Category: Taxation
Uniform taxation for property income introduced
KARACHI: A major shift in taxation on property income has been introduced through Finance Bill, 2021 and all taxpayers shall be subject to uniform taxation on net-income basis at the […]
Key amendments to tax laws introduced through Finance Bill 2021
KARACHI: Finance Minister Shaukat Tarin while presenting budget 2021/2022 has announced certain relief measures and major policy changes in the taxation regime through Finance Bill, 2021. In its commentary on […]
FBR, SBP to make procedure for tax payment on export of services
ISLAMABAD: The government has imposed income tax on export of services and in this regard Federal Board of Revenue (FBR) and State Bank of Pakistan (SBP) will make procedure for […]
Commissioners IR to issue amended assessment order in 120 days
ISLAMABAD: Commissioners Inland Revenue have been bound to issue order in amended assessment within 120 days under Section 122 of Income Tax Ordinance, 2001. According to budget 2021/2022 documents, the […]
FBR allowed probe foreign income beyond past five years
ISLAMABAD: The Federal Board of Revenue (FBR) has been authorized to probe foreign income of a taxpayers beyond past five years as time limitation in this regard has been withdrawn […]
Turnover increased to Rs100 million for minimum tax levy
ISLAMABAD: The government has increased threshold of annual turnover to Rs100 million from Rs10 million for imposing minimum income tax from July 01, 2021 onwards. According to Budget 2021/2022 documents, […]
Income tax credit allowed for real time reporting of sales
ISLAMABAD: The government has granted income tax credit for person who integrates the point of sales machine for real time reporting sales or receipt. According to budget 2021/2022 documents, amendment […]
Finance Bill amends concealment of income definition
ISLAMABAD: The Finance Bill, 2021 has proposed to redefine the concealment of income by including suppression of receipts liable to tax. According to budget 2021/2022 documents, the Finance Bill 2021 […]
Customs officials to get reward only after realization of duty, taxes
ISLAMABAD: The government has amended reward rules and announced that customs officials will get reward money only after realization of duty and tax involved in evasion cases. According to budget […]
Importers to pay penalty up to Rs250,000 for failure in providing documents electronically
ISLAMABAD: In order to maintain digital record of foreign trade, a monetary penalty up to Rs250,000 has been proposed to levy on importers who fail to provide mandatory documents electronically. […]