Karachi, November 16, 2023 –Section 99D of the Income Tax Ordinance, 2001, has granted the federal government the authority to levy an additional tax on windfall profits across various sectors of the economy, according to sources within the Federal Board of Revenue (FBR).
Karachi, November 4, 2023 – The Commissioner of Inland Revenue has been granted powers equivalent to a civil court to facilitate the recovery of taxes, including the seizure of properties and, when necessary, the arrest of taxpayers.
In the complex landscape of taxation, comprehending the nuances of income from property is crucial for individuals, businesses, and investors. To provide clarity on this topic, we delve into the intricacies of income taxation under the Income Tax Ordinance, 2001, shedding light on how rental income is taxed in Pakistan. Taxable Rental Income Rental income […]
Karachi, September 24, 2023 – The Federal Board of Revenue (FBR) has taken a significant step by directing companies to implement a 10 percent withholding tax on the issuance of bonus shares. This move comes as part of the government’s efforts to enhance tax collection and revenue generation.
Karachi, September 17, 2023 – The Federal Board of Revenue (FBR) has taken punitive measures against individuals who have failed to declare their business bank accounts, as per recent reports.
Karachi, September 15, 2023 – The Federal Board of Revenue (FBR) has taken a significant step by deciding to impose penalties on banks for their failure to provide details of account holders, according to official sources.
Karachi, September 14, 2023 – Pakistan has taken a significant step towards curbing cash-based transactions in the real estate sector by introducing penalties for cash payments made during property purchases.
Karachi, September 9, 2023 – The Federal Board of Revenue (FBR) has reminded taxpayers of the mandatory requirement to retain records for the past six years for audit purposes.
Karachi, September 5, 2023 – The Federal Board of Revenue (FBR) has affirmed that agriculture income is exempted from federal income tax laws in Pakistan.
Karachi, September 4, 2023 – The Federal Board of Revenue (FBR) has explained the provision related to consumer loans in the updated Income Tax Ordinance, 2001, effective from July 1, 2023.