Proposal of final tax regime for commercial importers rejected

Jul 10

Budget 2022-2023, Taxation, Top stories

Proposal of final tax regime for commercial importers rejected

KARACHI: The National Assembly of Pakistan has rejected a proposal to grant final tax regime for commercial importers. The proposal was made part of Finance Bill, 2022 under which the government proposed to bring commercial importers under the ambit of final tax regime. READ MORE: Mechanism revamped for tax dispute resolution Previously, PTI government after […]

by Hamza Shahnawaz

Jul 21

Taxation

General provisions for final tax regime

General provisions for final tax regime have been issued by the Federal Board of Revenue (FBR) through an updated version of the Income Tax Ordinance, 2001.

by Hamza Shahnawaz

Filing income tax return mandatory for FTR taxpayers: FBR

Sep 3

Taxation

Filing income tax return mandatory for FTR taxpayers: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has said that filing annual income tax return is mandatory for taxpayers falling under final tax regime (FTR). The FBR on Thursday issued Income Tax Circular No. 03 of 2020 to explain major changes to Income Tax Ordinance, 2001 through Finance Act, 2020. The FBR said that prior to […]

by Mrs. Anjum Shahnawaz

Commercial importers, traders require filing annual returns, maintain complete record

Feb 23

Taxation

Commercial importers, traders require filing annual returns, maintain complete record

KARACHI: Commercial importers and individual traders are required to file income tax return and maintain complete records of transactions, a tax analyst said. Murtaza Qurban, Executive Manager, EY Ford Rhodes highlighted the application of minimum tax on commercial importers and individual traders in an event recently organized by Karachi Tax Bar Association (KTBA). He said […]

by Mrs. Anjum Shahnawaz

FBR asks customs to provide clearance details of commercial importers

Jan 30

Taxation

FBR asks customs to provide clearance details of commercial importers

KARACHI: Federal Board of Revenue (FBR) has directed customs authorities to provide details of commercial importers who made clearance during first half of current fiscal year. The FBR sources on Thursday said that the collector of customs is required to collect income advance tax at the rate specified as withholding agent from commercial importers. Under […]

by Mrs. Anjum Shahnawaz

Jan 19

Taxation

FBR starts phasing out final tax regime

ISLAMABAD: Federal Board of Revenue (FBR) has started phasing out final tax regime for an equitable taxation system. Sources in the FBR said on Saturday that in the budget 2019/2020 final tax regime had been withdrawn for various sectors, which were enjoying this regime for the past many years. The FBR in a report said […]

by Mrs. Anjum Shahnawaz

Final tax regime for certain amount under Income Tax Ordinance

Dec 22

Taxation

Final tax regime for certain amount under Income Tax Ordinance

KARACHI: Federal Board of Revenue (FBR) has defined final tax regime for certain income with certain conditions explained under Income Tax Ordinance, 2001. Following are the income falling under Final Tax Regime under the Ordinance: Section 5: Tax on dividends Section 6: Tax on certain payments to non-residents.— Section 7: Tax on shipping and air […]

by Mrs. Anjum Shahnawaz

Commercial importers to file income returns after removal of FTR

Jun 15

2019-2020, Budget, Taxation

Commercial importers to file income returns after removal of FTR

ISLAMABAD: Commercial importers will require to file return of income and statement of assets to the tax authorities after the removal of final tax regime. Tax authorities said that the commercial importers would require to submit details of imports and source of payment for opening the letter of credit (LCs) through their returns. According to […]

by Faisal Shahnawaz

Finance Bill 2019: Final Tax Regime withdrawn

Jun 12

2019-2020, Budget, Taxation

Finance Bill 2019: Final Tax Regime withdrawn

ISLAMABAD: The government has decided to withdraw Final Tax Regime (FTR) and bring various sectors into the documented economy. The FTR has been proposed to be abolished through Finance Bill, 2019 as part of budget 2019/2020, which was presented on Tuesday. The Federal Board of Income tax by its inherent nature is tax charged and […]

by Faisal Shahnawaz

Chemical merchants advocate FTR continuation for commercial importers

Jun 1

2019-2020, Budget, Pakistan Customs, Taxation

Chemical merchants advocate FTR continuation for commercial importers

KARACHI: Chemical merchants have strongly advocated continuation of Final Tax Regime (FTR) for commercial importers in the upcoming budget. In a statement issued on Saturday Shahid Vaseem, Chairman, Pakistan Chemicals & Dyes Merchants’ Association (PCDMA), said that because commercial importers pay 6 percent advance non-adjustable tax at import stage, whereas industrial importers of same raw […]

by Faisal Shahnawaz