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.
(more…)Tag: Income Tax Ordinance 2001
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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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Setting up transfer pricing directorate withdrawn
Setting up transfer pricing directorate for determining arm’s length transactions has been withdrawn by the government of Pakistan.
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Non-filers allowed motor vehicle purchase on enhanced tax rates
Non-filers of income tax return have been allowed to purchase motor vehicle on enhanced tax rates, according to a federal minister of Pakistan.
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Withholding agents relaxed; require filing statements biannually
Withholding agents have been relaxed and they are now required filing statements biannually, according to new amendments introduced by the government of Pakistan.
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