The Federal Board of Revenue (FBR) has allowed tax credit for employment generation under Section 64B of Income Tax Ordinance, 2001 to taxpayers who set up new manufacturing unit and employed persons registered with Employees Old Age Benefits Institution (EOBI).
Islamabad – The Federal Board of Revenue (FBR) has provided tax incentives for contributions to approved pension funds as outlined in Section 63 of the Income Tax Ordinance, 2001.
Withholding tax rates on interest income for 2021-2022 have been notified by the Federal Board of Revenue.
The Federal Board of Revenue (FBR) has implemented amendments through the Finance Act, 2021, updating the Income Tax Ordinance, 2001, and introducing new provisions related to tax credits for investments. Section 62 and 62A outline the eligibility and computation of tax credits for investments in shares, insurance, and health insurance.
In a move to encourage philanthropy and support charitable causes, Section 61 of the Income Tax Ordinance, 2001 allows individuals and entities in Pakistan to claim a tax credit for charitable donations.
In a move to streamline tax collection and enhance transparency, the Federal Board of Revenue (FBR) has issued updated rates of withholding tax on payment of dividends for the fiscal year 2021-2022.
Deductible allowance against income tax liability of a person has been explained under Section 60 of Income Tax Ordinance, 2001.
ISLAMABAD: The Federal Board of Revenue (FBR) has released the updated rates of withholding tax on salary income for the fiscal year 2021-2022.
Federal Board of Revenue (FBR) has issued updated withholding tax rates on imports for year 2021/2022. The collector of customs collects withholding tax under Section 148 of Income Tax Ordinance, 2001 at the time of consignment clearance.
The Federal Board of Revenue (FBR) has updated the list of items on which the sales tax will be collected on the basis of printed retail price. The sales tax at the rate of 17 per cent on the retail printed price shall be applicable for tax year 2021/2022. The items are included in the […]