In a move poised to overhaul the taxation system for agricultural income, Pakistan is strongly considering making it mandatory for earners of agricultural income to file their annual tax returns along with wealth statements.
The Federal Board of Revenue (FBR) has provided an explanation of agricultural income to allow for exemptions under the Income Tax Ordinance, 2001.
ISLAMABAD: Federal Board of Revenue (FBR) has estimated an amount of Rs69.5 billion annual loss of tax on agriculture income, sources said on Tuesday. In a report the FBR said that agricultural income is exempt from income tax under section 41 of the Income Tax Ordinance, 2001. However, it falls under the provincial domain as […]
KARACHI: The tax authorities have been recommended to collect adjustable advance income tax on sale of agriculture produce in order to broaden tax base. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for provincial budget 2020/2021 submitted to Sindh government, recommended that adjustable withholding tax should be introduced on sale of agricultural […]
KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) has suggested that exemption on agriculture income should be withdrawn and bring all income into tax net. The OICCI in its proposals for budget 2020/2021, recommended withdrawal of exemption of agriculture income and also proposed amending Section 41 of Income Tax Ordinance, 2001. The OICCI said […]
KARACHI: Pakistan has assured International Monetary Fund (IMF) of removing distortion in taxation system and strengthening taxation on real estate and agriculture income. The IMF on Monday issued country report on Pakistan after successful $6 billion loan program. The report said that a large deficit would require aggressive revenue collection. A multi-year effort will aim […]