Through Finance Act, 2022 deemed income on immovable property has been imposed from tax year 2022 (July 01, 2021 – June 30, 2022) and declaration has been made mandatory of the deemed income along with annual return by November 30, 2022.
A tax has been imposed on persons receiving dividends in Pakistan. The tax has been levied under Section 5 of the Income Tax Ordinance, 2001. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2022 after incorporating changes made through Finance Act, 2022. The following is text […]
Super tax is a special levy that is imposed on certain classes of taxpayers on their income in Pakistan. The collection of super tax has been made under Income Tax Ordinance, 2001. Through Section 4B of the Income Tax Ordinance, 2001, super tax for rehabilitation of temporarily displaced persons was introduced through Finance Act, 2015. […]
Federal Board of Revenue (FBR) has defined taxable income in Pakistan under Income Tax Ordinance, 2001 updated up to June 30, 2022, after incorporating changes made through Finance Act, 2022. The taxable income has been defined under Section 9 of the Income Tax Ordinance, 2001. According to this section: “The taxable income of a person […]
Definitions of prevailing provisions of Income Tax Laws in Pakistan updated up to June 30, 2022. Federal Board of Revenue (FBR) has updated Income Tax Ordinance, 2001 up to June 30, 2022 by inserting amendments made through Finance Act, 2022. Section 2 of Income Tax Ordinance, 2001 provides definitions of terminology used in the Ordinance […]
ISLAMABAD: The Federal Board of Revenue (FBR) on Sunday reminded that the last date for filing income of return for tax year 2022 is September 30. In order to ensure return filing by due date, the tax authority launched massive awareness campaign The FBR said: “Like every year before, the FBR launched a comprehensive awareness […]
ISLAMABAD: Pakistan on Monday implemented new amendments to laws of both direct and indirect taxes to generate more revenue during the current fiscal year. The tax laws have been implemented after Dr. Arif Alvi, the president of Pakistan, signed the Tax Laws (Second Amendment) Ordinance, 2022. The president gave the approval to the Ordinance on the […]
ISLAMABAD: Pakistan has enhanced tax rates for banks through amendments introduced through Finance Act, 2022. In this regard the apex tax agency of the country, i.e. Federal Board of Revenue (FBR) on Thursday issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments made to Income Tax Ordinance, 2001 through Finance Act, 2022. […]
KARACHI: The Finance Act, 2022 has made significant changes to Income Tax Ordinance, 2001, which are applicable from July 01, 2022. Following are the significant changes in Income Tax Ordinance, 2001 through Finance Act, 2022 as explained by PwC A.F. Ferguson & Co.: READ MORE: Non-ATL retailers to pay double amount of fixed tax 1. […]
ISLAMABAD: Pakistan has announced a sharp increase in advance tax on purchase of immovable property to 250 per cent for persons not filing income tax returns. The country presented budget 2022/2023 on June 10, 2022 and announced various taxation measures to boost revenue collection. The Finance Bill, 2022 proposed the sharp increase in advance tax […]