KARACHI: A liquidator is required to inform Commissioner of Inland Revenue in 14 days of taking possession of an asset. Federal Board of Revenue (FBR) recently updated Income Tax Ordinance, 2001 which explained liquidators under Section 141 for recovery of tax from taxpayers in default.
(more…)Tag: Income Tax Ordinance 2001
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Income Tax Ordinance 2001: Recovery from persons holding money of taxpayer
KARACHI- The Federal Board of Revenue (FBR) in Pakistan has been granted enhanced powers under the recently updated Income Tax Ordinance, 2001, enabling it to recover taxes directly from individuals or entities holding money on behalf of a taxpayer.
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Income Tax Ordinance 2001: collection of tax from company in liquidation
The Federal Board of Revenue (FBR) has issued updates to the Income Tax Ordinance, 2001, emphasizing the joint responsibility of directors for the payment of taxes owed by a company, even if the said company is in a state of liquidation.
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Income Tax Ordinance 2001: Tax recovery through arrest, attachment of property
KARACHI: Federal Board of Revenue (FBR) has powers to attach moveable or immovable properties and through arrest of a person for recovery of due amount of taxes.
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Income Tax Ordinance 2001: Due date for payment of tax
KARACHI: Federal Board of Revenue (FBR) has explained the due date for payment of tax under Section 137 of Income Tax Ordinance, 2001.
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Reduced income tax rate of Rs5,000 for marriage halls
Reduced income tax rate of Rs5,000 for marriage halls has been announced by the government in a move aimed at providing relief to individuals.
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Only non-filers to pay withholding tax on cash, non-cash banking transactions
Pakistan has decided that only non-filers of income tax returns will pay withholding tax on cash and non-cash banking transactions.
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New withholding tax card for imported mobile phones proposed
New withholding tax card has been prompted for imported mobile phones with the aim to standardize tax obligations by importers.
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Super tax rate enhanced for banks; non-banks to be exempted from tax year 2020
In a move to bolster revenues and streamline the tax structure, the Pakistani government has increased the super tax rate for banking companies to 4 percent until the tax year 2021.
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No advance tax on sale, purchase of shares from February 01
No advance tax on sale and purchase of shares will be imposed from February 01, 2019 by the government of Pakistan.
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