Tag: Income Tax Ordinance 2001

The advance tax rates on on profit on debt during tax year 2022 are under the First Schedule of the Income Tax Ordinance, 2001.

In a move to streamline tax regulations and provide clarity to businesses, the Federal Board of Revenue (FBR) has released the advance tax rates on payments to non-residents for the tax year 2022.

The Federal Board of Revenue (FBR) has established the advance tax rates on returns from investment in sukuk for the tax year 2022.

The advance tax rates on dividends for the tax year 2022 are under the First Schedule of the Income Tax Ordinance, 2001.

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

The rate of tax to be deducted under section 150 shall be-

(a) 7.5 per cent in case of dividend paid by Independent Power Producers where such dividend is a pass through item under an Implementation Agreement or Power Purchase Agreement or Energy Purchase Agreement and is required to be re-imbursed by Central Power Purchasing Agency (CPPA-G) or its predecessor or successor entity.

(b) 15 per cent in mutual funds, Real Estate Investment Trusts and cases other than those mentioned in clauses (a) and (ba); and

(ba) 25 per cent in case of a person receiving dividend from a company where no tax is payable by such company, due to exemption of income or carry forward of business losses under Part VIII Chapter III or claim of tax credits under Part X of Chapter III.

(Disclaimer: The text of above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

The advance tax rates for the tax year 2022 are under the First Schedule of the Income Tax Ordinance, 2001.

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

The rate of advance tax to be collected by the Collector of Customs under section 148 shall be-

1. The tax rate on persons importing goods classified in Part I of the Twelfth Schedule shall be one per cent of the import value as increased by customs-duty, sales tax and federal excise duty.
2. The tax rate on persons importing goods classified in Part II of the Twelfth Schedule shall be two per cent of the import value as increased by customs-duty, sales tax and federal excise duty.
3. The tax rate on persons importing goods classified in Part III of the Twelfth Schedule shall be 5.5 per cent of the import value as increased by customs-duty, sales tax and federal excise duty;

Provided that the rate specified in column (3),—

(a) in the case of manufacturers covered under rescinded Notification No. S.R.O 1125(I)/2011 dated the 31st December, 2011 as it stood on the 28th June, 2019 on import of items covered under the aforementioned S.R.O shall be 1%;

(b) in case of persons importing finished pharmaceutical products that are not manufactured otherwise in Pakistan, as certified by the Drug Regulatory Authority of Pakistan shall be 4%:

(c) in case of importers of CKD kits of electric vehicles for small cars or SUVs with 50 kwh battery or below and LCVs with 150 kwh battery or below shall be one percent:] Provided further that the rate of tax on value of import of mobile phone by any person shall be as set out in the following table, namely:-

(Disclaimer: The text of above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

Islamabad: The Federal Board of Revenue (FBR) has unveiled the tax rates applicable to builders and developers for the tax year 2022.

In a bid to streamline taxation procedures and ensure clarity for taxpayers, the Federal Board of Revenue (FBR) has released details regarding the tax rates on immovable property for the tax year 2022. The information is part of the Income Tax Ordinance, 2001, updated up to June 30, 2021, incorporating amendments introduced through the Finance Act, 2021.

The tax rates on disposal of securities for tax year 2022 under the First Schedule of the Income Tax Ordinance, 2001.

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

Following are the rates on disposal of securities:

The rate of tax to be paid under section 37A shall be as follows:—

TABLE I

Provided that the rate of tax on cash settled derivatives traded on the stock exchange shall be 5% for the tax years 2018 to 2020.

Provided that the rate for companies shall be as specified in Division II of Part I of First Schedule, in respective of debt securities;

Provided further that a mutual fund or a collective investment scheme or a REIT scheme shall deduct Capital Gains Tax at the rates as specified below, on redemption of securities as prescribed, namely:—

Explanation.- For removal of doubt, it is clarified that, the provisions of this proviso shall be applicable only in case of a mutual fund or collective investment scheme or a REIT scheme.

The Federal Board of Revenue (FBR) has specified the tax rates on shipping and air transport income earned by non-resident persons under Section 7 of the Income Tax Ordinance, 2001.