Aug 31

FBR announces tax exemptions for flood relief operation

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday announced major tax exemptions for flood relief operation. The FBR issued SRO 1634(I)/2022 dated August 30, 2022 to allow the tax exemption. In order to enable the exemption, the FBR amended Second Schedule of the Income Tax Ordinance, 2001. It is pertinent to mention that tax is […]

by Anjum Shah

Tax exemption granted to donations for PM flood relief fund

Aug 23

National, Taxation, Top stories

Tax exemption granted to donations for PM flood relief fund

ISLAMABAD: The federal government on Tuesday granted tax exemptions to donations made for Prime Minister’s Flood Relief Fund 2022. The Federal Board of Revenue (FBR) issued SRO 1590(I)/2022 dated August 23, 2022 to exempts deduction of tax under various provisions of Income Tax Ordinance, 2001. According to the SRO an amendment has been made into […]

by Anjum Shah

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 Shah

Pakistan grants tax exemption to charitable organizations

Jul 12

Budget 2022-2023, Taxation

Pakistan grants tax exemption to charitable organizations

KARACHI: Pakistan has granted exemption from tax on income of various charitable organizations through Finance Act, 2022. The tax exemption has been granted under Second Schedule of Income Tax Ordinance, 2001. READ MORE: New tax rates on car registration from July 01, 2022 According to interpretation of Finance Act, 2022 by PwC A. F. Ferguson […]

by Faisal Shah

Pakistan expands tax exemptions under foreign treaties

Jul 9

Budget 2022-2023, Taxation

Pakistan expands tax exemptions under foreign treaties

KARACHI: Pakistan has expanded scope of income tax exemption provided under international tax treaties. The change has been brought into Section 44 of Income Tax Ordinance, 2001 through Finance Act, 2022. READ MORE: Capital gains tax revamped on disposal of immovable properties Experts at PwC A. F. Ferguson & Co. explained the amendment saying that […]

by Hamza Shah

FBR allocates quota for industries in erstwhile FATA/PATA

Apr 17

Taxation, Top stories

FBR allocates quota for industries in erstwhile FATA/PATA

ISLAMABAD: The Federal Board of Revenue (FBR) on Saturday allocated quota of raw material import on free of duty and taxes for industries located in erstwhile FATA/PATA. The FBR issued Sales Tax General Order (STGO) No. 14 dated April 16, 2022 regarding quota for import of raw materials for industries located in erstwhile FATA/PATA. The […]

by Anjum Shah

FBR exempts customs duty on import of oxygen gas

Apr 6

Taxation

FBR exempts customs duty on import of oxygen gas

ISLAMABAD: Federal Board of Revenue (FBR) has exempted customs duty on import of oxygen gas and oxygen cylinders. The FBR issued SRO 488(I)/2022 dated April 05, 2022 to exempt the customs duty on import of oxygen gas and oxygen cylinders. The revenue body said that exemption from customs duty has been granted for medical purpose […]

by Anjum Shah

Erstwhile FATA/PATA units to get exemption on quota

Apr 3

Taxation, Top stories

Erstwhile FATA/PATA units to get exemption on quota

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to allow tax exemption to industries located in erstwhile FATA/PATA on the basis quota determined against installed capacity. An important meeting held in FBR Headquarter on April 01, 2022, (Friday). Chairman FBR Dr. Muhammad Ashfaq Ahmed reviewed progress regarding determination of quota for import of raw […]

by Anjum Shah

Highlights of Finance (Supplementary) Bill, 2021

Jan 9

Taxation

Highlights of Finance (Supplementary) Bill, 2021

PWC A. F. Ferguson & Co. has issued a memorandum to highlight amendments proposed through the Finance (Supplementary) Bill, 2021 which has been laid before the Parliament on December 30, 2021. It said that through the Bill, certain amendments have been made in the Income Tax Ordinance, 2001; Sales Tax Act, 1990; Federal Excise Act, […]

by Faisal Shah

Pakistan allows sales tax exemption on Afghan fruits

Nov 22

Taxation

Pakistan allows sales tax exemption on Afghan fruits

ISLAMABAD: Pakistan has allowed tax-free import of fruits from Afghanistan and in this regard, a sales tax notification is issued on Monday. The Federal Board of Revenue (FBR) issued SRO 1501(I)/2021 to implement the decision of the government to allow tax-free import of fruits. The FBR said that the federal government is pleased to exempt […]

by Hamza Shah