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 Shahnawaz

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 Mrs. Anjum Shahnawaz

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 – 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.

by Mrs. Anjum Shahnawaz

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.

by Mrs. Anjum Shahnawaz

No advance tax on sale, purchase of shares from February 01

Jan 24

Budget, Stock & Commodity, Supplementary Budget 2019, Taxation

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.

by Mrs. Anjum Shahnawaz

Non-filers allowed motor vehicle purchase on enhanced tax rates

Jan 24

Budget, Exclusive, Supplementary Budget 2019, Taxation

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.

by Mrs. Anjum Shahnawaz

PM task force proposes zero percent income tax on internet

Jan 15

IT & Telecom

PM task force proposes zero percent income tax on internet

Islamabad – In a move aimed at promoting the information technology (IT) industry in Pakistan, the Prime Minister’s Task Force has proposed the elimination of income tax on internet services.

by Mrs. Anjum Shahnawaz

Advance tax on domestic, international air tickets adjustable

Jan 15

Taxation

Advance tax on domestic, international air tickets adjustable

The Federal Board of Revenue (FBR) has recently introduced revised advance tax rates on both domestic and international air tickets to be collected from purchasers.

by Hamza Shahnawaz

KSE-100 gains 364 points on expected relief in mini budget

Jan 14

Stock & Commodity

KSE-100 gains 364 points on expected relief in mini budget

KARACHI – The Pakistan Stock Exchange (PSX) saw a significant surge as the benchmark KSE-100 index ended the trading session with a gain of 364 points, closing at 39,413 points as opposed to 39,049 points, offering a positive start to the trading week.

by Mrs. Anjum Shahnawaz

Jan 13

Stock & Commodity

Abolishing advance tax on share sale, purchase on the cards

KARACHI: The government is reportedly considering the abolition of the advance tax on the sale and purchase of shares in the capital market, a move prompted by the Pakistan Stock Exchange (PSX) and Pakistan Stockbrokers Association’s demands.

by Mrs. Anjum Shahnawaz