FBR applies separates CGT rates on immovable properties

Jul 23

Budget 2022-2023, Taxation

FBR applies separates CGT rates on immovable properties

ISLAMABAD: The Federal Board of Revenue (FBR) has implemented capital gain tax on disposal of immovable properties as amended through Finance Act, 2022. The FBR issued Income Tax Circular No. 15 of 2022-2023 to explain the important amendments introduced through the Finance Act, 2022 to the Income Tax Ordinance, 2001. READ MORE: FBR explains tax […]

by Mrs. Anjum Shahnawaz

FBR explains tax on deemed income from immovable property

Jul 23

Budget 2022-2023, Taxation

FBR explains tax on deemed income from immovable property

ISLAMABAD: The Federal Board of Revenue (FBR) has explained the new introduced tax on deemed income through Finance Act, 2022. The FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendment brought through Finance Act, 2022 to the Income Tax Ordinance, 2001. The FBR said that a new section 7E has been […]

by Mrs. Anjum Shahnawaz

Super tax to apply for Tax Year 2022 and onwards: FBR

Jul 21

Budget 2022-2023, Taxation, Top stories

Super tax to apply for Tax Year 2022 and onwards: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday said that super tax will be applicable for tax year 2022 and onwards. The FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments made to Income Tax Ordinance, 2001 through Finance Act, 2022. READ MORE: Pakistan enhances income tax rates for banks […]

by Mrs. Anjum Shahnawaz

Pakistan enhances income tax rates for banks

Jul 21

Budget 2022-2023, Taxation, Top stories

Pakistan enhances income tax rates for banks

ISLAMABAD: Pakistan has enhanced tax rates for banks through amendments introduced through Finance Act, 2022. In this regard the apex tax agency of the country, i.e. Federal Board of Revenue (FBR) on Thursday issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments made to Income Tax Ordinance, 2001 through Finance Act, 2022. […]

by Mrs. Anjum Shahnawaz

Declaring beneficial owner made mandatory for companies, AOPs

Jul 21

Budget 2022-2023, Taxation, Top stories

Declaring beneficial owner made mandatory for companies, AOPs

ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday said that declaration of beneficial owner has been made mandatory for companies and Association of Persons (AOPs) under income tax laws. The FBR issued Income Tax Circular No. 15 of 2022-2023 to explain the important amendment made through Finance Act, 2022 to Income Tax Ordinance, 2001. […]

by Mrs. Anjum Shahnawaz

Pakistan reintroduces capital value tax on motor vehicles

Jul 21

Automotive, Budget 2022-2023, Taxation, Top stories

Pakistan reintroduces capital value tax on motor vehicles

KARACHI: Pakistan has re-introduced capital value tax (CVT) at one per cent of the value of motor vehicle on locally manufactured as well as on imported vehicles. According to interpretation of Finance Act, 2022 by PwC A. F Ferguson & Co. through section 7 of the Finance Act 1989, CVT was imposed on transfer of […]

by Faisal Shahnawaz

Customs duty exemption, concession granted

Jul 17

Budget 2022-2023, Pakistan Customs

Customs duty exemption, concession granted

KARACHI: The Finance Act, 2022 has amended provisions of Customs Act, 1969 to grant exemption and concessions from customs duty. Following are the exemptions and concessions of customs duty: Exemption of Customs Duty and Additional Customs Duty READ MORE: Commodities’ illegal movement to be treated as smuggling Customs Duty (CD) leviable on the import of […]

by Faisal Shahnawaz

Commodities’ illegal movement to be treated as smuggling

Jul 16

Budget 2022-2023, Pakistan Customs

Commodities’ illegal movement to be treated as smuggling

In a move to tighten control over the illegal movement of essential commodities, the Finance Act, 2022, has expanded the definition of smuggling.

by Hamza Shahnawaz

Special tax regime for pharma sector introduced

Jul 14

Budget 2022-2023, Taxation

Special tax regime for pharma sector introduced

KARACHI: A special sales tax regime has been introduced for pharmaceutical sector through Finance Act, 2022 by making amendments in Sales Tax Act, 1990. As per the special tax regime manufacture or import of substances registered as drugs under the Drugs Act, 1976 shall be subject to 1 per cent sales tax with the condition […]

by Faisal Shahnawaz

Defacing sales tax invoice declared as offence

Jul 14

Budget 2022-2023, Taxation

Defacing sales tax invoice declared as offence

KARACHI: Defacing sales tax invoice has been declared as an offence under Sales Tax Act, 1990 as amendment has been made through Finance Act, 2022. The defacing of sales tax invoice will attract penalties as well as imprisonment. READ MORE: FBR to collect 3% further tax on supply to inactive taxpayer According to explanation of […]

by Faisal Shahnawaz