Pakistan Customs has introduced a user-friendly online currency declaration module for both outgoing and incoming international passengers.
(more…)Author: Faisal Shahnawaz
-
KSE-100 index gains 573 points amid positive sentiments
KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gained 573 points on Friday. The index gained owing to positive sentiments prevailed during the day.
Analysts at Topline Securities said that a positive session was observed at the exchange, as the index gained to close 1.23 per cent higher.
A major contribution to the index came from MEBL, TRG, LUCK, SYS and PSEL, as they cumulatively contributed 345 points to the index.
Traded volume and value for the day stood at 427 million shares and Rs.18.1 billion respectively.
ANL was today`s volume leader with 40 million shares.
-
FBR allows filing tax amnesty declarations up to Sept 25
ISLAMABAD: Federal Board of Revenue (FBR) on Friday allowed taxpayers to file declarations under amnesty scheme 2019 up to September 25, 2021.
In this regard, the FBR issued Circular No. 6 of 2022 for relaxing in the filing of declaration under Asset Declaration Ordinance, 2019.
The Asset Declaration Ordinance, 2019 was promulgated on May 14, 2019, for payment of tax and declaration of corresponding assets by June 30, 2019. The due date was extended till July 03, 2019.
The FBR received various references from citizen taxpayers whereby it has been conveyed that owing to certain technological impediments, many citizen taxpayers/persons intending to avail the benefit of the Ordinance deposited due tax but could not file their declarations of assets by the due date i.e. July 03, 2019.
Taking cognizing of the hardship caused and to facilitate the aggrieved citizen taxpayers, FBR has decided to allow the filing of declarations for all those citizen taxpayers/persons who deposited tax under the Ordinance within the due date i.e. July 03, 2019, but could not file their declarations due to any reason.
“The system has been enabled for the purpose and all taxpayers can now file their declarations between September 10, 2021, till September 25, 2021.”
The FBR said that this is a special dispensation granted under Section 7 of the Federal Board of Revenue Act, 2007.
-
Withholding agent to be liable for failure in deducting tax
Section 161 of Income Tax Ordinance, 2001 describes the withholding agent to be liable for failure in deducting tax.
(more…) -
KIBOR rates on September 10, 2021
KARACHI: State Bank of Pakistan (SBP) on Friday issued the following Karachi Interbank Offered Rates (KIBOR) on September 10, 2021.
Tenor BID OFFER 1 – Week 6.90 7.40 2 – Week 6.95 7.45 1 – Month 7.01 7.51 3 – Month 7.15 7.40 6 – Month 7.36 7.61 9 – Month 7.44 7.94 1 – Year 7.51 8.01 -
Tax collection and deduction
The Federal Board of Revenue (FBR) has outlined the procedures for tax collection and deduction under Section 160 of the Income Tax Ordinance, 2001.
(more…) -
Dollar heading towards all-time high against PKR
KARACHI – The US dollar demand reached new heights on Friday, heading towards an all-time high against the Pakistani Rupee (PKR).
(more…) -
SBP issues customers exchange rates for September 10
Karachi, September 10, 2021 – The State Bank of Pakistan (SBP) has released the exchange rates for customers on Friday, September 10, 2021.
(more…) -
Revenue crosses Rs4 trillion for first time: FBR chairman
In a historic achievement, Pakistan’s Federal Board of Revenue (FBR) has surpassed the psychological target of Rs. 4 trillion in revenue collection for the fiscal year 2021.
(more…) -
Issuance of exemption, reduced tax rate certificate
Section 159 of Income Tax Ordinance, 2001 explains the issuance of exemption and reduced income tax rate certificate.
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.
Following is the text of Section 159 of Income Tax Ordinance, 2001:
159. Exemption or lower rate certificate.— (1) Where the Commissioner is satisfied that an amount to which Division II or III of this Part or Chapter XII applies is –
(a) exempt from tax under this Ordinance; or
(b) subject to tax at a rate lower than that specified in the First Schedule; or
(c) is subject to hundred percent tax credit under this Ordinance,
the Commissioner shall, upon application in writing by the person, in the prescribed form issue the person with an exemption or lower rate certificate:
Provided that in case of a company, the Commissioner shall issue exemption or lower rate certificate under this section within fifteen days of filing of application by the company:
Provided further that the Commissioner shall be deemed to have issued the exemption certificate upon the expiry of fifteen days from filing of application by the aforesaid company and the certificate shall be automatically processed and issued by Iris:
Provided also that the Commissioner may modify or cancel the certificate issued automatically by Iris on the basis of reasons to be recorded in writing after providing an opportunity of being heard.
(1A) The Commissioner shall, upon application from a person, in the prescribed form whose income is not likely to be chargeable to tax under this Ordinance, issue exemption certificate for the profit on debt referred to in clause (c) of sub-section (1) of section 151.
(2) A person required to collect advance tax under Division II of this Part or deduct tax from a payment under Division III of this Part or deduct or collect tax under Chapter XII shall collect or deduct the full amount of tax specified in Division II or III or Chapter XII, as the case may be, unless there is in force a certificate issued under sub-section (1) relating to the collection or deduction of such tax, in which case the person shall comply with the certificate.
(6) Notwithstanding omission of sub-sections (3), (4) and (5), any notification issued under the said sub-sections and for the time being in force, shall continue to remain in force, unless rescinded by the Board through notification in the official Gazette.
(Disclaimer: The text of the 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.)