Income Tax Ordinance 2001: total exemption on payment of pension, retirement

KARACHI: Any income representing any payment received by way of gratuity or commutation of pension by an employee on his retirement is exempted from income tax. Read more »

FBR freezes 4,000 bank accounts for arrears recovery

KARACHI: Federal Board of Revenue (FBR) has frozen around 4,000 bank accounts of tax defaulters in a major crackdown, according to media reports on Tuesday. Read more »

FBR notifies promotion of IRS officers to BS-22

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday notified promotions of Inland Revenue Service (IRS) officers to BS-22. Read more »

MCC Preventive announces auction of confiscated vehicle on March 28

KARACHI: Model Customs Collectorate (MCC) Preventive, Karachi has announced auction of confiscated vehicle to be held on March 28, 2019 at Anti-Smuggling Organizations (ASO), Ghasbandar, East Wharf, Karachi. Read more »

Income Tax Ordinance 2001: Corporate tax rate to be reduced to 25pc

KARACHI: The government has adopted to reduce corporate income tax rate gradually to 25 percent by tax year 2023 and onwards. Read more »

FBR suspends customs officer

ISLAMABAD: Federal Board of Revenue (FBR) has suspended an officer Pakistan Customs Service (PCS) BS-16 while taking disciplinary action against him. Read more »

Income Tax Ordinance 2001: tax rates for salary, business individuals

KARACHI: Following are the tax rates for individuals under First Schedule of Income Tax Ordinance, 2001. Read more »

FBR estimates Rs50 billion income tax loss from salary

ISLAMABAD: Federal Board of Revenue (FBR) has estimated loss of Rs50 billion due to downward revision in of tax rates to salary income. Read more »

Income Tax Ordinance 2001: advance tax on paying education fee abroad

KARACHI: Foreign exchange companies are responsible for collecting advance tax on remitting abroad the education related expenses. Read more »

Customs Intelligence Lahore announces auction of vehicles on March 27

ISLAMABAD: Directorate of Intelligence and Investigation, Customs, Federal Board of Revenue (FBR), Lahore announced auction of confiscated vehicles to be held on March 27, 2019. Read more »

FBR holds awareness sessions for online payment of duty, taxes

ISLAMABAD: Federal Board of Revenue (FBR) has organized sessions in Karachi and Lahore for business community and tax consultants to create awareness about online payment of duty and taxes. Read more »

Income Tax Ordinance 2001: advance tax on dealers, commission agents

KARACHI: Every market committee has been required to collect advance tax from dealers, commission agents under income tax laws. Read more »