Reduced income tax rate of Rs5,000 for marriage halls

KARACHI: The government has introduced a reduced rate of income tax of up to Rs5,000 for marriage functions organized in an area less than 500 square yards. Read more »

Only non-filers to pay withholding tax on cash, non-cash banking transactions

KARACHI: The government has facilitated compliant taxpayers by abolishing withholding tax on cash withdrawal from banks by filers of income tax returns. Read more »

New withholding tax card for imported mobile phones proposed

KARACHI: The government has proposed new withholding tax rates for imported mobile phones through Finance Supplementary (Second Amendment) Bill, 2019, presented on January 23, 2019. Read more »

Super tax rate enhanced for banks; non-banks to be exempted from tax year 2020

KARACHI: The government has enhanced rate of super tax for banking companies to 4 percent till the tax year 2021. Read more »

No advance tax on sale, purchase of shares from February 01

KARACHI: The government has abolished a provision for collection of advance tax at 0.02 percent on sale and purchase of shares in stock exchange. Read more »

Setting up transfer pricing directorate withdrawn

KARACHI: The government has withdrawn setting up Directorate General of Transfer Pricing that was established to conduct audit for determination of transfer price at arm’s length transactions. Read more »

Non-filers allowed motor vehicle purchase on enhanced tax rates

KARACHI: In order to generate sizeable revenue during the current fiscal year the government has lifted the ban on non-filers for purchasing motor vehicles. Read more »

Withholding agents relaxed; require filing statements biannually

KARACHI: The government has eased burden on withholding agents of filing withholding statement on monthly basis. Read more »

Minimum tax regime withdrawn on commercial imports

KARACHI: The government has withdrawn the five percent minimum tax applicable on importer of finished goods. Read more »

Commissioner empowered to issue assessment order of past ten years on discovery of undisclosed offshore assets

KARACHI: The government has empowered Commissioner of Inland Revenue, Federal Board of Revenue (FBR) to make assessment orders of past ten tax years where undisclosed offshore assets discovered. Read more »

Loss carry forward allowed for three years on disposal of securities

KARACHI: The government has provided relief to investors of stock exchange by allowing carry forward the losses for three years on disposal of securities. Read more »

Income Tax Ordinance 2001: minimum tax on income of certain taxpayers

KARACHI: Federal Board of Revenue (FBR) has said that the minimum tax shall apply to income of certain taxpayers including individuals and corporate entities. Read more »