FBR empowered to probe foreign remittances above Rs5 million received in a year

Jun 13

2019-2020, Budget, Taxation

FBR empowered to probe foreign remittances above Rs5 million received in a year

ISLAMABAD: Federal Board of Revenue (FBR) has been empowered to probe source of foreign remittances above Rs5 million received by a person in a year. According to Finance Bill 2019, an amendment has been proposed to Section 111(4) of Income Tax Ordinance, 2001 in this regard. At present the FBR cannot ask source to any […]

by Faisal Shahnawaz

Finance Bill 2019: Banks to pay 37.5pc tax on profit from investment in govt securities

Jun 13

2019-2020, Budget, Money & Banking

Finance Bill 2019: Banks to pay 37.5pc tax on profit from investment in govt securities

ISLAMABAD: Banks shall pay 37.5 percent income tax on profit from investment in government securities, according to proposals made through Finance Bill, 2019. The Federal Board of Revenue (FBR) in explanation to the Finance Bill, 2019 said that banks are earning substantial profits on account of incremental exposure to government securities. Therefore profit from such […]

by Faisal Shahnawaz

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

Finance Bill 2019: Penalty proposed for non-banking real estate transactions

Jun 12

2019-2020, Budget, Taxation

Finance Bill 2019: Penalty proposed for non-banking real estate transactions

ISLAMABAD: The government has tightened rules for transactions of immovable properties and through Finance Bill 2019 it is proposed that non-banking real estate transactions would liable for penalty. The Federal Board of Revenue (FBR) said that in order to ensure documentation of real estate transactions and also to ascertain the actual value of a transaction […]

by Mrs. Anjum Shahnawaz

Finance Bill 2019: Law proposed to initiate criminal proceedings against FBR officials

Jun 12

2019-2020, Budget, Taxation

Finance Bill 2019: Law proposed to initiate criminal proceedings against FBR officials

ISLAMABAD: The government has framed law to initiate criminal proceedings against officers and officials of Federal Board of Revenue (FBR) for committing corruption. A new section 216A to Income Tax Ordinance, 2001 has been proposed through Finance Bill, 2019 as part of the budget 2019/2020 to initiate criminal proceedings against FBR officials. The FBR said […]

by Faisal Shahnawaz

Finance Bill 2019: tax rate enhanced up to 20pc on profit on debt

Jun 12

2019-2020, Budget, Taxation

Finance Bill 2019: tax rate enhanced up to 20pc on profit on debt

ISLAMABAD: The rate of tax has been increased up to 20 percent from 15 percent on profit on debt through Finance Bill, 2019. The government has proposed increase in tax rates on profit on debt through Finance Bill 2019 as part of budget 2019/2020. The tax rate has been increased to 15 percent from 10 […]

by Faisal Shahnawaz

Finance Bill 2019: turnover tax enhanced to 1.5 percent

Jun 12

2019-2020, Budget, Taxation

Finance Bill 2019: turnover tax enhanced to 1.5 percent

ISLAMABAD: The rate of minimum turnover tax has been increased to 1.5 percent from 1.25 percent in the budget 2019/2020 presented a day earlier. The Finance Bill, 2019 proposed to enhance the rate of minimum turnover tax The Federal Board of Revenue (FBR) explained that presently minimum tax on turnover is charged at the rate […]

by Faisal Shahnawaz

Finance Bill 2019: late filer salary persons allowed ATL entry

Jun 12

2019-2020, Budget, Taxation

Finance Bill 2019: late filer salary persons allowed ATL entry

ISLAMABAD: The government has allowed late filers to include Active Taxpayers List (ATL) after payment of penalty. Presently, as per law the late filers are not allowed to ATL entry till next tax year. The government has proposed this relaxation through Finance Bill, 2019 as part of budget 2019/2020. The payment of penalty has been […]

by Faisal Shahnawaz

Finance Bill 2019: FTR abolished on stock brokers’ commission

Jun 12

2019-2020, Budget, Exclusive, Taxation

Finance Bill 2019: FTR abolished on stock brokers’ commission

ISLAMABAD: The government has withdrawn Final Tax Regime (FTR) for stock brokers for the purpose of taxation on commission earned by them. The proposal has been presented through Finance Bill, 2019 before the Parliament. In the budget 2019/2020 the government has taken several measures to plug loopholes of those avenues which were promoting black economy. […]

by Faisal Shahnawaz

Finance Bill 2019: Amnesty on immovable property purchase withdrawn

Jun 12

2019-2020, Budget, Taxation

Finance Bill 2019: Amnesty on immovable property purchase withdrawn

ISLAMABAD: The government has withdrawn a permanent amnesty for not explaining the source of investment in purchasing immovable properties. The government has proposed to withdraw this provision through Finance Bill, 2019 as part of budget 2019/2020, presented on Tuesday. The Federal Board of Revenue (FBR) in its income tax salient features said that 3 percent […]

by Faisal Shahnawaz