Category: Budget 2022-2023

KARACHI: Federal Board of Revenue (FBR) has been suggested to double threshold for collection of withholding tax on consumption of electricity by domestic users.

KARACHI: Karachi Tax Bar Association (KTBA) has highlighted that genuine Non-Profit Organizations (NPOs) are unable to gent benefit of 100 per cent ax credit. In its proposals for budget 2022/2023, the tax bar informed the Federal Board of Revenue (FBR) that through Finance Act 2017 an additional condition was inserted to avail the benefit of […]

KARACHI: Karachi Tax bar Association (KTBA) has sought amendment to withholding on payments to non-resident persons under Section 152(5A) of Income Tax Ordinance, 2001. The tax bar in its proposals for budget 2022/2023 informed the Federal Board of Revenue (FBR) that in case of payment to non-resident where the payment is not likely to be […]

KARACHI: The Federal Board of Revenue (FBR) has been urged to allow complete tax adjustment at the time of deduction by employee on the time paid as salary under Section 149 of the Income Tax Ordinance, 2001. Karachi Tax Bar Association (KTBA) in its proposals for budget 2022/2023 informed the FBR as per section 149, […]

KARACHI: The Federal Board of Revenue (FBR) has been urged to grant capital gain tax (CGT) exemption on disposal of shares of private companies after 10 years. Karachi Tax Bar Association (KTBA) in its proposals for budget 2022/2023 suggested amendment in Section 37 of the Income Tax Ordinance, 2001 regarding gain on sale of shares […]

KARACHI: Karachi Tax Bar Association (KTBA) has proposed up to 20 per cent capital gain tax on real estate with elimination of all exemption and concessions. The KTBA in its proposals for budget 2022/2023 suggested the Federal Board of Revenue (FBR) to impose aggressive rate of tax on real estate sector. In this regard the […]

KARACHI: The Federal Board of Revenue (FBR) has been urged to notify procedures and rules in the forthcoming budget 2022/2023 for deducting withholding tax (WHT) on digital transactions.

KARACHI: The tax authorities have been urged to abolish the advance income tax regime at import stage and reinstate the previous regime through budget 2022/2023.

KARACHI: The tax authorities should introduce adjustable advance income tax for entire corporate service sector in the forthcoming budget 2022/2023. Karachi Tax Bar Association (KTBA) in its proposals for budget 2022/2023 submitted to the Federal Board of Revenue (FBR) highlighted minimum tax on corporate service providers under Section 153(1)(b) of the Income Tax Ordinance, 2001. […]