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 Tax Ordinance,... Read more »

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, 2020. The... Read more »

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 of 2020... Read more »

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 FBR on... Read more »

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... Read more »

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 dated August... Read more »

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 above Rs100,000.... Read more »

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, 2019, which... Read more »

Reduced rate of withholding sales tax withdrawn for registered persons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 Federal Board... Read more »

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 made to... Read more »