Pakistan Revenue
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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In a move aimed at providing relief to consumers, the Federal Board of Revenue (FBR) has announced a reduction in the sales tax rate on the supply of petrol. The new rate, effective immediately, is set at 10.77%, down from the previous rate of 16.40%.
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KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the apex trade body of the country, has voiced concerns over the enforcement of new Standard Operating Procedures (SOPs) for COVID-19 prevention by the Sindh government.
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KARACHI: The Pakistan Stock Exchange (PSX) ended down by 120 points on Monday. The benchmark KSE-100 closed at 47,673 points as against last Friday’s closing of 47,793 points. Analysts at Topline Research said that the index opened the day in the positive territory. Initially it reached to an intra-day high of 47,930 points. But it […]
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KARACHI: The State Bank of Pakistan (SBP) has scheduled to announce monetary policy for next two months on Tuesday July 27, 2021. The present key policy rate is 7 per cent. Analysts believe that the central bank is likely to keep the policy rate unchanged. The analysts at Arif Habib Limited expect the SBP to […]
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Xiaomi has planned assembly plant in Pakistan within the next three to four months. This strategic move not only signifies a significant milestone for the tech giant but also carries promising prospects for the Pakistani market.
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Section 19 of Income Tax Ordinance, 2001 explains speculation business and tax treatment of income from this business.
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KARACHI: The tax authorities have powers to arrest tax evaders without warrants for concealment of income or assets.
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