Pkrevenue.com

Author: Hamza Shahnawaz

  • Tax rates on prize and winnings during tax year 2022

    Tax rates on prize and winnings during tax year 2022

    The income tax rates on prize and winnings for tax year 2022 to be applicable under Section Schedule of Income Tax Ordinance, 2001.

    The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

    Following are the rates of income tax on prize and winnings:

    (1) The rate of tax to be deducted under section 156 on a prize on prize bond or cross-word puzzle shall be 15 per cent of the gross amount paid.

    (2) The rate of tax to be deducted under section 156 on winnings from a raffle, lottery, prize on winning a quiz, prize offered by a company for promotion of sale, shall be 20 per cent of the gross amount paid.

    Following is the text of Section 156 of the Income Tax Ordinance, 2001:

    156. Prizes and winnings.—(1) Every person paying prize on a prize bond, or winnings from a raffle, lottery, prize on winning a quiz, prize offered by companies for promotion of sale, or cross-word puzzle shall deduct tax from the gross amount paid at the rate specified in Division VI of Part III of the First Schedule.

    (2) Where a prize, referred to in sub-section (1), is not in cash, the person while giving the prize shall collect tax on the fair market value of the prize.

    (3) The tax deductible under sub-section (1) or collected under sub-section (2) shall be final tax on the income from prizes or winnings referred to in the said sub-sections.

    (Disclaimer: The text of above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

    Tax rates on income from property during tax year 2022
  • Tax rates on income from property during tax year 2022

    Tax rates on income from property during tax year 2022

    The Federal Board of Revenue (FBR) has recently released the updated Income Tax Ordinance, 2001, incorporating amendments made through the Finance Act, 2021.

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  • Rate of tax on exports during Tax Year 2022

    Rate of tax on exports during Tax Year 2022

    The Federal Board of Revenue (FBR) has provided clarity on the tax rates applicable to exports for the tax year 2022, as outlined in the First Schedule of the Income Tax Ordinance, 2001.

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  • Tax rates on payments for goods or services during TY22

    Tax rates on payments for goods or services during TY22

    The Federal Board of Revenue (FBR) has released the advance tax rates on payments for goods or services to non-residents for the tax year 2022.

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  • Tax rates on Profit on Debt during TY22

    Tax rates on Profit on Debt during TY22

    The advance tax rates on on profit on debt during tax year 2022 are under the First Schedule of the Income Tax Ordinance, 2001.

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  • Pakistan’s exchange rates on October 24

    Pakistan’s exchange rates on October 24

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on October 24, 2021 (The rates are updated at 07:51 AM):

    CurrencyBuyingSelling
    Australian Dollar (AUD)128.10129.60
     Bahrain Dinar (BHD)386.75388.50
     Canadian Dollar (BHD)138.100140.1
     China Yuan (CNY)23.7523.90
     Danish Krone (DNK)23.4523.75
     Euro (EUR)201.10203.60
     Hong Kong Dollar (HKD)16.7016.95
     Indian Rupee (INR)2.032.10
     Japanese Yen (JPY)1.411.44
     Kuwaiti Dinar (KWD)481.70484.20
     Malaysian Ringgit (MYR)36.4536.80
     NewZealand $ (NZD)96.4597.15
     Norwegians Krone (NOK)17.5017.75
     Omani Riyal (OMR)392.70394.70
     Qatari Riyal (QAR)39.9040.50
     Saudi Riyal (SAR)46.6047.10
     Singapore Dollar (SGD)126.10127.60
     Swedish Korona (SEK)18.4518.70
     Swiss Franc (CHF)159.90160.80
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)48.1048.60
     UK Pound Sterling (GBP)238.60241.10
     US Dollar (USD)173.90174.90

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    Pakistan’s exchange rates on October 23
  • Industry protests over 20% additional ST on electricity

    Industry protests over 20% additional ST on electricity

    KARACHI: Industry has strongly protested over imposition of 20 per cent additional sales tax on supply of electricity and said it will destroy the industrial activities and result in mass unemployment.

    Faisal Moiz Khan, President, North Karachi Association of Trade & Industry (NKATI) in a statement on Saturday expressed deep concerns over the imposition of 20 per cent additional sales tax on electricity bills by K-Electric and by strongly protested.

    He demanded the government to withdraw the increase immediately and K-Electric should be stopped from looting the industrial community.

    The imposition of additional taxes on electricity will lead to destruction and a flood of unemployment.

    In a statement, NKATI president said that 20 per cent additional sales tax has been levied on the electricity bills sent to industries by K-Electric.

    While KE is already levying 17 per cent sales tax on electricity bills, so there is no justification for imposing an additional 20 per cent sales tax.

    “Forcible collection of additional sales tax from registered consumers in sales tax is a total injustice which will increase the cost of production immensely. Which will have a very bad effect on the country’s exports and industrial production activities”, he said.

    Faisal Moiz Khan demanded the government to take notice of the imposition of 20% additional sales tax on electricity bills by K-Electric and withdraw this decision immediately and provide a conducive business and industrial environment in line with Prime Minister Imran Khan’s vision of making it easier to do business and run industries. Otherwise, it will be impossible for industrialists to run their own factories

    NKATI president further said that if the government wants industries to flourish and create more employment opportunities, then anti-business and anti-industrial measures must be avoided, so that the domestic industries can get back on their feet in the face of the dire economic situation due to COVID-19 pandemic.

  • Tax rates on payments to non-residents during TY22

    Tax rates on payments to non-residents during TY22

    In a move to streamline tax regulations and provide clarity to businesses, the Federal Board of Revenue (FBR) has released the advance tax rates on payments to non-residents for the tax year 2022.

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  • Tax rates on return on investment in sukuk for TY22

    Tax rates on return on investment in sukuk for TY22

    The Federal Board of Revenue (FBR) has established the advance tax rates on returns from investment in sukuk for the tax year 2022.

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  • Advance tax rates on dividend for Tax Year 2022

    Advance tax rates on dividend for Tax Year 2022

    The advance tax rates on dividends for the tax year 2022 are under the First Schedule of the Income Tax Ordinance, 2001.

    The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

    The rate of tax to be deducted under section 150 shall be-

    (a) 7.5 per cent in case of dividend paid by Independent Power Producers where such dividend is a pass through item under an Implementation Agreement or Power Purchase Agreement or Energy Purchase Agreement and is required to be re-imbursed by Central Power Purchasing Agency (CPPA-G) or its predecessor or successor entity.

    (b) 15 per cent in mutual funds, Real Estate Investment Trusts and cases other than those mentioned in clauses (a) and (ba); and

    (ba) 25 per cent in case of a person receiving dividend from a company where no tax is payable by such company, due to exemption of income or carry forward of business losses under Part VIII Chapter III or claim of tax credits under Part X of Chapter III.

    (Disclaimer: The text of above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

    Rates of tax on imports for Tax Year 2022