KARACHI: The Federal Board of Revenue (FBR) has implemented a simplified tax regime from shopkeepers and small retailers. Through the Finance Act, 2022 important amendments have been made to Income Tax Ordinance, 2001. READ MORE: Pakistan withdraws tax amnesties for industrial promotion Tax experts at PwC A. F. Ferguson & Co. explained that for other […]
ISLAMABAD: The income tax law has allowed final tax regime for Pakistani resident shipping company, which is registered after November 15, 2019. According to explanation to changes made to Income Tax Ordinance, 2001 through Finance Act, 2020, the FBR said that clause (c) has been added to sub-section (1) of section 7A to provide for […]
ISLAMABAD: Federal Board of Revenue (FBR) has explained holding period and tax rates for the computation of capital gains on disposal of immovable properties, which were amended through Finance Act, 2020. The FBR issued Income Tax Circular No. 03 to explain the changes made to Income Tax Ordinance, 2001 through Finance Act, 2020. The FBR […]
ISLAMABAD: Federal Board of Revenue (FBR) has excluded taxpayers having turnover below Rs100 million from mandatory collection and deduction of withholding tax. The FBR issued Income Tax Circular No. 03 of 2020 a day earlier to explain changes made to Income Tax Ordinance, 2001 through Finance Act, 2020. The FBR said that in order to […]
ISLAMABAD: Federal Board of Revenue (FBR) has allowed monthly salary up to Rs25,000 per employee paid in cash as business expense after amendment made to Income Tax Ordinance, 2001. The FBR on Thursday issued Income Tax Circular No. 03 to explain changes made to Income Tax Ordinance, 2001 through Finance Act, 2020. The FBR said […]
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 […]
ISLAMABAD: Federal Board of Revenue (FBR) has streamlined sales tax withholding regime for compelling sales tax return filing and realizing full revenue on sale/purchase. The FBR issued Circular No. 01 dated August 06, 2020 to explain changes made to Sales Tax Act, 1990 through Finance Act, 2020. The FBR said that Eleventh Schedule provides for […]
ISLAMABAD: Federal Board of Revenue (FBR) has said that the retailers are not required to maintain information of Computerized National Identity Card (CNIC) of a consumer on sales not exceeding above Rs100,000. The FBR issued Sales Tax Circular No. 01 dated August 06, 2020 to explain changes brought to main statute through Finance Act, 2020. […]
ISLAMABAD: The officers of Inland Revenue have been empowered to recover non-tax revenue by invoking provisions of Income Tax Ordinance, 2001. The finance ministry has issued Public Finance Management Act, 2019, which was amended up to June 30, 2020 through Finance Act, 2020. According to Section 40E of the Act, a commissioner of Inland Revenue […]
ISLAMABAD: A registered person, who is not an active taxpayer, may not avail benefit of reduced rate of withholding sales tax after amendment made through Finance Act, 2020. Sources in Federal Board of Revenue (FBR) said that amendments have been made to Eleventh Schedule of Sales Tax Act, 1990 through Finance Act, 2020 under which […]