Pakistan grants 5-year tax exemption to promote film industry

Jul 24

Budget 2022-2023, National, Taxation

Pakistan grants 5-year tax exemption to promote film industry

ISLAMABAD: Pakistan has granted five-year tax exemption on income derived from cinema operations in order to promote local film industry. The tax exemption has been granted under Income Tax Ordinance, 2001 by amendment made through Finance Act, 2022. READ MORE: Advance tax on immovable property enhanced by 100% The Federal Board of Revenue (FBR), the […]

by Anjum Shah

Advance tax on immovable property enhanced by 100%

Jul 24

Budget 2022-2023, Taxation

Advance tax on immovable property enhanced by 100%

ISLAMABAD: The rate of advance tax on sale and purchase of immovable property has been enhanced by 100 per cent. The tax rate has been enhanced on property transaction through Finance Act, 2022. READ MORE: FBR explains changes in advance tax on motor vehicles The FBR issued Income Tax Circular No. 15 of 2022/2023 to […]

by Anjum Shah

FBR explains changes in advance tax on motor vehicles

Jul 24

Automotive, Budget 2022-2023, Taxation, Top stories

FBR explains changes in advance tax on motor vehicles

ISLAMABAD: The Federal Board of Revenue (FBR) has explained changes made to advance tax on motor vehicles through Finance Act, 2022. The FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments brought through Finance Act, 2022 to the Income Tax Ordinance, 2001. The FBR said that provision of section 231B of […]

by Anjum Shah

Pakistan introduces automated system for withholding tax payments

Jul 24

Budget 2022-2023, Taxation

Pakistan introduces automated system for withholding tax payments

ISLAMABAD: Pakistan has introduced an automated system for real-time payment for withholding tax. The system has been introduced through the Finance Act, 2022 by making amendment to the Income Tax Ordinance, 2001. The Federal Board of Revenue (FBR), the apex tax collecting agency of Pakistan, issued Income Tax Circular No. 15 of 2022/2023 to explain […]

by Anjum Shah

Tax imposed on foreign payments made by exchange companies

Jul 24

Budget 2022-2023, Money & Banking, Taxation

Tax imposed on foreign payments made by exchange companies

ISLAMABAD: The Federal Board of Revenue (FBR) has said that tax has been imposed on foreign payments made by exchange companies. The FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments brought through Finance Act, 2022 to the Income Tax Ordinance, 2001. READ MORE: Minimum tax for commercial importers enhanced: FBR […]

by Anjum Shah

Minimum tax for commercial importers enhanced: FBR

Jul 24

Budget 2022-2023, Taxation

Minimum tax for commercial importers enhanced: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) said that withholding tax for commercial importers has been enhanced to 3.5 per cent from 2 per cent. The FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments introduced through Finance Act, 2022 to the Income Tax Ordinance, 2001. READ MORE: Tax through electricity […]

by Anjum Shah

Tax through electricity connections on retailers, service providers

Jul 23

Budget 2022-2023, Taxation, Top stories

Tax through electricity connections on retailers, service providers

ISLAMABAD: The Federal Boar of Revenue (FBR) has issued explanation to tax collection through electricity connections from retailers and service providers. In this regard the FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments introduced through the Finance Act, 2022 to the Income Tax Ordinance, 2001. The FBR said that in […]

by Anjum Shah

FBR explains income tax on export of services

Jul 23

Budget 2022-2023, Taxation

FBR explains income tax on export of services

ISLAMABAD: The Federal Board of Revenue (FBR) has explained income tax treatment on export of services as amended through Finance Act, 2022. The FBR issued Income Tax Circular No. 15 of 2022/2023 to explain the important amendments brought through the Finance Act, 2022 to the Income Tax Ordinance, 2001. The revenue body said that a […]

by Anjum Shah

FBR restores 100% depreciation deduction

Jul 23

Budget 2022-2023, Taxation

FBR restores 100% depreciation deduction

ISLAMABAD: The Federal Board of Revenue (FBR) has restored 100 per cent depreciation deduction on a depreciable asset used in a person’s business for the first time. The FBR restored the depreciation deduction on the basis of amendment brought through Finance Act, 2022. The revenue body issued Income Tax Circular No. 15 of 2022/2023 to […]

by Anjum Shah

FBR notifies graduated tax rates on disposal of securities

Jul 23

Budget 2022-2023, Taxation

FBR notifies graduated tax rates on disposal of securities

ISLAMABAD: The Federal Board of Revenue (FBR) has notified rate of capital gain tax as introduced through Finance Act, 2022 and effective from July 01, 2022. The FBR issued Income Tax Circular No. 15 of 2022-2023 to explain important amendment made through the Finance Act, 2022 to the Income Tax Ordinance, 2001. The FBR said […]

by Anjum Shah