Banks require to collect 5pc withholding tax on off-shore digital services

KARACHI: Banks have been required to deduct 5 percent withholding tax at 5 percent on payments for off-shore digital services. Read more »

Media to pay 20pc final tax on foreign produced advertisements

ISLAMABAD: Federal Board of Revenue (FBR) has said that 20 percent as final tax will be collected from person paying an amount against production of commercial or advertisement to a foreign entity. Read more »

Curbs on non-filers trap tax authorities

ISLAMABAD: The tax authorities are facing challenging revenue collection after imposing curbs on non-filers in the budget 2018/2019. Read more »

Exemption to judges of superior courts under Income Tax Ordinance 2001

KARACHI: The federal government has exempted from tax on benefits and allowances availed by judges of Supreme Court of Pakistan and judges of high court. Read more »

PTBA calls for including late filers into Active Taxpayers List by deleting Section 182A

KARACHI: Pakistan Tax Bar Association (PTBA) on Friday requested Finance Minister Asad Umar to withdraw Section 182A of Income Tax Ordinance in the forthcoming Supplementary Finance Bill, 2019 to encourage the potential... Read more »

Collection of withholding tax at import stage under Income Tax Ordinance 2001

KARACHI: The collector of customs has been empowered to collect advance tax from every importer of goods on the value of goods. Read more »

Advance tax on domestic, international air tickets adjustable

KARACHI: The advance tax rates have be prescribed on domestic and foreign air tickets to be collected from purchaser of the tickets. Read more »

FBR to issues assessment notices of last ten years to potential taxpayers

KARACHI: Federal Board of Revenue (FBR) to issue assessment notices of last ten years to potential taxpayers or those who failed to file return any of last five years. The FBR recently... Read more »

Income Tax Ordinance, 2001: Commissioner IR can issue assessment order on day return filed

KARACHI: Federal Board of Revenue (FBR) has empowered Commissioner Inland Revenue (IR) to issue assessment order against a return even on the date the return is filed. Read more »

Inward remittances above Rs10 million per year require to explain source

KARACHI: The source of foreign remittances are now under questioning by Federal Board of Revenue (FBR) if inward transfer is above Rs10 million to a recipient in a year. Read more »

Abolishing advance tax on share sale, purchase on the cards

KARACHI: The government is likely to abolish advance tax on sale and purchase of shares in the capital market on the demand of Pakistan Stock Exchange (PSX), sources said on Saturday.  ... Read more »

Value added sector seeks tax credit on equity investment for individuals, AOPs

KARACHI: The value added sector has urged Finance Minister Asad Umar to allow tax credit on equity investment for business individuals and Association of Persons (AOPs).       In a letter... Read more »