Category: Taxation
Expenses on scientific research against tax liability
Section 26 of Income Tax Ordinance, 2001 has allowed a deduction for scientific research expenditure incurred in Pakistan in a tax year. The Federal Board of Revenue (FBR) issued the Income […]
Tax treatment of pre-commencement expenditure
Section 25 of Income Tax Ordinance, 2001 has allowed a deduction for any pre-commencement expenditure for income tax calculation. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 […]
FBR launches single identifier number for all taxes
ISLAMABAD: Federal Board of Revenue (FBR) has launched a single identifier number for all domestic taxes, a statement said on Wednesday. A taxpayer – as an individual – can use […]
Banks withhold tax on export of IT services
KARACHI: Tax practitioners have pointed out that banks are deducting withholding tax on proceeds from exports of computer software and IT enabled services, which are granted 100 per cent tax […]
Senior tax auditor awarded ‘dismissal from service’
ISLAMABAD: Federal Board of Revenue (FBR) has imposed major penalty of ‘dismissal from service’ upon a senior tax auditor for misconduct. Syed Ali Hussain, Senior Auditor (BS-16), Large Taxpayers Office, […]
Tax exemption allowed on import of 30 million face masks
ISLAMABAD: Federal Board of Revenue (FBR) has granted tax exemption on import of 30 million face masks. The FBR issued SRO 952(I)/2021 on Wednesday to allow the sales tax exemption. […]
Motor vehicle tax rates for year 2021-2022
Federal Board of Revenue (FBR) has issued tax rates on motor vehicles for year 2021/2022. The authorities collect motor vehicle tax under Section 234 of Income Tax Ordinance, 2001. Under […]
Tax deduction allowed against cost of intangibles
Section 24 of Income Tax Ordinance, 2001 allows a person an amortization deduction in a tax year for the cost of the person’s intangibles. The Federal Board of Revenue (FBR) issued […]
Initial allowance adjustment in computing income tax
Section 23 of Income Tax Ordinance, 2001 has explained initial allowance for person who places eligible depreciable assets into Pakistan. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, […]
FBR officials ordered strictly follow COVID SOPs
ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday directed its officials to strictly follow SOPs to prevent spread of COVID-19. In an official order sent to all tax offices […]