The Federal Board of Revenue (FBR) has recently released the updated Income Tax Ordinance, 2001, incorporating amendments made through the Finance Act, 2021.
(more…)Author: Hamza Shahnawaz
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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
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
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
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):
Currency Buying Selling Australian Dollar (AUD) 128.10 129.60 Bahrain Dinar (BHD) 386.75 388.50 Canadian Dollar (BHD) 138.100 140.1 China Yuan (CNY) 23.75 23.90 Danish Krone (DNK) 23.45 23.75 Euro (EUR) 201.10 203.60 Hong Kong Dollar (HKD) 16.70 16.95 Indian Rupee (INR) 2.03 2.10 Japanese Yen (JPY) 1.41 1.44 Kuwaiti Dinar (KWD) 481.70 484.20 Malaysian Ringgit (MYR) 36.45 36.80 NewZealand $ (NZD) 96.45 97.15 Norwegians Krone (NOK) 17.50 17.75 Omani Riyal (OMR) 392.70 394.70 Qatari Riyal (QAR) 39.90 40.50 Saudi Riyal (SAR) 46.60 47.10 Singapore Dollar (SGD) 126.10 127.60 Swedish Korona (SEK) 18.45 18.70 Swiss Franc (CHF) 159.90 160.80 Thai Bhat (THB) 4.80 4.90 U.A.E Dirham (AED) 48.10 48.60 UK Pound Sterling (GBP) 238.60 241.10 US Dollar (USD) 173.90 174.90 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.
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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.
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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
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
The advance tax rates on dividends for the tax year 2022 are under the First Schedule of the Income Tax Ordinance, 2001.
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Rates of tax on imports for Tax Year 2022
The advance tax rates 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 advance tax to be collected by the Collector of Customs under section 148 shall be-
- The tax rate on persons importing goods classified in Part I of the Twelfth Schedule shall be one per cent of the import value as increased by customs-duty, sales tax and federal excise duty.
- The tax rate on persons importing goods classified in Part II of the Twelfth Schedule shall be two per cent of the import value as increased by customs-duty, sales tax and federal excise duty.
- The tax rate on persons importing goods classified in Part III of the Twelfth Schedule shall be 5.5 per cent of the import value as increased by customs-duty, sales tax and federal excise duty;
Provided that the rate specified in column (3),—
(a) in the case of manufacturers covered under rescinded Notification No. S.R.O 1125(I)/2011 dated the 31st December, 2011 as it stood on the 28th June, 2019 on import of items covered under the aforementioned S.R.O shall be 1%;
(b) in case of persons importing finished pharmaceutical products that are not manufactured otherwise in Pakistan, as certified by the Drug Regulatory Authority of Pakistan shall be 4%:
(c) in case of importers of CKD kits of electric vehicles for small cars or SUVs with 50 kwh battery or below and LCVs with 150 kwh battery or below shall be one percent:] Provided further that the rate of tax on value of import of mobile phone by any person shall be as set out in the following table, namely:-
(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.)