Karachi, July 17, 2023 – The Sales Tax Act in Pakistan has recently provided a clear definition for the term “cottage industry.” The Federal Board of Revenue (FBR) has issued an updated version of the Sales Tax Act, 1990, effective from July 1, 2023.
The Federal Board of Revenue (FBR) has recently issued an updated definition of a company under the Sales Tax Act, 1990, effective from July 1, 2023.
In an effort to streamline tax administration and promote compliance, the Federal Board of Revenue (FBR) has recently released an updated definition of an active taxpayer under the Sales Tax Act, 1990.
The Federal Board of Revenue (FBR) has provided an explanation of agricultural income to allow for exemptions under the Income Tax Ordinance, 2001.
KARACHI: TRG Pakistan Limited on Thursday said that Sindh High Court has passed an order on February 22, 2023 suspending, for the time being, the operation of bailable warrants issued by the district and sessions court against its directors.
ISLAMABAD: Pakistan is set to meet tough conditions set by the International Monetary Fund (IMF) to continue loan program under Extended Fund Facility (EFF).
Super tax is a special levy that is imposed on certain classes of taxpayers on their income in Pakistan. The collection of super tax has been made under Income Tax Ordinance, 2001. Through Section 4B of the Income Tax Ordinance, 2001, super tax for rehabilitation of temporarily displaced persons was introduced through Finance Act, 2015. […]
Federal Board of Revenue (FBR) has defined taxable income in Pakistan under Income Tax Ordinance, 2001 updated up to June 30, 2022, after incorporating changes made through Finance Act, 2022. The taxable income has been defined under Section 9 of the Income Tax Ordinance, 2001. According to this section: “The taxable income of a person […]
Definitions of prevailing provisions of Income Tax Laws in Pakistan updated up to June 30, 2022. Federal Board of Revenue (FBR) has updated Income Tax Ordinance, 2001 up to June 30, 2022 by inserting amendments made through Finance Act, 2022. Section 2 of Income Tax Ordinance, 2001 provides definitions of terminology used in the Ordinance […]
The Federal Board of Revenue (FBR) in Pakistan has outlined five distinct heads of income for the purpose of tax collection from both individuals and corporate entities.