Category: 2019-2020
2019/2020: Withholding tax rates issued on payment for goods and services
KARACHI: Federal Board of Revenue (FBR) has issued withholding tax rates on payment for goods and services during tax year 2019/2020 under Section 153 of Income Tax Ordinance, 2001. The […]
FBR issues withholding tax rates on cash, online banking transactions
KARACHI: Federal Board of Revenue (FBR) has issued withholding tax card for tax year 2019/2020 and prescribed the rate of withholding income tax to be deducted/collected on transactions made through […]
FBR explains federal excise duty on edible oils
ISLAMABAD: Federal Board of Revenue (FBR) has issued explanation to implementation of federal excise duty on edible oils. The FBR issued change in regime of FED on ghee and cooking […]
Threshold amount to purchase immovable properties removed for withholding tax collection: FBR
ISLAMABAD: Federal Board of Revenue (FBR) has removed threshold amount to purchase of immovable properties for collection of withholding tax. The FBR issued Income Tax Circular No. 09 dated July […]
Persons not appearing in ATL will pay 100 percent increased withholding tax rate: FBR
KARACHI: Persons whose names are not appearing in the Active Taxpayers List (ATL) will be subjected to hundred percent increased rate of withholding tax, Federal Board of Revenue (FBR) said […]
Unexplained foreign remittances will be subject to tax: FBR
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday said that unexplained foreign remittances will be subject to income tax. The FBR issued a circular to explain the amendments brought through […]
FBR sets 200pc penalty for offshore tax evasion
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday said the amended income tax law attract 200 percent penalty amount of tax evaded in cases of undeclared offshore assets. The FBR […]
FBR makes mandatory purchase of immovable property through banking channel
ISLAMABAD: Federal Board of Revenue (FBR) has made mandatory the purchase of immovable property of fair market value above Rs5 million through banking channel. The FBR issued explanation to the […]
CNIC condition not applicable on purchases below Rs50,000
KARACHI: The condition of providing CNIC details is not applicable on purchases up to Rs50,000 by a person, said Zeeshan Merchant, former vice president of Karachi Tax Bar Association (KTBA). […]
Elimination of zero rating, other policy and administrative measures to generate Rs733.47 billion
KARACHI: Federal Board of Revenue (FBR) to generate additional revenue of Rs733.47 billion during current fiscal year after abolishing zero-rating of sales tax and other policy and administrative measures. Pakistan […]