KARACHI: The Federal Board of Revenue (FBR) has been urged to grant capital gain tax (CGT) exemption on disposal of shares of private companies after 10 years. Karachi Tax Bar Association (KTBA) in its proposals for budget 2022/2023 suggested amendment in Section 37 of the Income Tax Ordinance, 2001 regarding gain on sale of shares […]

KARACHI: Karachi Tax Bar Association (KTBA) has proposed up to 20 per cent capital gain tax on real estate with elimination of all exemption and concessions. The KTBA in its proposals for budget 2022/2023 suggested the Federal Board of Revenue (FBR) to impose aggressive rate of tax on real estate sector. In this regard the […]

KARACHI: The Federal Board of Revenue (FBR) has been urged to notify procedures and rules in the forthcoming budget 2022/2023 for deducting withholding tax (WHT) on digital transactions. Karachi Tax Bar Association (KTBA) in its proposals for budget 2022/2023 proposed the FBR to make rules regarding digitalization of economy. READ MORE: New import income tax […]

KARACHI: The tax authorities have been urged to abolish the advance income tax regime at import stage and reinstate the previous regime through budget 2022/2023. Karachi Tax Bar Association (KTBA) in its proposals for budget 2022/2023, recommended the Federal Board of Revenue (FBR) to amend advance tax at import stage under Section 148 of the […]

KARACHI: The tax authorities should introduce adjustable advance income tax for entire corporate service sector in the forthcoming budget 2022/2023. Karachi Tax Bar Association (KTBA) in its proposals for budget 2022/2023 submitted to the Federal Board of Revenue (FBR) highlighted minimum tax on corporate service providers under Section 153(1)(b) of the Income Tax Ordinance, 2001. […]

KARACHI: The Federal Board of Revenue (FBR) has been proposed to restore group taxation laws in its initial form as introduced through Finance Act, 2007 and Finance Act, 2008. Karachi Tax Bar Association (KTBA) in its proposals for budget 2022/2023 urged the authorities to restore group taxation laws. It said through second amendment, exemption on […]

KARACHI: Karachi Tax Bar Association (KTBA) has proposed to delete provisions that are penalizing compliant taxpayers for fault or non-compliance of dealers. The KTBA in its proposals for budget 2022/2023 informed the Federal Board of Revenue (FBR) that Finance Act, 2019 introduced Section 108B to Income Tax Ordinance, 2001 penalizing the compliant taxpayers for the […]

KARACHI: The Federal Board of Revenue (FBR) has been proposed to restore first year allowance on installation of plant and machinery by an industrial undertaking in rural and under developed area. Karachi Tax Bar Association (KTBA) in its proposals for budget 2022/2023, recommended the FBR to reintroduce first year allowance under Section 23A of Income […]

KARACHI: Karachi Tax Bar Association (KTBA) has recommended abolishing minimum tax for listed companies and should be reduced in other cases. The tax bar in its proposals for budget 2022/2023 urged the Federal Board of Revenue (FBR) to rationalize minimum tax rates in the forthcoming budget. READ MORE: KTBA suggests reduction in corporate tax rate […]

KARACHI: The Federal Board of Revenue (FBR) has been suggested to reduce the corporate tax rate to 25 per cent from existing 29 per cent in order to attract both local and foreign investments. Karachi Tax Bar Association (KTBA) in its proposals for budget 2022/2023, suggested the FBR to bring down the corporate tax rate […]