Withholding tax rates on profit on banking deposits have been updated for tax year 2019. In a significant development for the financial sector, the Federal Board of Revenue (FBR) has announced updated withholding tax rates on profit earned from banking deposits for the tax year 2019.
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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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Late return filers may be allowed entry into ATL
Late return filers of income tax may soon have the opportunity to be included in the Active Taxpayers List (ATL) following proposed amendments to tax laws.
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Withholding income tax rates at import stage for tax year 2019
Withholding income tax rates that will be deducted at the import stage for the tax year 2019 have been unveiled, giving importers in Pakistan a clear picture of their tax obligations.
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Collection of Withholding Tax at Import Stage Under Income Tax Ordinance 2001
The Income Tax Ordinance, 2001 outlines the collection of withholding tax at the import stage in Pakistan. This is a crucial revenue collection mechanism and is primarily administered by the Collector of Customs.
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Customs imposes 10pc fine for releasing unregistered phones
KARACHI – Pakistan Customs has announced the imposition of a 10 percent fine on the total amount of duty and taxes involved for the clearance of unregistered mobile phones.
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Salary tax slab of above Rs800,000 to pay Rs2,000 as minimum tax
Islamabad – The Federal Board of Revenue (FBR) has introduced a minimum tax for salary individuals with taxable income exceeding Rs800,000 but not exceeding Rs12,000 for Tax Year 2019.
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Advance tax on domestic, international air tickets adjustable
The Federal Board of Revenue (FBR) has recently introduced revised advance tax rates on both domestic and international air tickets to be collected from purchasers.
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FBR to issue assessment notices of last ten years to potential taxpayers
KARACHI – The Federal Board of Revenue (FBR) has taken a significant step toward improving tax compliance by announcing its intention to issue assessment notices covering the past ten years to potential taxpayers and individuals who have failed to file a tax return for any of the last five years.
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FBR notifies transfer, postings of 17 IRS officers
ISLAMABAD: The Federal Board of Revenue (FBR) issued a notification on Monday regarding the immediate transfers and postings of officers belonging to the Inland Revenue Service (IRS) in grades BS-17 to BS-19, effective until further notice.
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FBR issues updated withholding tax card for Tax Year 2019
The Federal Board of Revenue (FBR) in Pakistan has announced the issuance of an updated rate card for withholding tax for Tax Year 2019, incorporating amendments introduced through the Finance Supplementary Act of 2018.
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