Pakistan implements new amendments to tax laws
In a move aimed at enhancing revenue generation during the current fiscal year, Pakistan has implemented new amendments to both direct and indirect tax laws.
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Tag: Finance Act 2022
Pakistan grants 5-year tax exemption to promote film industry
ISLAMABAD: Pakistan has granted five-year tax exemption on income derived from cinema operations in order to promote local film industry. The tax exemption has been granted under Income Tax Ordinance, 2001 by amendment made through Finance Act, 2022. READ MORE: Advance tax on immovable property enhanced by 100% The Federal Board of Revenue (FBR), the […]
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Advance tax on immovable property enhanced by 100%
ISLAMABAD: The rate of advance tax on sale and purchase of immovable property has been enhanced by 100 per cent. The tax rate has been enhanced on property transaction through Finance Act, 2022. READ MORE: FBR explains changes in advance tax on motor vehicles The FBR issued Income Tax Circular No. 15 of 2022/2023 to […]
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FBR explains changes in advance tax on motor vehicles
ISLAMABAD: The Federal Board of Revenue (FBR) has explained changes made to advance tax on motor vehicles through Finance Act, 2022. The FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments brought through Finance Act, 2022 to the Income Tax Ordinance, 2001. The FBR said that provision of section 231B of […]
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Pakistan introduces automated system for withholding tax payments
ISLAMABAD: Pakistan has introduced an automated system for real-time payment for withholding tax. The system has been introduced through the Finance Act, 2022 by making amendment to the Income Tax Ordinance, 2001. The Federal Board of Revenue (FBR), the apex tax collecting agency of Pakistan, issued Income Tax Circular No. 15 of 2022/2023 to explain […]
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Tax imposed on foreign payments made by exchange companies
ISLAMABAD: The Federal Board of Revenue (FBR) has said that tax has been imposed on foreign payments made by exchange companies. The FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments brought through Finance Act, 2022 to the Income Tax Ordinance, 2001. READ MORE: Minimum tax for commercial importers enhanced: FBR […]
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Minimum tax for commercial importers enhanced: FBR
ISLAMABAD: The Federal Board of Revenue (FBR) said that withholding tax for commercial importers has been enhanced to 3.5 per cent from 2 per cent. The FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments introduced through Finance Act, 2022 to the Income Tax Ordinance, 2001. READ MORE: Tax through electricity […]
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Tax through electricity connections on retailers, service providers
ISLAMABAD: The Federal Boar of Revenue (FBR) has issued explanation to tax collection through electricity connections from retailers and service providers. In this regard the FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments introduced through the Finance Act, 2022 to the Income Tax Ordinance, 2001. The FBR said that in […]
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FBR explains income tax on export of services
ISLAMABAD: The Federal Board of Revenue (FBR) has explained income tax treatment on export of services as amended through Finance Act, 2022. The FBR issued Income Tax Circular No. 15 of 2022/2023 to explain the important amendments brought through the Finance Act, 2022 to the Income Tax Ordinance, 2001. The revenue body said that a […]
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FBR restores 100% depreciation deduction
The Federal Board of Revenue (FBR) has announced the restoration of the 100 percent depreciation deduction for depreciable assets used in a business for the first time.
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