Pakistan Revenue
KARACHI: Power supply companies are required to deduct and collect advance tax from industrial and commercial consumers at rates specified. According to updated Income Tax Ordinance, 2001 issued by Federal Board of Revenue (FBR), the Section 235 explained the rates of advance tax on consumption of electricity. Section 235: Electricity consumption Sub-Section (1): There shall […]
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KARACHI: Federal Board of Revenue (FBR) may allow taxpayers who filed their returns after due date to have their names on Active Taxpayers List (ATL).FBR sources said that the finance ministry had asked the revenue body to review the issue. The ministry of finance had received many representations on the issue.The government through Finance Act, […]
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KARACHI: Every banking company is responsible for deducting and collecting a certain percentage of tax on cash withdrawal on Rs50,000 per day from an account. Since passage of Finance Supplementary (Second Amendment) Bill, 2019 from the parliament, the tax is no more on withdrawal by a filer of income tax return. Therefore, this tax is […]
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KARACHI: All efforts of tax collecting agency in broadening of tax base will be in vain due to changes introduced to tax laws by the present government, which allows non-compliant taxpayers to make transactions. The government through Finance Supplementary (Second Amendment) Bill, 2019, which was passed by the national assembly, allowed non-filers of income tax […]
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KARACHI: Any person who commits any offence under provisions of Income Tax Ordinance, 2001, he may be liable to penalty. According to updated Income Tax Ordinance, 2001 issued by Federal Board of Revenue (FBR), Section 182 explains the offenses and penalty under the Ordinance: 01. Where any person fails to furnish a return of income […]
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KARACHI: Federal Board of Revenue (FBR) has initiated investigation into massive tax evasion by at least 200 employees of Sindh government. The investigation has been launched by Broadening of Tax Base (BTB) wing of Regional Tax Office (RTO)-II Karachi, according to official documents received on Friday. Sources said that the BTB wing selected high profile […]
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KARACHI: Banks are required to provide certain details of their customers and transactions to Federal Board of Revenue (FBR) for subsequent use of identifying new taxpayers and tax evasion. After the implementation of Finance Act, 2018 and Finance (Supplementary) Act, 2018 there are various changes made to Section 165A of Income Tax Ordinance, 2001 related […]
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KARACHI: Every withholding agent is required to provide details of each person whose withholding tax is deducted or whom withholding tax is paid through a monthly statement to Federal Board of Revenue (FBR). According to updated Income Tax Ordinance, 2001 the withholding agent is required to provide information including name, CNIC and address of each […]
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KARACHI: A person fails to pay taxes by due date shall be liable to pay default surcharge at 12 percent per annum. The Federal Board of Revenue (FBR) recently issued updated Income Tax Ordinance, 2001 explaining the default surcharge on failure to pay tax by due date. Section 205: Default surcharge Sub-Section (1): A person […]
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Individuals who assist in or encourage tax evasion face severe penalties under Pakistan’s tax laws. Specifically, a person can be sentenced to up to three years in prison for aiding, abetting, or inciting another individual to commit a tax offense. The Federal Board of Revenue (FBR) has emphasized the strict nature of punishments associated with […]
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