Pakistan has decided that only non-filers of income tax returns will pay withholding tax on cash and non-cash banking transactions.
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Stay updated on taxation news, tax laws, FBR policies, compliance, audits, income tax, sales tax, and fiscal developments in Pakistan.
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New withholding tax card for imported mobile phones proposed
New withholding tax card has been prompted for imported mobile phones with the aim to standardize tax obligations by importers.
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Super tax rate enhanced for banks; non-banks to be exempted from tax year 2020
In a move to bolster revenues and streamline the tax structure, the Pakistani government has increased the super tax rate for banking companies to 4 percent until the tax year 2021.
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No advance tax on sale, purchase of shares from February 01
No advance tax on sale and purchase of shares will be imposed from February 01, 2019 by the government of Pakistan.
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Setting up transfer pricing directorate withdrawn
Setting up transfer pricing directorate for determining arm’s length transactions has been withdrawn by the government of Pakistan.
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Non-filers allowed motor vehicle purchase on enhanced tax rates
Non-filers of income tax return have been allowed to purchase motor vehicle on enhanced tax rates, according to a federal minister of Pakistan.
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Withholding agents relaxed; require filing statements biannually
Withholding agents have been relaxed and they are now required filing statements biannually, according to new amendments introduced by the government of Pakistan.
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Minimum tax regime withdrawn on commercial imports
Minimum tax regime has been withdrawn on commercial imports by the government of Pakistan. The importers of finished goods were subject to pay 5 percent minimum tax.
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Commissioner empowered to issue assessment order of past ten years on discovery of undisclosed offshore assets
The government has granted powers to Commissioner Inland Revenue at the Federal Board of Revenue (FBR) to issue assessment order of past ten years on discovery of undisclosed offshore assets.
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FBR to notify special procedure for small traders, shopkeepers
The Federal Board of Revenue (FBR) has announced its intent to roll out a special tax procedure tailored for small traders and shopkeepers in the country.
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