Non-filers allowed motor vehicle purchase on enhanced tax rates
Non-filers of income tax return have been allowed to purchase motor vehicle on enhanced tax rates, according to a federal minister of Pakistan.
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Category: Exclusive
Tax on undistributed profits not to applicable beyond tax year 2019
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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Income Tax Ordinance 2001: minimum tax on income of certain taxpayers
Karachi: The Federal Board of Revenue (FBR) has made significant amendments to the Income Tax Ordinance, 2001, introducing the concept of minimum tax on the income of certain taxpayers, including individuals and corporate entities.
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SRB suspends sales tax registration of seven event management service providers for non-filing
Karachi: The Sindh Revenue Board (SRB) has taken decisive action by suspending the sales tax registration of seven event management service providers due to their non-compliance with monthly return filing obligations.
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Procedure to avail reduced income tax rate on import of raw material
KARACHI – The Federal Board of Revenue (FBR) has introduced a streamlined procedure for taxpayers to apply for the reduced rate of withholding income tax on the import of raw materials through the online system, Iris.
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Salary persons’ bank deposits surge by 17.26pc to Rs1,569 billion
KARACHI – Bank deposits from salaried individuals have seen a substantial increase of 17.26 percent, reaching an impressive sum of Rs1,569 billion by December 31, 2018, as compared to Rs1,338 billion during the same period the previous year.
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Active taxpayers number surpasses 1.8 million for tax year 2017
KARACHI, [Date] – In a significant milestone for Pakistan’s tax revenue collection, the number of active taxpayers has exceeded 1.8 million for the tax year 2017, as reported in the latest weekly Active Taxpayers List (ATL) released by the Federal Board of Revenue (FBR). The FBR sources have confirmed that the total number of active […]
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Income Tax Ordinance 2001 Defines Unexplained Income and Assets for Taxation in 2019
ISLAMABAD – The Income Tax Ordinance 2001 has laid out specific provisions for addressing unexplained or concealed income and assets, offering a framework for taxation during the tax year 2019. Section 111 of the Ordinance defines the parameters of unexplained income or assets, providing transparency and guidelines for both taxpayers and tax authorities. Section 111: […]
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Banks require to collect 5pc withholding tax on off-shore digital services
Banks in Pakistan are now required to collect a 5 percent withholding tax on payments for off-shore digital services, according to the Withholding Tax Card for Tax Year 2019 released by the Federal Board of Revenue (FBR).
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Media to pay 20pc final tax on foreign produced advertisements
The Federal Board of Revenue (FBR) in Pakistan has introduced a significant tax measure by imposing a 20% final tax on media at the time of payments for the production of commercial advertisements to foreign entities.
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