2019/2020: Withholding tax rates issued on payment for goods and services

Aug 5

2019-2020, Budget, Taxation

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 said that every prescribed person shall collect withholding tax under Section 153 of Income Tax Ordinance, 2001 from resident persons and permanent establishment in […]

by Anjum Shah

FBR issues withholding tax rates on cash, online banking transactions

Aug 4

2019-2020, Budget, Taxation

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 banking system either by cash or online transfers. The FBR issued updated Withholding Tax Card for Tax Year 2020 incorporating changes brought through Finance Act, […]

by Anjum Shah

FBR explains federal excise duty on edible oils

Aug 3

2019-2020, Budget, Taxation

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 / edible oils introduced through Finance Act, 2019 and applicable from July 01, 2019: FED on ghee and edible oils was payable at 16 percent […]

by Anjum Shah

Threshold amount to purchase immovable properties removed for withholding tax collection: FBR

Jul 31

2019-2020, Budget, Taxation

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 30, 2019 and said that through the Finance Act, 2019, the rate of tax on purchase of immovable property under Section 236K of Income Tax […]

by Anjum Shah

Persons not appearing in ATL will pay 100 percent increased withholding tax rate: FBR

Jul 31

2019-2020, Budget, Taxation

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 in a circular issued to explain changes made in Income Tax Ordinance, 2001 through Finance Act, 2019. The FBR issued Circular No. 19 of 2019 […]

by Anjum Shah

Unexplained foreign remittances will be subject to tax: FBR

Jul 30

2019-2020, Budget, Taxation

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 Finance Act, 2019 to the Income Tax Ordinance, 2001. Through the Finance Act, 2019 the limit of foreign remittance for questioning the source has been […]

by Anjum Shah

FBR sets 200pc penalty for offshore tax evasion

Jul 30

2019-2020, Budget

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 issued income tax circular to explain the changes brought through Finance Act, 2019 regarding offshore assets and tax evasion. The FBR said that through the […]

by Anjum Shah

FBR makes mandatory purchase of immovable property through banking channel

Jul 30

2019-2020, Budget, Taxation

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 Finance Act, 2019 on Tuesday regarding purchase of assets through banking channel under Section 75A of Income Tax Ordinance, 2001. The FBR said that a […]

by Anjum Shah

CNIC condition not applicable on purchases below Rs50,000

Jul 11

2019-2020, Budget

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). He highlighted key changes to sales tax law made through Finance Act, 2019 at a seminar organized by KTBA on Thursday. He said the condition […]

by Anjum Shah

Elimination of zero rating, other policy and administrative measures to generate Rs733.47 billion

Jul 9

2019-2020, Budget, Taxation

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 has outlined its strategy for enhancing revenue collection before the International Monetary Fund (IMF) through eliminating exemptions, distortion and other policy and administrative measures. These […]

by Anjum Shah