The Federal Board of Revenue (FBR) in Pakistan has announced the revised rates of withholding tax applicable to the transfer of registration or ownership of motor vehicles for the fiscal year 2021/2022.
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The Federal Board of Revenue is Pakistan’s apex tax agency, overseeing tax collection and policies. Pakistan Revenue is committed to providing timely updates on the Federal Board of Revenue to its readers.
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Special tax provisions relating to various businesses
Section 99 of Income Tax Ordinance, 2001 discussed special tax provisions related to various businesses including profits and gains of any insurance business shall be computed in accordance with the rules in the Fourth Schedule.
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Treatment of deduction in change of entity control
Treatment of deduction in change of entity control has been explained under Section 98 of the Income Tax Ordinance, 2001 as it plays a significant role in addressing changes in ownership and business continuity, ensuring that the tax implications are appropriately managed.
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Self assessment scheme to facilitate taxpayers: Tarin
KARACHI: Finance Minister Shaukat Tarin on Friday said that the Universal Self Assessment Scheme (USAS) has been reintroduced. This scheme will facilitate taxpayers in declaring income and assets.
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Asset disposal under scheme of arrangement
Asset disposal under scheme of arrangement has been explained under Section 97A of the Income Tax Ordinance, 2001.
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Gain on asset disposal between companies
Gain on asset disposal between companies has been explained by the Federal Board of Revenue (FBR) through an updated the Income Tax Ordinance, 2001, incorporating amendments introduced through the Finance Act, 2021.
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Gain on AOP assets disposal between companies
Gain on assets disposal of Association of Persons (AOP) between companies has been highlighted by the Federal Board of Revenue (FBR).
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Computation of gains on business disposal to company
Computation of gains on business disposal to company has been explained by the Federal Board of Revenue (FBR) through an updated Income Tax Ordinance, 2001, which incorporates amendments introduced through the Finance Act, 2021.
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Taxation principles of companies
Section 94 of Income Tax Ordinance, 2001 delineates the fundamental principles governing the taxation of companies, setting the stage for a more structured and transparent approach to corporate taxation.
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Principles of taxation of Association of Persons
Section 92 of the Income Tax Ordinance, 2001, outlines the fundamental principles governing the taxation of Associations of Persons (AOPs) in Pakistan.
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