Pakistan Revenue
KARACHI: Tax concessions on income in the shape of total allowances available to pilots of any Pakistani airlines have been withdrawn from July 01, 2022. The tax concessions have been withdrawn through Finance Act, 2022 by amending provisions of Income Tax Ordinance, 2001. READ MORE: Pakistan grants tax exemption to charitable organizations According to the […]
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ISLAMABAD: Federal Board of Revenue (FBR) issued details of sales tax concessions to the tune of Rs23.15 billion granted on import mobile phones. The FBR issued the cost of allowing reduced rate of sales tax on the import of cellular phones during fiscal year 2020. FBR sources said that the beneficiaries of sales tax concessions […]
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Pilots of Pakistani airlines collectively availed tax concessions amounting to Rs430 million during the tax year 2020 on allowances received from their respective employers, according to official data made available to PkRevenue.com.
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ISLAMABAD: The Federal Board of Revenue (FBR) has provided significant tax exemptions amounting to Rs2.42 billion on the income of teachers and researchers during the tax year 2019–2020.
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ISLAMABAD: Federal Board of Revenue (FBR) has granted Rs30 billion as initial allowance to new business entities during fiscal year 2019/2020. The concession of allowance has been granted under Section 23 of Income Tax Ordinance, 2001. As per Section 23 the allowance has been granted as: Section 23. Initial allowance.— Sub-Section (1): A person who […]
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ISLAMABAD: The economy has incurred duty and tax losses to the tune of Rs972.4 billion due to exemptions and concessions during the fiscal year 2018/2019, according to Economic Survey 2018/2019 launched on Monday. The cost of tax exemptions included: income tax Rs141.6 billion, sales tax Rs597 billion; and Rs233.1 billion as customs duty. Income Tax: […]
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ISLAMABAD: The government has planned to a massive cut tax in exemptions and concessions in the budget 2019/2020, which is scheduled to be announced on June 11, 2019. Sources told PkRevenue.com that the government had committed with the World Bank and other international agencies to withdraw large size exemptions given to various sectors and individuals […]
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KARACHI: The government considering to withdraw all types of tax exemptions and concessions during next few years.
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