Section 25 of the Income Tax Ordinance, 2001 provides a valuable tax benefit by allowing deductions for pre-commencement expenditure.
ISLAMABAD: The Federal Board of Revenue (FBR) has introduced a single identifier number for all domestic taxes.
KARACHI: Tax practitioners in Karachi have brought to light a concerning issue where banks are deducting withholding tax on proceeds from the exports of computer software and IT-enabled services, despite these being granted a 100% tax credit.
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, has been removed from service for absence from office without authorized leave. According to an office order issued on Wednesday, the FBR said disciplinary proceedings […]
In a proactive move to support the ongoing efforts in the fight against the COVID-19 pandemic, the Federal Board of Revenue (FBR) has granted a significant tax exemption on the import of 30 million face masks.
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 this section any person at the time of collecting motor vehicle tax shall also collect advance tax at the rates specified in Division III of […]
The Federal Board of Revenue (FBR) has clarified the provisions related to amortization deductions for intangibles in Section 24 of the Income Tax Ordinance, 2001, through updates issued up to June 30, 2021.
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) has issued a stern directive to its officials, emphasizing the strict adherence to Standard Operating Procedures (SOPs) to prevent the spread of COVID-19.
The Federal Board of Revenue (FBR) announced on Tuesday the establishment of a committee dedicated to the integration of businesses.