ISLAMABAD: The Federal Board of Revenue (FBR) has released the updated rates of withholding tax on salary income for the fiscal year 2021-2022.
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FBR, Pakistan’s national tax collecting agency, plays a crucial role in the country’s economy. Pakistan Revenue is committed to providing readers with the latest updates and developments regarding FBR activities.
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Withholding tax rates on imports for 2021-2022
Federal Board of Revenue (FBR) has issued updated withholding tax rates on imports for year 2021/2022. The collector of customs collects withholding tax under Section 148 of Income Tax Ordinance, 2001 at the time of consignment clearance.
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List of items for sales tax on retail printed prices
The Federal Board of Revenue (FBR) has updated the list of items on which the sales tax will be collected on the basis of printed retail price.
The sales tax at the rate of 17 per cent on the retail printed price shall be applicable for tax year 2021/2022.
The items are included in the Third Schedule of Sales Tax Act, 1990 which is updated by the FBR up to June 30, 2021.
Following is the list of items:
Fruit juices and vegetable juices at harmonized system (HS) Code 20.09
Ice Cream with HS Code 2105.0000
Aerated waters or beverages with HS Code 22.01 and 20.02
Syrups and squashes with respective headings
Cigarettes with HS Code 2402.2000
Toilet soap with HS Code 3401.1100 and 3401.2000
Detergents with HS Code 3402.2000
Shampoo with HS Code 3305.1000
Toothpaste with HS Code 3306.1010
Shaving cream with HS Code 3307.1000
Perfumery and cosmetics with HS Code in respective sub-headings of 33.03 and 33.04
Tea with HS code of respective sub-headings of 09.02
Powder drinks with HS Code of 21.06
Milky drinks with HS Code of 2106.9090
Toilet paper and tissue paper with HS Code 4818.1000 and 4818.2000
Spices sold in retail packing bearing brand names and trade marks with HS codes 09.04, 09.06, 09.08 and 09.10
Shoe polish and shoe cream with HS Code 3405.1010
Fertilizers with HS Code of respective heading
Cement sold in retail packing with HS Code of respective heading
Mineral/bottled water with HS Code of respective headings
Household electrical goods, including air conditioners, refrigerators, deep freezers, televisions, recorders and players, electric bulbs, tube-lights, electric fans, electric irons, washing machines and telephone sets with HS Code of respective headings
Household gas appliances, including cooking range, ovens, geysers and gas heater with HS code of respective headings
Foam or spring mattresses and other foam products for household use with HS code of respective headings
Paints, distempers, enamels, pigments, colors, varnishes, gums, resins, dyes, glazes, thinners, blacks, cellulose lacquers and polishes sold in retail packing with HS codes of respective headings
Lubricating oils, brake fluids, transmission fluid, and other vehicular fluids sold in retail packing with HS codes of respective headings
Storage batteries excluding those sold to automotive manufacturers or assemblers with HS code of respective headings
Tyres and tubes excluding those sold to automotive manufacturers or assemblers with HS code of respective headings
Motorcycles with HS code of respective headings
Auto rickshaws with HS code of respective headings
Biscuits in retail packing with brand name with HS code of respective headings
Tiles with HS code of respective Headings
Auto-parts, in retail packing, excluding those sold to automotive manufacturers or assemblers with HS code in respective Headings
Sugar except where it is supplied as an industrial raw material to pharmaceutical, beverage and confectionery industries with HS code of respective heading.
Note: the implementation of sales tax on retail price on supply of sugar has been deferred by the FBR till November 30, 2021 through SRO 989(I)/2021 dated August 5, 2021.
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Tax treatment of losses under group relief
The Federal Board of Revenue (FBR) has issued an updated version of the Income Tax Ordinance, 2001 to explain tax treatment of losses under group relief.
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Group taxation under income tax
ISLAMABAD: In a bid to streamline tax treatment for holding companies and subsidiary companies within a 100% owned group, Section 59AA of the Income Tax Ordinance, 2001 has been explained by the Federal Board of Revenue (FBR).
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Carry forward of capital losses allowed against income tax
Islamabad – The Federal Board of Revenue (FBR) has granted individuals the ability to carry forward capital losses under Sections 59 and 59A of the Income Tax Ordinance, 2001.
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Carry forward of speculation business losses against income
In a bid to address the dynamics of speculation businesses, Section 58 of the Income Tax Ordinance, 2001 plays a pivotal role by allowing individuals who sustain losses in a tax year to carry forward speculation business losses against income.
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Carry forward of business losses allowed
Carry forward of business losses allowed by the Federal Board of Revenue (FBR) in a move to provide relief to business community.
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Set off losses against income tax
Section 56 of Income Tax Ordinance, 2001 explained set off losses against income tax. It allowed a person, who sustained losses for any tax year under head of income, is allowed to set off losses against the income.
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FBR directed to continue efforts to enhance tax collection
Federal Minister for Finance and Revenue, Shaukat Tarin, has lauded the Federal Board of Revenue (FBR) for achieving record-breaking revenue collection in July 2021, signaling a robust start to the fiscal year.
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