Sep 11

Last date for filing tax return is September 30, FBR reminds

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 […]

by Anjum Shah

Pakistan implements new amendments to tax laws

Aug 22

Taxation, Top stories

Pakistan implements new amendments to tax laws

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 […]

by Anjum Shah

Pakistan enhances income tax rates for banks

Jul 21

Budget 2022-2023, Taxation, Top stories

Pakistan enhances income tax rates for banks

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. […]

by Anjum Shah

Key changes to income tax laws through Finance Act 2022

Jul 5

Budget 2022-2023, Taxation, Top stories

Key changes to income tax laws 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. […]

by Faisal Shah

Advance tax on immovable property purchase enhanced to 250% for non-filers

Jun 13

Budget 2022-2023, Taxation

Advance tax on immovable property purchase enhanced to 250% for non-filers

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 […]

by Anjum Shah

Pakistan massively increases taxation on motor vehicles

Jun 13

Automotive, Budget 2022-2023, Taxation

Pakistan massively increases taxation on motor vehicles

ISLAMABAD: Pakistan has massively increased the amount of tax on purchase of motor vehicles from July 01, 2022. The country presented its federal budget 2022/2023 on June 10, 2022 and took various taxation measures to boost revenue collection. Finance Minister Miftah Ismail while presenting the budget stated that in continuation of our policy to shift […]

by Anjum Shah

New rates of capital gain tax on disposal of securities

Jun 12

Budget 2022-2023, Stock & Commodity, Taxation

New rates of capital gain tax on disposal of securities

ISLAMABAD: The government has proposed new rates of capital gain tax on disposal of securities traded at Pakistan Stock Exchange (PSX). Pakistan presented its federal budget on June 10, 2022 and introduced various taxation measures to boost revenue collection. READ MORE: Pakistan slaps 45% corporate tax on banks Through Finance Bill, 2022 proposed to revise […]

by Anjum Shah

Pakistan slaps 45% corporate tax on banks

Jun 12

Budget 2022-2023, Money & Banking, Taxation

Pakistan slaps 45% corporate tax on banks

ISLAMABAD: Pakistan has slapped corporate income tax at 45 per cent on banks, which is raised from 35 per cent. The country presented its federal budget on June 10, 2022 and introduced tax measures for boosting revenue collection. READ MORE: Tax rates for business individuals, AOPs during TY2023 Through Finance Bill, 2022 the tax rate […]

by Anjum Shah

Tax rates for business individuals, AOPs during TY2023

Jun 12

Budget 2022-2023, Taxation

Tax rates for business individuals, AOPs during TY2023

ISLAMABAD: Finance Bill, 2022 has proposed to revise tax rates for business individuals and Association of Persons (AOPs) during Tax year 2023. The government presented its federal budget 2022/2023 and introduced various changes to taxation laws to ensure documentation and plug revenue leakages. READ MORE: Pakistan reintroduces advance tax on foreign payments Through Finance Bill, […]

by Anjum Shah

Pakistan reintroduces advance tax on foreign payments

Jun 12

Budget 2022-2023, Money & Banking, Taxation

Pakistan reintroduces advance tax on foreign payments

ISLAMABAD: Pakistan has reintroduced advance tax on foreign payments made through credit, debit or prepaid cards. The advance tax has been revived through Finance Bill, 2022. The country presented its federal budget 2022/2023 on June 10, 2022 and made several amendments in tax laws to broaden tax base and plug revenue leakages. READ MORE: Exchange […]

by Anjum Shah