Karachi, December 11, 2023 – Federal Board of Revenue (FBR) has issued procedure for release of tax exemption certificates to non-residents during tax year 2024.
ISLAMABAD: Tax offices have highlighted anomaly in extending concessionary rate of tax or exemption under Section 148 of the Income Tax Ordinance, 2001 to imported goods at customs stage. Large Tax Offices (LTOs) Islamabad and Karachi pointed out the anomaly and advised the Federal Board of Revenue (FBR) to rectify as taxpayers were suffering. Large […]
ISLAMABAD: Federal Board of Revenue (FBR) issued a procedure for issuing tax exemption certificate for residents of erstwhile FATA/PATA. The FBR issued circular No. 13 of 2021 stating that a standardized procedure for the issuance of Exemption Certificate on quarterly basis is being rolled out so as to ensure fair operationalization of the exemptions enshrined […]
ISLAMABAD – The Federal Board of Revenue (FBR) has established a clear procedure for taxpayers to obtain exemption certificates for the exemption from advance income tax on imported goods.
ISLAMABAD: A commissioner of Inland Revenue has been authorized to cancel or modify exemption certificate issued automatically by online system IRIS. Through Finance Act, 2020 amendment has been made to Section 153 of Income Tax Ordinance, 2001. As per the amendment the commissioner of Inland Revenue of Federal Board of Revenue (FBR) is required to […]
KARACHI: The Federal Board of Revenue (FBR) allowed automated issuance of exemption certificate in case commissioner delays in approval. Tax experts at PwC A F Ferguson Chartered Accountants said Clause (72B) contained in Part IV of the Second Schedule to the ITO 2001 allows a taxpayer to obtain a withholding exemption certificate from the concerned […]
ISLAMABAD: The government has facilitated manufacturers in obtaining exemption certificates for import of raw material. The Federal Board of Revenue (FBR) issued salient features to explain amendments to Income Tax Ordinance, 2001 brought through Tax Laws (Second Amendment) Ordinance, 2019. A major change was introduced under which a manufacturer applies for exemption certificates to the […]
KARACHI: Federal Board of Revenue (FBR) has been suggested to remove restriction of exemption certificates for import of plant and machinery for new projects in order to promote industrial growth in the country. Pakistan Tax Bar Association (PTBA) in its tax proposals for budget 2019/2020 said that existing procedures and rules for obtaining exemption certificates […]