Pakistan Revenue
KARACHI: Tax practitioners in Karachi have brought to light a concerning issue where banks are deducting withholding tax on proceeds from the exports of computer software and IT-enabled services, despite these being granted a 100% tax credit.
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ISLAMABAD: Federal Board of Revenue (FBR) has imposed major penalty of ‘dismissal from service’ upon a senior tax auditor for misconduct. Syed Ali Hussain, Senior Auditor (BS-16), Large Taxpayers Office, has been removed from service for absence from office without authorized leave. According to an office order issued on Wednesday, the FBR said disciplinary proceedings […]
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KARACHI: Pakistan Stock Exchange (PSX) tumbled on Wednesday over growing concerns related to COVID lockdown. The market also fell on probe by regulator for unusual price movement in certain stocks. The benchmark KSE-100 index closed at 47,318 points as against 47,687 points, showing a decline of 369 points. Analysts at Arif Habib Limited said that […]
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The Federal Board of Revenue (FBR) has clarified the provisions related to amortization deductions for intangibles in Section 24 of the Income Tax Ordinance, 2001, through updates issued up to June 30, 2021.
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Pakistan and Saudi Arabia have agreed to strengthen economic ties, marking a significant step in the long-standing bilateral partnership between the two countries.
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KARACHI: The State Bank of Pakistan (SBP) on Monday kept the policy rate unchanged at 7 per cent for next two months. The SBP said that at its meeting on July 27, 2021, the Monetary Policy Committee (MPC) decided to maintain the policy rate at 7 percent.
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The Federal Board of Revenue (FBR) announced on Tuesday the establishment of a committee dedicated to the integration of businesses.
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How depreciation deduction allowed for tax calculation is explained by the Federal Board of Revenue (FBR) through updated version of the Income Tax Ordinance, 2001, which incorporates amendments introduced through the Finance Act, 2021.
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Section 21 of Income Tax Ordinance, 2001 highlights expenditures and deductions, which are not allowed under business income.
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The Federal Board of Revenue (FBR) has redefined Tier-1 retailers, making it mandatory for them to integrate sales data on a real-time basis.
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