ISLAMABAD: Pakistan’s tax to GDP ratio has been estimated at 10.8 per cent for the fiscal year 2021/2022 as against the ratio of 8.5 per cent in the preceding fiscal year, according to Economic Survey of Pakistan 2021/2022 released on Thursday. The tax to GDP ratio has been estimated on the basis of tax collection […]
Pakistan is likely to increase sales tax rate to 18 per cent in the federal budget 2022-2023, which is scheduled on June 10, 2022. The existing normal sales tax rate is 17 per cent. According to Budget Preview 2022/2023 issued on Thursday, analysts at Arif Habib Limited said the government is considering to raise an […]
Pakistan is presenting the federal budget 2022-2023 on June 10, 2022. A bulk of new taxation measures likely to be announced in the budget to generate additional revenue. According to Topline Securities the tax target for the next fiscal year is likely at Rs7.25 trillion. The analysts expect new taxation measures across various sectors in […]
Section 23 of Customs Act, 1969 explains customs clearance procedure for derelict and wreck consignments. The Federal Board of Revenue (FBR) issued updated Customs Act, 1969 up to June 30, 2021. The act has been updated by making amendments brought through Finance Act, 2021. Following is the text of section 23 and 24 of the […]
KARACHI: The Federal Board of Revenue (FBR) has announced a panel of advocates, who will contest cases in various courts and tribunals on behalf of the tax authorities based in Karachi. Following advocates have been placed on the panel of the FBR, relating to court matters of Inland Revenue Service (IRS) for a period of […]
KARACHI: Federal Board of Revenue (FBR) has sacked a Customs appraising officer (BS-16) on charges of misconduct and inefficiency. According to a notification issued on Tuesday, the FBR said disciplinary proceedings were initiated against Arjad Abbas Khosa, Appraising Officer (BS-16), Collectorate of Customs, Islamabad under the Civil Servants (Efficiency & Discipline) Rules, 2020 on account […]
KARACHI: Sindh Revenue Board (SRB) on Tuesday said it integrated around 56 restaurants through installation of Point of Sales (POS) for online monitoring of sales tax on services. The SRB issued a statement regarding distribution of certificate of appreciation to SRB POS integrated persons by its chairman. READ MORE: SRB collects Rs132 billion as services […]
Section 22 and 22A of Customs Act, 1969 explains re-importation of goods manufactured in Pakistan and temporary export of imported plant and machinery. The Federal Board of Revenue (FBR) issued updated Customs Act, 1969 up to June 30, 2021. The act has been updated by making amendments brought through Finance Act, 2021. Following is the […]
ISLAMABAD: Pakistan tax authorities have issued tax rates for salary income during tax year 2022. In Pakistan a person earning Rs600,000 on annual basis as salary income is not required to pay tax. It means annual salary income up to Rs600,000 is exempt from tax. The First Schedule of Income Tax Ordinance, 2001 the tax […]
ISLAMABAD: Federal Board of Revenue (FBR) has awarded major penalty of ‘removal from service’ upon a chemical examiner of Pakistan Customs Service (PCS) on the charges of misconduct and inefficiency. According to details received on Monday, disciplinary proceedings were initiated against Tahir Jamal, Deputy Assistant Chemical Examiner (BS-16), Collectorate of Customs Appraisement-West, Karachi under the […]