Salaried persons denied adjustments against deduction

Jun 12

Budget 2022-2023, Taxation

Salaried persons denied adjustments against deduction

ISLAMABAD: Salaried persons have been denied adjustment of tax credits against the deduction at source. The amendment has been introduced through Finance Bill, 2022. The government on June 10, 2022 presented federal budget 2022/2023 and announced various taxation measures. The Finance Bill, 2022 proposed amendment to sub-section 1 of Section 149 of Income Tax Ordinance, […]

by Mrs. Anjum Shahnawaz

Pakistan restores final tax regime for importers

Jun 12

Budget 2022-2023, Taxation

Pakistan restores final tax regime for importers

ISLAMABAD: The present coalition government has accepted demand of business community and in the budget 2022/2023 brought importers back into final tax regime. Through Finance Bill, 2022 important amendment has been suggested to Section 148 of the Income Tax Ordinance, 2001. READ MORE: New ADR mechanism introduced to facilitate taxpayers Previously, PTI government after consultation […]

by Mrs. Anjum Shahnawaz

New ADR mechanism introduced to facilitate taxpayers

Jun 12

Budget 2022-2023, Taxation

New ADR mechanism introduced to facilitate taxpayers

ISLAMABAD: A new mechanism of Alternate Dispute Resolution (ADR) has been introduced through Finance Bill, 2022 to facilitate taxpayers. The government on June 10, 2022 presented the federal budget 2022/2023. Through the budget various taxation measures and facilitation steps have been taken. Through the Finance Bill, 2022 amendment to Section 134A of Income Tax Ordinance, […]

by Mrs. Anjum Shahnawaz

FBR to disable mobile SIMs on non-filing of tax returns

Jun 12

Budget 2022-2023, Taxation

FBR to disable mobile SIMs on non-filing of tax returns

ISLAMABAD: Finance Bill 2022 has proposed to empower Federal Board of Revenue (FBR) to disable mobile phone SIMs of non-filers of annual tax return. Besides, it is also proposed to empower the FBR to disconnect connections of electricity and gas of non-filers. READ MORE: Pakistan amends tax laws to legalize money transfers The amendment has […]

by Mrs. Anjum Shahnawaz

Pakistan amends tax laws to legalize money transfers

Jun 12

Budget 2022-2023, Money & Banking, Taxation, Top stories

Pakistan amends tax laws to legalize money transfers

ISLAMABAD: Pakistan has amended tax laws to grant approval of legal banking channels to money transfer by money transfer operators and bureaus. The country presented budget 2022/2023 on June 10, 2022 and amended tax laws to grant approval the money transfer made through operators, bureaus and exchange companies. Through Finance Bill, 2022 amendment made to […]

by Mrs. Anjum Shahnawaz

Fixed tax rates for retailers, payable through electricity bills

Jun 12

Budget 2022-2023, Taxation

Fixed tax rates for retailers, payable through electricity bills

ISLAMABAD: The government has announced a fixed tax regime for small retailers, which will be collected their monthly electricity bills. The fixed tax regime has been proposed through budget 2022/2023, which was announced on June 10, 2022. Through Finance Bill, 2022 amendment has been made to Income Tax Ordinance, 2001 to propose special provisions relating […]

by Mrs. Anjum Shahnawaz

Pakistan amends laws to hunt tax evaders living abroad

Jun 11

Budget 2022-2023, Taxation

Pakistan amends laws to hunt tax evaders living abroad

ISLAMABAD: Pakistan has proposed to amend tax laws to bring wealthy citizens living abroad and evading tax. The amendment has been proposed through budget 2022/2023, which was presented on June 10, 2022. READ MORE: CGT up to 15% slapped on immovable properties According to budget documents, criteria for the resident person for the purpose of […]

by Mrs. Anjum Shahnawaz

CGT up to 15% slapped on immovable properties

Jun 11

Budget 2022-2023, Taxation

CGT up to 15% slapped on immovable properties

The federal government has implemented capital gains tax (CGT) ranging up to 15 percent on the disposal of immovable properties within one year of purchase.

by Mrs. Anjum Shahnawaz

Tax imposed on deemed income from immovable properties

Jun 11

Budget 2022-2023, Taxation

Tax imposed on deemed income from immovable properties

ISLAMABAD: A tax rate at 20 per cent has been imposed on deemed income from immovable properties through a new section introduced to Income Tax Ordinance, 2001. The government announced federal budget 2022/2023 on June 10, 2022 and introduced new tax on a person having more than one immovable property. A person having more than […]

by Mrs. Anjum Shahnawaz

Pakistan amends tax laws for foreign digital transfers

Jun 11

Budget 2022-2023, Taxation

Pakistan amends tax laws for foreign digital transfers

ISLAMABAD: Pakistan has amended tax laws related to digital transfers of money to non-residents for various financial services. The country on June 10, 2022 presented its federal budget for the fiscal year 2022/2023. The amendment has been brought into the Income Tax Ordinance, 2001 through Finance Bill, 2022. READ MORE: Pakistan imposes tax on high […]

by Mrs. Anjum Shahnawaz