Islamabad: The Federal Board of Revenue (FBR) has unveiled the tax rates applicable to builders and developers for the tax year 2022.
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NCCPL to collect CGT for August 2021 on October 29
KARACHI: National Clearing Company of Pakistan Limited (NCCP) on Wednesday said that it will collect Capital Gain Tax (CGT) for the month of August 2021 on Friday October 29, 2021.
In a communication sent to stock brokers and investors, the NCCPL said that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange for the period August 01, 2021 to August 31, 2021, would be collected on Friday October 29, 2021 through respective settling banks of the Clearing Members.
The NCCPL advised all clearing members to ensure requisite amount in their respective settling bank’s account. Necessary details and reports for the period have already been made available in the CGT System.
Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange (PMEX) for the period August 01, 2021 to August 31, 2021, would also be collected from the Pakistan Mercantile Exchange on Friday October 29, 2021. Necessary details and reports for the said period have already been made available.
Clearing Members and Pakistan Mercantile Exchange are advised to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads. Please note that, in case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations.
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Govt. decides to cut duty, taxes on edible oil: Umar
ISLAMABAD: In a bid to counter rising inflation and alleviate the economic burden on citizens, the government has decided to reduce duty and taxes on the supply of edible oil.
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CGT rates on immovable property for Tax Year 2022
In a bid to streamline taxation procedures and ensure clarity for taxpayers, the Federal Board of Revenue (FBR) has released details regarding the tax rates on immovable property for the tax year 2022. The information is part of the Income Tax Ordinance, 2001, updated up to June 30, 2021, incorporating amendments introduced through the Finance Act, 2021.
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CGT rates on disposal of securities during Tax Year 2022
The tax rates on disposal of securities for tax year 2022 under the First Schedule of the Income Tax Ordinance, 2001.
The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.
Following are the rates on disposal of securities:
The rate of tax to be paid under section 37A shall be as follows:—
TABLE I
Provided that the rate of tax on cash settled derivatives traded on the stock exchange shall be 5% for the tax years 2018 to 2020.
Provided that the rate for companies shall be as specified in Division II of Part I of First Schedule, in respective of debt securities;
Provided further that a mutual fund or a collective investment scheme or a REIT scheme shall deduct Capital Gains Tax at the rates as specified below, on redemption of securities as prescribed, namely:—
Category Rate Individual and association of persons 10% for stock funds 10% for other funds Company 10% for stock funds 25% for other funds Explanation.- For removal of doubt, it is clarified that, the provisions of this proviso shall be applicable only in case of a mutual fund or collective investment scheme or a REIT scheme.
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Tax rates on shipping, air transport income
The Federal Board of Revenue (FBR) has specified the tax rates on shipping and air transport income earned by non-resident persons under Section 7 of the Income Tax Ordinance, 2001.
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Tax rates on royalty, fee for technical services
The Federal Board of Revenue (FBR) has announced updated tax rates for payments made to certain non-residents, specifically on account of royalty or fees for technical services, as defined under Section 6 of the Income Tax Ordinance, 2001.
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Rate of tax on return on investment in sukuks
The rate of tax on return on investment in sukuks received from a special purpose vehicle has been defined under Section 5AA of Income Tax Ordinance, 2001.
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Non-filing penalty of each day default implements
ISLAMABAD: A penalty of Rs1,000 each day of default has been implemented from Saturday after the expiry of return filing date on October 15, 2021.
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Only 2.6M returns amid putting taxpayers’ money on ads
The Federal Board of Revenue (FBR) in Pakistan has faced a shortfall in tax return submissions for the tax year 2021, despite significant spending on advertising and media campaigns aimed at encouraging taxpayers.
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