Islamabad, June 9, 2023: The Pakistan Budget 2023-24, presented on Friday, has brought forth several amendments to the Income Tax Ordinance, 2001 through the Finance Bill 2023.
Following are the salient features introduced to Income Tax Ordinance, 2001 through Finance Bill, 2023, according to Pakistan Budget 2023-24 revealed on Friday.
Pakistan is a country that attracts a significant amount of foreign investment and remittance flows. As a result, there are many residents in Pakistan who have foreign-source income.
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 […]
In a move aimed at enhancing revenue generation during the current fiscal year, Pakistan has implemented new amendments to both direct and indirect tax laws.