FBR explains changes in advance tax on motor vehicles

Jul 24

Automotive, Budget 2022-2023, Taxation, Top stories

FBR explains changes in advance tax on motor vehicles

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 […]

by Anjum Shah

Pakistan massively increases taxation on motor vehicles

Jun 13

Automotive, Budget 2022-2023, Taxation

Pakistan massively increases taxation on motor vehicles

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 […]

by Anjum Shah

Jun 22

Stock & Commodity, Taxation

Advance tax on stock exchange transactions abolished

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 […]

by Anjum Shah

Advance tax on cable operators abolished

Jul 17

Taxation

Advance tax on cable operators abolished

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 […]

by Anjum Shah

Provincial registered taxpayers require to pay advance income tax

Jan 8

Taxation

Provincial registered taxpayers require to pay advance income tax

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 […]

by Anjum Shah

Advance tax exempted on sale of immovable properties on holding period of above five years

Dec 28

Taxation

Advance tax exempted on sale of immovable properties on holding period of above five years

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 […]

by Anjum Shah

Finance Bill 2019: Advance tax increased by 900 percent on renewal of license by arhatis

Jun 13

2019-2020, Budget, Taxation

Finance Bill 2019: Advance tax increased by 900 percent on renewal of license by arhatis

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 […]

by Faisal Shah

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

Mar 24

Exclusive, Taxation

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. 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 […]

by Anjum Shah

Provincial sales tax registered persons liable to pay advance income tax

Feb 9

Exclusive, Taxation

Provincial sales tax registered persons liable to pay advance income tax

KARACHI: Federal Board of Revenue (FBR) has said that sales tax registered persons with the provinces are required to pay advance income tax. According recently updated Income Tax Ordinance, 2001, the Section 147A explained the mode of payment by provincial sales tax registered persons. This section was introduced to the Ordinance through Finance Act,2016. Section […]

by Anjum Shah

Income Tax Ordinance 2001: payment of advance tax on quarterly basis

Feb 8

Exclusive, Taxation

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. The FBR recently updated Income Tax Ordinance, 2001. The law explained advance tax paid by the taxpayers under Section 147 of the ordinance. Section 147: Advance tax paid by the taxpayer Sub-Section (1): Subject […]

by Anjum Shah