Pakistan Revenue
KARACHI: The government has exempted the capital gain tax on immovable property where holding period is above eight years. The amendment has been brought through Finance Act, 2019 as it was proposed 10 years through Finance Bill 2019. According to commentary on Finance Act, 2019 by PwC A F Ferguson Chartered Accountants, prior to finance […]
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ISLAMABAD: Federal Board of Revenue (FBR) will question the sources for all those foreign remittances exceeding Rs5 million in a year, which are transferred through normal banking channels. The government has tightened the unexplained inflows by making amendment to Income Tax Ordinance, 2001 through Finance Act, 2019. In the past the inflows of foreign remittances […]
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ISLAMABAD: State Bank of Pakistan (SBP) will assist customs authorities in prevention of illegal inward or outward transfers of funds. According to Finance Act, 2019 a new Section 32C has been inserted to Customs Act, 1969, which stated: “32C. Mis-declaration of value for illegal transfer of funds into or out of Pakistan.- (1) Without prejudice […]
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ISLAMABAD: Federal Board of Revenue (FBR) has exempted the advance tax on mobile phone brought into Pakistan by passengers under Baggage Rules, 2006. The Finance Act, 2019 stated that the provisions of section 148 shall not apply on mobile phones brought in personal baggage under the Baggage Rules, 2006. The rate of advance tax to […]
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ISLAMABAD: Federal Board of Revenue (FBR) has notified rules for persons not appearing on the Active Taxpayers List (ATL). The rules have been approved and made part of statute through Finance Act, 2019. RULES FOR PERSONS NOT APPEARING IN THE ACTIVE TAXPAYERS’ LIST 1. Rate of deduction or collection of tax: Where tax is required […]
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ISLAMABAD: Federal Board of Revenue (FBR) has notified tax rates on income derived by Association of Persons (AOPs) and business individuals during fiscal year 2019/2020. According to the Finance Act, 2019 following are the tax slabs to be applicable on the income of AOPs and business individuals for the tax year 2020: S. No Taxable […]
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ISLAMABAD: The Parliament has approved the Finance Bill 2019 to implement rate of income tax on salary income. The statutory exempt income has been enhanced to Rs600,000 for tax year 2020 through Finance Act, 2019. S.No Taxable Income Rate of Tax (1) (2) (3) 1. Where taxable income does not exceed Rs. 600,000 0% 2. […]
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