Pakistan Revenue
ISLAMABAD: The Finance Act, 2021 has abolished the withholding tax on banking transactions that were applicable under Income Tax Ordinance, 2001. Following are the details of relief measures announced in the Finance Act, 2021: Deletion of 12 withholding taxes Provision Description 153B Collection of tax on payment of royalty to residents 231A Collection of tax […]
Continue Reading
ISLAMABAD: The Federal Board of Revenue (FBR) shall boost tax collection through various measures adopted through Finance Act, 2021. The changes have been implemented from Thursday July 01, 2021 for the fiscal year 2021/2022. The sources in the FBR said that the revenue measures are included a special regime for export of services at par […]
Continue Reading
ISLAMABAD: Any fixed amount paid to the employees on monthly basis shall be treated as salary for the purpose of income tax collection. Through Finance Act, 2021 an amendment has been made to Section 12 of the Income Tax Ordinance, 2001. The Section 12 of the Income Tax Ordinance, 2001 is read as: Salary.— (1) […]
Continue Reading
ISLAMABAD: A new tax regime has been introduced for small and medium enterprises offering options of reduced rate of income tax and final tax. Through Finance Act, 2021 a small and medium enterprise has been defined as a person who is engaged in manufacturing as defined in clause (iv) of sub-section (7) of section 153 […]
Continue Reading
ISLAMABAD: The Federal Board of Revenue (FBR) has been empowered to arrest a person for concealing above Rs25 million under code of criminal procedure. Through Finance Act, 2021 a new section 203B has been inserted to Income Tax Ordinance, 2001, which stated as follow: 203B. Power to arrest and prosecute: (1) Where on the basis […]
Continue Reading
ISLAMABAD: Declaring business bank accounts has become mandatory from July 01, 2021 otherwise a monetary penalty would be imposed. However, taxpayers have been given to update their registration profile along with business bank accounts up to September 30, 2021. According to the Finance Act, 2021 a new definition has been included in the Income Tax […]
Continue Reading