KARACHI: The income tax law has explained separately for computation of profits and gains from exploration and production of petroleum in Pakistan.
(more…)Category: Taxation
Stay updated on taxation news, tax laws, FBR policies, compliance, audits, income tax, sales tax, and fiscal developments in Pakistan.
-
Customs Valuation under Customs Act, 1969 – Urdu version
KARACHI: In a move aimed at enhancing accessibility and understanding of customs laws among taxpayers, Pakistan Customs has issued an Urdu version of customs valuation under the Customs Act, 1969.
(more…) -
MCC Gwadar to hold auction of confiscated goods on February 14
Karachi – The Model Customs Collectorate (MCC) Gwadar has announced a public auction of various confiscated goods, including lubricant oil and motor vehicle tires, to be held at Custom Station, Panjgur on February 14, 2019.
(more…) -
Provincial sales tax registered persons liable to pay advance income tax
KARACHI – The Federal Board of Revenue (FBR) has announced that sales tax registered individuals with the provinces are now required to pay adjustable advance income tax, as per the recently updated Income Tax Ordinance, 2001.
(more…) -
Income Tax Ordinance 2001: payment of advance tax on quarterly basis
KARACHI: Taxpayers are liable to pay advance tax against their estimated annual income on quarterly basis under Income Tax Ordinance, 2001.
(more…) -
FBR set to launch Benami law to trace black money
ISLAMABAD: Federal Board of Revenue (FBR) is set to make Benami Law operational with strict action to confiscate property if it was held by a person and payment made by another person.
(more…) -
FBR notifies major reshuffle in IRS; 42 officers transferred
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday announced major reshuffle in Inland Revenue Service (IRS) as 42 officers of BS-17 to BS-20 transferred with immediate effect.
(more…) -
FBR withdraws credit card details on sales through POS
KARACHI: Federal Board of Revenue (FBR) has withdrawn requirement of details of credit card holder in case sales made through Point of Sale (POS) of textile and leather sectors under concessionary regime.
(more…) -
Income Tax Ordinance 2001: taxation on non-resident ship owner, charterer
KARACHI: A ship owned or chartered by a non-resident person before leaving any port in Pakistan is required to furnish a return of income.
(more…) -
FBR starts receiving real-time sales information from 2,574 outlets of textile, leather sectors
ISLAMABAD: Around 2,574 outlets of 75 units of textile and leather sectors have started real-time information of their sales to Federal Board of Revenue (FBR), a statement said on Wednesday.
(more…)