Third-party to conduct audit of 15M potential taxpayers
Finance Minister Shaukat Tarin announced on Tuesday that the government is set to launch Universal Self-Assessment, a third-party approach, for auditing 15 million potential taxpayers.
Finance Minister Shaukat Tarin announced on Tuesday that the government is set to launch Universal Self-Assessment, a third-party approach, for auditing 15 million potential taxpayers.
ISLAMABAD: The National Assembly on Tuesday approved federal budget 2021-2022 and Finance Bill 2021. After over a two-week long debate, the National Assembly on Tuesday passed the federal budget with a total outlay of Rs 8.487 trillion, with around 19 percent additional allocations as compared to last year’s Rs 7.137 trillion. The Finance Bill 2021-22 was […]
ISLAMABAD: The National Assembly will meet on Tuesday June 29, 2021 in which Shaukat Fayaz Ahmed Tarin, Minister for Finance and Revenue to move the Finance Bill 2021 with certain amendments for approval from the house. A notification issued by the National Assembly Secretariat stated that the assembly will meet on Tuesday June 29, 2021 […]
ISLAMABAD: The government has reviewed the proposal related to power of tax officials to arrest persons under criminal proceedings for concealment of income. The power to make arrest may be restricted to concealment of Rs200 million and above, sources in Federal Board of Revenue (FBR) said. Through Finance Bill 2021, it is proposed to substitute […]
Persons making calls through their cell phones will cost 38 percent more following the implementation of proposed change in tax rate effective from July 01, 2021. The government has proposed one rupee additional burden on a phone call having duration above five minutes. This was announced by Finance Minister Shaukat Tarin a day earlier at […]
ISLAMABAD: The Finance Bill 2021 has proposed amendment to the withholding tax slab rates applicable in case of withholding agents other than company on account of payment of rent of immovable property under Section 155 of the Income Tax Ordinance, 2001. Following are the proposed rates are: Gross amount of rent: 01. Where the gross […]
ISLAMABAD: The tax authorities have imposed tax on domestic electricity consumers – whose monthly bill is Rs25,000 and above. According to a commentary on budget 2021/2022 by KPMG Taseer Hadi & Co. currently, tax collection on domestic consumers of electricity is prescribed under section 235A of Income Tax Ordinance, 2001 whereby 7.5 per cent advance […]
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday said that the proposal of 17 percent sales tax on wheat bran has been taken back. In a statement, the FBR said that in order to boost the present government’s drive to keep inflation under control and to give maximum relief to the business community, General Sales […]
ISLAMABAD: Rules have been issued for computation of profit and gains of Small and Medium enterprises (SMEs). The SMEs shall be required to register with the Federal Board of Revenue (FBR) on its IRIS web portal. The SMEs are also given option to register with Small and Medium Enterprises Development Authority on its SME registration […]
ISLAMABAD: The Finance Bill, 2021 has proposed to extend key dates for an amnesty to builders and developers who opt to pay tax computed under special provisions. KPMG Taseer Hadi & Co. Chartered Accountants said that the Finance Bill 2021 proposed to extend key dates for builders and developer who opt to pay tax computed […]