The Federal Board of Revenue (FBR) announced on Tuesday the establishment of a committee dedicated to the integration of businesses.
(more…)Tag: Federal Board of Revenue
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.
-
Advance tax rates on motor car purchase, registration
The advance tax rates on motor vehicle registration and purchase from manufactures for year 2021/2022 shall be:–
(more…) -
How depreciation deduction allowed for tax calculation
How depreciation deduction allowed for tax calculation is explained by the Federal Board of Revenue (FBR) through updated version of the Income Tax Ordinance, 2001, which incorporates amendments introduced through the Finance Act, 2021.
(more…) -
Expenditures not allowed against business income
Section 21 of Income Tax Ordinance, 2001 highlights expenditures and deductions, which are not allowed under business income.
(more…) -
FBR redefines Tier-1 retailers for integration
The Federal Board of Revenue (FBR) has redefined Tier-1 retailers, making it mandatory for them to integrate sales data on a real-time basis.
(more…) -
Tax law allows deductions against business income
KARACHI: Income Tax Ordinance, 2001 has allowed certain deductions against income from business for calculation of tax liability.
(more…) -
FBR reduces sales tax rate on petrol to 10.77%
In a move aimed at providing relief to consumers, the Federal Board of Revenue (FBR) has announced a reduction in the sales tax rate on the supply of petrol. The new rate, effective immediately, is set at 10.77%, down from the previous rate of 16.40%.
(more…) -
Tax treatment of income from speculation business
Section 19 of Income Tax Ordinance, 2001 explains speculation business and tax treatment of income from this business.
(more…) -
Tax evaders may be arrested without warrant
KARACHI: The tax authorities have powers to arrest tax evaders without warrants for concealment of income or assets.
(more…) -
Taxation on income from business under updated law
Section 18 of Income Tax Ordinance, 2001 has explained the incomes derived from various types of transactions including sales of goods shall be taxed under income from business.
(more…)