR) has unveiled insights into the tax treatment of properties co-owned by two or more individuals through Section 66 of the Income Tax Ordinance, 2001.
(more…)Author: Hamza Shahnawaz
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Foreign exchange rates on August 12, 2021
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on August 12, 2021:
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Tax rates on car registration for 2021-2022
The Federal Board of Revenue (FBR) has issued revised rates for advance tax on the registration or transfer of motor car.
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Foreign exchange rates on August 11, 2021
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on August 11, 2021:
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Pakistan detains ship ‘Heng Tong 77’ for unseaworthy
KARACHI: Pakistan on Tuesday detained a cargo ship, which was stuck up at Karachi Seaview beach on July 21, 2021.
The government has taken the decision to detain the ship after an inspection found the vessel in defective condition.
According to a letter issued by a department of Ministry of Maritime Affairs to the captain of the ship namely HENG TONG 77 was declared unseaworthy.
“Reference to the inspection of your vessel HENG TONG 77 on July 22, 2021 by the tea of surveyors and subsequent inspections by the surveyors of this department, your ship has been declared ‘unseaworthy’ under the power conferred by section 391 of the Pakistan Merchant Ordinance, 2001,” according to the letter issued by Mercantile Marine Department, Karachi.
It further said the ship ‘HENG TONG 77’ has been detained under the power conferred by Section 394 of Pakistan Merchant Ordinance, 2001 due to defective condition of the hull, navigational equipment and machinery, which may cause danger to human life on board ship and property.
The authority said the ship would be released after the satisfactory report of the surveyor of the department, “therefore you are advised to stay at mooring/berth in the port or suitable shelter water after refloating and arrange repair/maintenance of the hull and equipment.”
Panama registered M.V. Heng Tong 77 was anchored in Pakistan’s waters off Karachi for a crew change on July 21 when it lost anchors due to rough seas and drifted towards the shore.
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Tax credit for capital investment in specified sectors
Section 65G of Income Tax Ordinance, 2001 has allowed tax credit for capital investment in specified industrial undertakings.
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Law allows certain persons to avail tax credit
Section 65F of Income Tax Ordinance, 2001 has allowed tax credit for certain persons against their incomes.
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Tax credit for establishing industrial undertaking
Tax credit for establishing industrial undertaking has been clarified by the Federal Board of Revenue (FBR) to facilitate the business community.
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Tax incentive for companies on purchase of machinery
Tax incentive for companies on purchase of machinery and expansion has been clarified by the Federal Board of Revenue (FBR).
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Tax credits for various provisions of law
Tax credits for various provisions of law have outlined by the Federal Board of Revenue (FBR) as explained under Section 65 of the Income Tax Ordinance, 2001.
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