Pakistan Revenue
ISLAMABAD: Pakistan and China on Saturday underscored China-Pakistan Economic Corridor (CPEC) has entered the new phase of high-quality development, greatly contributing to the socio-economic development in Pakistan. “The two sides will continue to firmly advance the construction of CPEC, ensure timely completion of under-construction projects, focus on economic and social development, job creation and improvement […]
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ISLAMABAD: The federal government has imposed a ban on purchase of motor vehicles for official use. The government imposed the ban under austerity measures. The finance division in a circular said that financial constraints forced to take the step. The government has taken austerity measures for fiscal year 2021/2022: (i) There shall be complete ban […]
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KARACHI: Pakistan stock market likely to stay range-bound as result season begins during next week. Analysts at Arif Habib Limited said that the Pakistan Stock Exchange (PSX) to remain range-bound to positive during next week. They attribute to beginning of result season, which will keep specific companies in limelight.
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The Directorate of Customs Intelligence and Investigation (I&I) has disclosed plans for an auction of confiscated vehicles scheduled to take place on July 26, 2021.
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KARACHI: The stock market ended down by 80 points on Friday due to lackluster trading activity. The lackluster activity was because of market opened on the third day of Eid ul Adha. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,793 points. The market closed at 47,873 points on July 19, 2021. […]
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In a recent development, the Federal Board of Revenue (FBR) has announced significant transfers and postings affecting key officers within the Inland Revenue Service (IRS).
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ISLAMABAD: An employee share scheme granted to an employee is not chargeable to tax. Section 14 of the Income Tax Ordinance, 2001 explained the employee share scheme. The Federal Board of Revenue (FBR) issued the updated Income Tax Ordinance, 2001. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text of Section […]
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United Nations Secretary-General António Guterres has appointed 25 distinguished tax experts from around the world to serve as members of the United Nations Committee of Experts on International Cooperation in Tax Matters for the term 2021 to 2025.
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Value of perquisites for salary tax computation has been explained under Section 13 of Income Tax Ordinance, 2001. This section is for the purpose of computing the income an employee for a tax year chargeable under the head of salary.
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In a bid to provide clarity on the computation of taxable income and total income for individuals in Pakistan, Sections 9 and 10 of the Income Tax Ordinance, 2001 play a pivotal role.
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