Pakistan Revenue
Income Tax Ordinance (ITO), 2001 has defined various approved funds for the chargeability of income tax. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) explained the following: “Approved gratuity fund” means a gratuity fund approved by the Commissioner in accordance with Part III of […]
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Income Tax Ordinance, 2001 has defined the meaning of ‘foreign source of income’ derived by Pakistani individual by working or giving services abroad. Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) stated that an amount shall be foreign-source income to the extent to which it […]
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Income Tax Ordinance, 2001 has explained the meaning of ‘fee for technical services’ rendered by non-resident persons to users in Pakistan. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) explained the fee for offshore digital services as: “Fee for technical services” means any consideration, […]
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Income Tax Ordinance, 2001 has explained the meaning of ‘fast moving consumer goods’ for calculation and imposition of income tax. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) explained it as: “Fast moving consumer goods” means consumer goods which are supplied in retail marketing […]
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Income Tax Ordinance (ITO), 2001 has explained the meaning of employee and employer for calculation and imposition of income tax. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) explained the terms as: “Employee” means any individual engaged in employment; “Employer” means any person who […]
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Income Tax Ordinance (ITO), 2001 has defined ‘electronic record’ as electronic resources or information in electronic form. The Income Tax Ordinance, 2001 – updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) – explained the following: “Electronic record” includes the contents of communications, transactions and procedures under this Ordinance, including […]
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Income Tax Ordinance, 2001 has defined types of income included in dividend distribution for the purpose of tax levy.
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Sales Tax Act, 1990 has defined the word ‘wholesaler’ for the purpose of levying tax on supply of goods. Sales Tax Act, 1990 – updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) – explained the word ‘wholesaler’ as: “Wholesaler” includes a dealer and means any person who carries on, […]
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Sales Tax Act, 1990 has defined “value of supply” in respect of taxable supply, as the consideration in money including all federal and provincial duties and taxes, if any, which the supplier receives from the recipient for that supply. The Sales Tax Act, 1990 updated up to June 30, 2020 issued by the Federal Board […]
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Sales Tax Act, 1990 has explained ‘time of supply’ for collection of sales tax. The Sales Tax Act, 1990 [updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR)] explained the term as: “Time of supply”, in relation to,– (a) a supply of goods, other than under hire purchase agreement, means […]
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