Tag: Finance Act 2020
Resident shipping companies granted final tax regime
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 […]
FBR explains holding period, tax rates on disposal of immovable properties
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, […]
FBR enhances threshold to designate withholding agent
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 […]
FBR allows monthly salary up to Rs25,000 paid in cash as business expense
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 […]
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 […]
Withholding sales tax regime streamlined
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 […]
CNIC condition on sales up to Rs100,000 relaxed to facilitate retailers: FBR
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 […]
Inland Revenue officers empowered to recover non-tax revenue
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, […]
Reduced rate of withholding sales tax withdrawn for registered persons
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 […]
FBR empowered to send electronic notice, decisions to all sales tax registered persons
KARACHI: Federal Board of Revenue (FBR) has been authorized to serve electronic notice and decision as legal document to sales tax registered persons. In this regard an amendment has been […]