Pakistan Revenue
ISLAMABAD: A new mechanism of Alternate Dispute Resolution (ADR) has been introduced through Finance Bill, 2022 to facilitate taxpayers. The government on June 10, 2022 presented the federal budget 2022/2023. Through the budget various taxation measures and facilitation steps have been taken. Through the Finance Bill, 2022 amendment to Section 134A of Income Tax Ordinance, […]
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ISLAMABAD: Finance Bill 2022 has proposed to empower Federal Board of Revenue (FBR) to disable mobile phone SIMs of non-filers of annual tax return. Besides, it is also proposed to empower the FBR to disconnect connections of electricity and gas of non-filers. READ MORE: Pakistan amends tax laws to legalize money transfers The amendment has […]
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ISLAMABAD: Pakistan has amended tax laws to grant approval of legal banking channels to money transfer by money transfer operators and bureaus. The country presented budget 2022/2023 on June 10, 2022 and amended tax laws to grant approval the money transfer made through operators, bureaus and exchange companies. Through Finance Bill, 2022 amendment made to […]
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ISLAMABAD: The government has announced a fixed tax regime for small retailers, which will be collected their monthly electricity bills. The fixed tax regime has been proposed through budget 2022/2023, which was announced on June 10, 2022. Through Finance Bill, 2022 amendment has been made to Income Tax Ordinance, 2001 to propose special provisions relating […]
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ISLAMABAD: Pakistan has proposed to amend tax laws to bring wealthy citizens living abroad and evading tax. The amendment has been proposed through budget 2022/2023, which was presented on June 10, 2022. READ MORE: CGT up to 15% slapped on immovable properties According to budget documents, criteria for the resident person for the purpose of […]
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The federal government has implemented capital gains tax (CGT) ranging up to 15 percent on the disposal of immovable properties within one year of purchase.
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ISLAMABAD: A tax rate at 20 per cent has been imposed on deemed income from immovable properties through a new section introduced to Income Tax Ordinance, 2001. The government announced federal budget 2022/2023 on June 10, 2022 and introduced new tax on a person having more than one immovable property. A person having more than […]
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ISLAMABAD: Pakistan has amended tax laws related to digital transfers of money to non-residents for various financial services. The country on June 10, 2022 presented its federal budget for the fiscal year 2022/2023. The amendment has been brought into the Income Tax Ordinance, 2001 through Finance Bill, 2022. READ MORE: Pakistan imposes tax on high […]
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ISLAMABAD: Pakistan has imposed an additional rate of tax on high net-worth individuals for poverty alleviation. The country on June 10, 2022 presented its federal budget for the fiscal year 2022/2023. The budget was presented amid severe financial crisis. READ MORE: Finance Bill defines beneficial owner under tax laws Finance Minister Miftah Ismail urged the […]
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ISLAMABAD: The Finance Bill 2022 has defined ‘beneficial owner’ for the purpose of treatment of tax under Income Tax Ordinance, 2001. Amendments have been proposed in the Section 2 of the Income Tax Ordinance, 2001 through introduction of Finance Bill, 2022 on June 10, 2022. READ MORE: Pakistan reduces salary tax slabs to 7 in […]
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