Pakistan Revenue
KARACHI: Pakistan has withdrawn tax amnesties for industrial promotion through Finance Act, 2022 by making certain amendments to the Income Tax Ordinance, 2001, READ MORE: Pakistan expands tax exemptions under foreign treaties Analysts at PwC A. F. Ferguson & Co. explained amendments made through Finance Act, 2022 to Sections 59C, Section 65H and Section 100F […]
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KARACHI: Pakistan has expanded scope of income tax exemption provided under international tax treaties. The change has been brought into Section 44 of Income Tax Ordinance, 2001 through Finance Act, 2022. READ MORE: Capital gains tax revamped on disposal of immovable properties Experts at PwC A. F. Ferguson & Co. explained the amendment saying that […]
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KARACHI: The Finance Act, 2022 has revamped the taxation of capital gains on disposal of immovable properties. Amendment has been incorporated in Section 37 of Income Tax Ordinance, 2001 through Finance Act, 2022. READ MORE: Tax on deemed income arising from capital assets in Pakistan Capital gains tax on disposal of immovable properties located in […]
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KARACHI: A resident person, who owns capital assets in Pakistan, will be taxed on deemed income arising from capital assets for tax year 2022. An important amendment has been made part of the Income Tax Ordinance, 2001 through Finance Act, 2022. Experts at PwC A. F. Ferguson & Co. explained this provision of the ordinance […]
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Pakistan has introduced a 10 percent tax on money transfers to non-residents lacking a permanent establishment within the country who derive income from various financial services.
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KARACHI: Significant changes have been made to sales tax laws through Finance Act, 2022 and that are applicable from July 01, 2022. PwC A.F. Ferguson & Co interpreted the changes made to Sales Tax Act, 1990 through the Finance Act, 2022, which are as follow: READ MORE: Key changes to income tax laws through Finance […]
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KARACHI: The Finance Act, 2022 has made significant changes to Income Tax Ordinance, 2001, which are applicable from July 01, 2022. Following are the significant changes in Income Tax Ordinance, 2001 through Finance Act, 2022 as explained by PwC A.F. Ferguson & Co.: READ MORE: Non-ATL retailers to pay double amount of fixed tax 1. […]
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ISLAMABAD: Small retailers or a shopkeepers have to pay double the amount of fixed tax in case of not appearing on the Active Taxpayers List (ATL). The federal government through the Finance Bill, 2022 introduced a scheme of fixed tax for small retailers. However, the National Assembly approved the bill with certain changes in the […]
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KARACHI: About four years jail term has been prescribed for tempering data of Pakistan Single Window (PSW). According to Finance Act, 2022 certain amendments have been made to Customs Act, 1969 to prescribed fine and penalty for attempting to tamper or making unauthorized entry to the online data of PSW. According to the Finance Act, […]
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ISLAMABAD: National Assembly (NA) has approved a levy of Rs50 per liter on each petroleum product. The assembly allowed the government to include the levy in the prices of petroleum products up to Rs50 per liter of each product. READ MORE: All tax proposals of IT sector accepted: FBR The National Assembly passed the Finance […]
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