Non-filers allowed motor vehicle purchase on enhanced tax rates

KARACHI: In order to generate sizeable revenue during the current fiscal year the government has lifted the ban on non-filers for purchasing motor vehicles. Read more »

Tax on undistributed profits not to applicable beyond tax year 2019

KARACHI: The tax on undistributed profits will not be applicable beyond tax year 2019 as limit has been introduced through Finance Supplementary (Second Amendment) Bill, 2019 presented in the National Assembly on... Read more »

Income Tax Ordinance 2001: minimum tax on income of certain taxpayers

KARACHI: Federal Board of Revenue (FBR) has said that the minimum tax shall apply to income of certain taxpayers including individuals and corporate entities. Read more »

SRB suspends sales tax registration of seven event management service providers for non-filing

KARACHI: Sindh Revenue Board (SRB) has suspended sales tax registration of seven event management service providers for non-compliant of monthly return filing. Read more »

Procedure to avail reduced income tax rate on import of raw material

KARACHI: Federal Board of Revenue (FBR) has explained the procedure for filing application for availing reduced rate of withholding income tax on import of raw material through online system – Iris. Read more »

Salary persons’ bank deposits surge by 17.26pc to Rs1,569 billion

KARACHI: Bank deposits of salaried persons have sharply increased by 17.26 percent to Rs1,569 billion for the period ended December 31, 2018 as compared with Rs1,338 billion in the same period of... Read more »

Active taxpayers’ number surpasses 1.8 million for tax year 2017

KARACHI: The number of active taxpayers has surpassed 1.8 million for tax year 2017, according to latest weekly Active Taxpayers List (ATL) released by Federal Board of Revenue (FBR). Read more »

Income Tax Ordinance 2001: Unexplained, concealed income or assets

KARACHI: Federal Board of Revenue (FBR) has recently issued updated Income Tax Ordinance, 2001 and explained the concealed or unexplained income for the purpose of tax chargeability. Read more »

Banks require to collect 5pc withholding tax on off-shore digital services

KARACHI: Banks have been required to deduct 5 percent withholding tax at 5 percent on payments for off-shore digital services. Read more »

Media to pay 20pc final tax on foreign produced advertisements

ISLAMABAD: Federal Board of Revenue (FBR) has said that 20 percent as final tax will be collected from person paying an amount against production of commercial or advertisement to a foreign entity. Read more »

Withholding tax rate on winning prize bonds

KARACHI: The rate of withholding tax on prizes and winning under Section 156 of Income Tax Ordinance, 2001 for Tax Year 2019. Read more »

Withholding tax rates on income from property for Tax Year 2019

KARACHI: Federal Board of Revenue (FBR) has issued rate of withholding tax to be collected on income from property during Tax Year 2019. Read more »