Karachi, July 2, 2023: FBR, the Federal Board of Revenue, has implemented new advance tax rates on car registration effective from July 1, 2023.
The Finance Bill 2023 has proposed a significant provision that mandates employers or agencies of foreign workers to pay advance tax. This development aims to streamline taxation processes and ensure compliance with the Income Tax Ordinance, 2001.
ISLAMABAD: The Federal Board of Revenue (FBR) has explained changes made to advance tax on motor vehicles through Finance Act, 2022. The FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments brought through Finance Act, 2022 to the Income Tax Ordinance, 2001. The FBR said that provision of section 231B of […]
ISLAMABAD: Pakistan has massively increased the amount of tax on purchase of motor vehicles from July 01, 2022. The country presented its federal budget 2022/2023 on June 10, 2022 and took various taxation measures to boost revenue collection. Finance Minister Miftah Ismail while presenting the budget stated that in continuation of our policy to shift […]
KARACHI: The government through budget 2021/2022 has abolished advance tax on stock exchange transactions and in this regard required amendment has been proposed through Finance Bill, 2021. Tax experts at KPMG Taseer Hadi & Co. in its commentary on budget 2021/2022 said that the stock exchanges registered in Pakistan were required to collect advance tax […]
ISLAMABAD: The government has abolished advance tax on cable operators and other electronic media that was collected under Income Tax Ordinance, 2001. Through Finance Act, 2020 the Section 236F of the Income Tax Ordinance, 2001 has been deleted. The Section 236F was related to advance tax on cable operators and other electronic media, officials at […]
KARACHI: Persons registered for sales tax with the provincial revenue authorities are required to pay advance income tax to Federal Board of Revenue (FBR) on the basis turnover declared before the provincial revenue authorities. According to Section 147A of Income Tax Ordinance, 2001, every provincial sales tax registered person shall be liable to pay adjustable […]
KARACHI: The Federal Board of Revenue (FBR) has exempted the advance tax on sale of immovable property subject to the property is held for above five years. The officials of Federal Board of Revenue (FBR) said that advance tax under Sub-Section (1) of Section 236C of Income Tax Ordinance, 2001 would not be collected if […]
ISLAMABAD: The government has increased the advance tax by 900 percent (nine times) at the time of renewal of license by middleman of a commodity markets in agriculture sector. The tax rates have been increased through Finance Bill, 2019 and may be applicable from July 01, 2019. The Federal Board of Revenue (FBR) said that […]
KARACHI: Foreign exchange companies are responsible for collecting advance tax on remitting abroad the education related expenses. The Federal Board of Revenue (FBR) recently updated Income Tax Ordinance, 2001 under which Section 236R explained the advance tax on remitting amount abroad for education expenses. Section 236R: Collection of advance tax on education related expenses remitted […]