Karachi, August 11, 2024 – In a move that is likely to raise eyebrows, the Federal Board of Revenue (FBR) has extended tax concessions worth a staggering Rs 41 billion to the power sector for the tax year 2024.
Karachi, January 11, 2024 – The Federal Board of Revenue (FBR) has unveiled a detailed list of entities entitled to income tax exemption for the tax year 2024.
Islamabad, October 31, 2023 – In a bid to achieve long-term fiscal sustainability, Pakistan has set its sights on eliminating tax exemptions.
Karachi, August 17, 2023 – In a bid to attract foreign investment and bolster the economy, Pakistan has granted a significant income tax exemption exceeding Rs30 billion to foreign entities for profits generated from debt during the fiscal year 2022-23.
Karachi, July 13, 2023 – Pakistan has allowed exemption from customs duty on imports by dignitaries of UAE, Qatar, Bahrain and Saudi Arabia during 2023-24 and onwards.
The Finance Bill 2023 has brought forth a new section, 44A, to the Income Tax Ordinance, 2001. This section provides exemptions for taxes on income, withholding taxes, minimum and final taxes, as well as certain provisions of the Ordinance, for qualified investments as specified in the Foreign Investment (Promotion and Protection) Act, 2022.
In a move aimed at facilitating and expediting flood relief efforts, the Federal Board of Revenue (FBR) announced on Wednesday that it would be waiving customs duty, excise duty, and taxes on consignments related to flood relief activities for the next three months.
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 […]
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 […]
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 […]