Jun 24

Pakistan slaps super tax on industries, individuals

ISLAMABAD: Pakistan on Friday imposed a 10 per cent super tax on earnings of certain industrial sectors and on income of high net worth individuals. Prime Minister Shehbaz Sharif announced to impose the 10 percent super tax on over 12 large industries and also on affluent persons with more than Rs 150 million annual income […]

by Mrs. Anjum Shahnawaz

Who needs to file Tax Year 2022 return in Pakistan?

Jun 24

Taxation

Who needs to file Tax Year 2022 return in Pakistan?

KARACHI: Income Tax Ordinance, 2021 has explained the category of persons who are required to file income tax return for tax year 2022. The Federal Board of Revenue (FBR) is set to issue finalized income tax return forms to start the filing process from July 01, 2022. In this regard the FBR has already issued […]

by Faisal Shahnawaz

Stock members asked to pay capital gain tax by June 30

Jun 23

Stock & Commodity, Taxation

Stock members asked to pay capital gain tax by June 30

KARACHI: Clearing members of Pakistan Stock Exchange (PSX) have been asked to pay Capital Gain Tax (CGT) on disposal of securities by June 30, 2022. National Clearing Company of Pakistan Limited (NCCP) in a notification on Thursday stated that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange for the […]

by Hamza Shahnawaz

Key tax measures taken through Finance Bill 2022

Jun 23

Budget 2022-2023, Taxation

Key tax measures taken through Finance Bill 2022

KARACHI: A leading chartered accountancy firm has highlighted tax measures taken by the government through Finance Bill, 2022. According to PwC A. F. Ferguson&Co. the Finance Bill 2022 represents the First Budget of the current coalition government which has been announced in extremely difficult economic conditions. Due to current account deficit and shortfall in local […]

by Faisal Shahnawaz

Procedure notified for TAD under Afghan transit trade

Jun 22

Pakistan Customs, Top stories

Procedure notified for TAD under Afghan transit trade

ISLAMABAD: The Federal Board of Revenue (FBR) has notified procedure for issuance of temporary admission document (TAD) under Afghan Transit Trade. The FBR issued SRO 802(I)/2022 to amend Customs Rules, 2001 by inserting new rule 482A. In March 2022, Pakistan and Afghanistan implemented movement of transit and bilateral trade through TAD for commercial vehicles. Under […]

by Mrs. Anjum Shahnawaz

FBR issues draft return forms for tax year 2022

Jun 21

Taxation, Top stories

FBR issues draft return forms for tax year 2022

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday issued draft income tax return forms for tax year 2022. The FBR issued SRO 820(I)/2022 to notify the draft income tax return forms. The forms included: electronic return for salaried individuals; electronic return for Association of Person (AOPs); electronic return for business individuals; and electronic return […]

by Faisal Shahnawaz

Tax return filing starts from July 01, 2022

Jun 21

Taxation, Top stories

Tax return filing starts from July 01, 2022

KARACHI: The filing of income tax return for tax year 2022 will start from July 01, 2022 and will remain continue till September 30, 2022. As per Income Tax Ordinance, 2001, all the taxpayers, other than corporate entities, are required to file their annual income tax returns on or before September 30 every year. READ […]

by Faisal Shahnawaz

FBR appoints Dr. Faiz Illahi Memon as Member Admin

Jun 20

Taxation

FBR appoints Dr. Faiz Illahi Memon as Member Admin

The Federal Board of Revenue (FBR) has appointed Dr. Faiz Illahi Memon, a seasoned officer of the Inland Revenue Service (IRS) with a rank of BS-22, as the Member Admin/Human Resource.

by Mrs. Anjum Shahnawaz

Pakistan announces massive tax reduction for salaried persons

Jun 20

Budget 2022-2023, Taxation, Top stories

Pakistan announces massive tax reduction for salaried persons

KARACHI: Pakistan has announced massive tax reduction for salaried persons in the budget 2022/2023. The country announced federal budget 2022/2023 on June 10, 2022 and announced massive reduction in tax on the income of salaried person, which may be applicable from July 01, 2022. Through Finance Bill, 2022 the tax slabs have been reduced to […]

by Faisal Shahnawaz

Pakistan decides 10% regulatory duty on petrol import

Jun 19

Budget 2022-2023, Finance, Pakistan Customs, Top stories

Pakistan decides 10% regulatory duty on petrol import

KARACHI: Pakistan has decided to impose regulatory duty at 10 per cent from July 01, 2022. The country presented its federal budget 2022/2023 on June 10, 2022 and proposed increase on regulatory duty on various imported goods. READ MORE: Penalty amount revised for late filing income tax returns The Finance Bill, 2022 suggested levying 10 […]

by Hamza Shahnawaz