Pakistan grants tax exemption to charitable organizations

Jul 12

Budget 2022-2023, Taxation

Pakistan grants tax exemption to charitable organizations

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 […]

by Faisal Shahnawaz

New tax rates on car registration from July 01, 2022

Jul 11

Automotive, Budget 2022-2023, Taxation

New tax rates on car registration from July 01, 2022

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 […]

by Hamza Shahnawaz

Finance Act 2022 notifies tax rates on disposal of securities

Jul 11

Budget 2022-2023, Taxation

Finance Act 2022 notifies tax rates on disposal of securities

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 […]

by Hamza Shahnawaz

Finance Act 2022 revises tax rates for salaried persons

Jul 11

Budget 2022-2023, Taxation

Finance Act 2022 revises tax rates for salaried persons

KARACHI: The federal government has withdrawn the proposal to give concessions to salaried persons and retained the minimum threshold for salary income at Rs600,000.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 […]

by Hamza Shahnawaz

Proposal of final tax regime for commercial importers rejected

Jul 10

Budget 2022-2023, Taxation, Top stories

Proposal of final tax regime for commercial importers rejected

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 […]

by Hamza Shahnawaz

Mechanism revamped for tax dispute resolution

Jul 10

Budget 2022-2023, Taxation

Mechanism revamped for tax dispute resolution

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 […]

by Faisal Shahnawaz

Simplified tax regime for shopkeepers implemented

Jul 10

Budget 2022-2023, Taxation

Simplified tax regime for shopkeepers implemented

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 […]

by Faisal Shahnawaz

Pakistan withdraws tax amnesties for industrial promotion

Jul 9

Budget 2022-2023, Taxation

Pakistan withdraws tax amnesties for industrial promotion

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 […]

by Hamza Shahnawaz

Pakistan expands tax exemptions under foreign treaties

Jul 9

Budget 2022-2023, Taxation

Pakistan expands tax exemptions under foreign treaties

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 […]

by Hamza Shahnawaz

Capital gains tax revamped on disposal of immovable properties

Jul 8

Budget 2022-2023, Taxation

Capital gains tax revamped on disposal of immovable properties

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 […]

by Hamza Shahnawaz