Pakistan Revenue
ISLAMABAD: The rate of minimum turnover tax has been increased to 1.5 percent from 1.25 percent in the budget 2019/2020 presented a day earlier. The Finance Bill, 2019 proposed to enhance the rate of minimum turnover tax The Federal Board of Revenue (FBR) explained that presently minimum tax on turnover is charged at the rate […]
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ISLAMABAD: The government has allowed late filers to include Active Taxpayers List (ATL) after payment of penalty. Presently, as per law the late filers are not allowed to ATL entry till next tax year. The government has proposed this relaxation through Finance Bill, 2019 as part of budget 2019/2020. The payment of penalty has been […]
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ISLAMABAD: The government has withdrawn Final Tax Regime (FTR) for stock brokers for the purpose of taxation on commission earned by them. The proposal has been presented through Finance Bill, 2019 before the Parliament. In the budget 2019/2020 the government has taken several measures to plug loopholes of those avenues which were promoting black economy. […]
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ISLAMABAD: The government has withdrawn a permanent amnesty for not explaining the source of investment in purchasing immovable properties. The government has proposed to withdraw this provision through Finance Bill, 2019 as part of budget 2019/2020, presented on Tuesday. The Federal Board of Revenue (FBR) in its income tax salient features said that 3 percent […]
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ISLAMABAD: The government has decided to withdraw Final Tax Regime (FTR) and bring various sectors into the documented economy. The FTR has been proposed to be abolished through Finance Bill, 2019 as part of budget 2019/2020, which was presented on Tuesday. The Federal Board of Income tax by its inherent nature is tax charged and […]
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ISLAMABAD: The government has proposed new tax slabs for business individuals in tax year 2020 through Finance Bill 2019.
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ISLAMABAD: The government has withdrawn tax incentives to salary persons and introduces massive changes in the tax card for salaried persons through Finance Bill 2019. The tax exempt salary income has been increased from Rs400,000 to Rs600,00 for tax year 2020. For salaried individuals deriving income exceeding Rs.600,000, eleven taxable slabs with progressive tax rates […]
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