Pakistan Revenue
The government has granted powers to Commissioner Inland Revenue at the Federal Board of Revenue (FBR) to issue assessment order of past ten years on discovery of undisclosed offshore assets.
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The Federal Board of Revenue (FBR) has announced its intent to roll out a special tax procedure tailored for small traders and shopkeepers in the country.
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Loss carry forward allowed for three years on disposal of securities has been introduced through an amendment to the Income Tax Ordinance, offering relief to investors in the stock exchange.
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The tax on undistributed profits, which had been introduced in the Finance Act of 2017, will not be applicable beyond the tax year 2019.
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On Wednesday, Finance Minister Asad Umar took the floor of the house to present a comprehensive economic reform package aimed at promoting investment and exports in Pakistan.
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