KARACHI: The Federal Board of Revenue (FBR) will collect three per cent further sales tax on supply made to a person not an active taxpayer.
KARACHI: The Federal Board of Revenue (FBR) has started online monitoring the sales of jewelers after amendment made through Finance Act, 2001. READ MORE: Tax concessions to pilots withdrawn According to tax experts at PwC A. F. Ferguson & Co. said that the scope of definition of the term ‘Tier-1 retailer’ has been enhanced to […]
KARACHI: Tax concessions on income in the shape of total allowances available to pilots of any Pakistani airlines have been withdrawn from July 01, 2022. The tax concessions have been withdrawn through Finance Act, 2022 by amending provisions of Income Tax Ordinance, 2001. READ MORE: Pakistan grants tax exemption to charitable organizations According to the […]
KARACHI: Pakistan has granted exemption from tax on income of various charitable organizations through Finance Act, 2022. The tax exemption has been granted under Second Schedule of Income Tax Ordinance, 2001. READ MORE: New tax rates on car registration from July 01, 2022 According to interpretation of Finance Act, 2022 by PwC A. F. Ferguson […]
KARACHI: The new rates of advance tax on registration of motor cars have been notified through Finance Act, 2022. According to PwC A. F. Ferguson & Co. the new rates of advance tax on registration of the motor vehicles are as follows: READ MORE: Finance Act 2022 notifies tax rates on disposal of securities Engine […]
KARACHI: Through the Finance Act, 2022 the tax rates on disposal of securities have been notified for tax year 2023 and onwards. According to interpretation of PwC A. F. Ferguson & Co. gain on disposal of listed securities (that was previously chargeable to tax at 12.5 per cent irrespective of the holding period) shall now […]
KARACHI: The federal government has withdrawn the proposal to give concessions to salaried persons and retained the minimum threshold for salary income at Rs600,000. Through the Finance Act, 2022 the new tax rates on salary income have been implemented from July 01, 2022. The new tax rates are as follow: READ MORE: Proposal of final […]
KARACHI: The National Assembly of Pakistan has rejected a proposal to grant final tax regime for commercial importers. The proposal was made part of Finance Bill, 2022 under which the government proposed to bring commercial importers under the ambit of final tax regime. READ MORE: Mechanism revamped for tax dispute resolution Previously, PTI government after […]
KARACHI: The mechanism of alternative dispute resolution (ADR) has been revamped through Finance Act, 2022 and same has been implemented from July 01, 2022. According to explanation to the Section 134A of the Income Tax Ordinance, 2001 amended through Finance Act, 2022, analysts at PwC A. F. Ferguson & Co. said that under the revamped […]
KARACHI: The Federal Board of Revenue (FBR) has implemented a simplified tax regime from shopkeepers and small retailers. Through the Finance Act, 2022 important amendments have been made to Income Tax Ordinance, 2001. READ MORE: Pakistan withdraws tax amnesties for industrial promotion Tax experts at PwC A. F. Ferguson & Co. explained that for other […]